KUALA LUMPUR (Aug 12): Censof Holdings Bhd (KL: CENSOF) said it has secured a contract for the provision of an information system worth RM14.6 million from the Penang Development Corporation (PDC).

The development phase of the enterprise-wide financial management information system, valued at RM7.34 million, will run for one year from September 1, Censof said in a filing with the stock exchange on Monday.

This will be followed by the maintenance phase, which will continue for five years until Aug 31, 2031. The value of the maintenance phase is RM7.3 million.

Censof specialises in financial management software solutions, while PDC is the premier development agency of the Penang state government.

Censof reported a net profit of RM2.18 million for the fourth quarter ended March 31, 2024, a 41.3% drop from RM3.72 million a year earlier, as revenue declined 7.9% to RM31.22 million from RM33.9 million.

The group has attributed the lower performance to reduced contributions from the digital technology segment, as well as the Financial Management Solution – Government (FMS-G) and Financial Management Solution – Commercial & SME (FMS-C) segments.

Shares in Censof closed unchanged at 32 sen on Monday, valuing the group at RM171.25 million. Year to date, the stock has risen by 37%.