KUALA LUMPUR (Feb 22): Dagang NeXchange Bhd (DNeX) has secured a software maintenance and support contract from the Inland Revenue Board of Malaysia (IRB) for a period of two years, worth RM11.17 million.

In a filing with Bursa Malaysia on Thursday, DNeX said its subsidiary Innovation Associates Consulting Sdn Bhd had accepted the letter of acceptance from IRB in relation to software maintenance and support as well as application improvements of IRB’s Hasil Integrated Taxation Systems (HITS).

The contract commenced on Feb 15, 2024 and will last until Feb 14, 2026.

Prior to this, DNex inked a one-year maintenance contract for the HITS project in Feb last year worth RM4.05 million.

"The board of directors is of view that the HITS project is in the best interest of the company and is expected to contribute positively to the earnings and net assets per share of the company for the financial year ending December 31, 2024 onwards," DNeX said.

DNeX’s share price fell two sen to 35.5 sen on Thursday, giving the company a market capitalisation of RM1.11 billion. Year to date, the stock has dropped 11.3% from 39.5 sen at the start of the year.