KUALA LUMPUR (April 23): Ramssol Group Bhd, a human capital management (HCM) solutions provider, reported a near doubling of its first quarter profit mainly due to certain projects with higher profit margin and the distributorship of HCM licences.

Net profit for the quarter ending March 31, 2024 (1QFY2024) rose to RM4.17 million, up from RM2.1 million a year earlier, according to Ramssol’s bourse filing. Earnings per share increased to 1.31 sen from 0.86 sen

Revenue jumped 123.48% to RM14.42 million from RM6.45 million in 1QFY2023 on higher sales in Malaysia and Thailand, particularly in HCM solutions and technology applications.

Malaysia remained the main contributor to Ramssol’s total revenue at 60.8% or RM8.77 million, followed by Thailand at 38.4% or RM5.53 million, and Indonesia at 0.8% or RM0.91 million.

Ramssol said the provision of HCM solutions in Malaysia, as well as the HCM technology applications in Thailand, had strengthened the group’s earnings for the quarter.

This includes work related to HCM digital transformation consulting, business process mapping and the distributorship of HCM licences, it said.

Looking ahead, Ramssol plans to further strengthen its position in the digital industry value chain to yield potential benefits from new projects secured in the local market and the Asian region, thanks to its diversified products in HCM solutions.

These products include a used-bike selling platform, an e-learning and interactive platform, and digital media services specialising in corporate and commercial videos.

Ramssol shares closed unchanged at 46 sen, giving the group a market valuation of RM146.72 million.