GEORGE TOWN: IQ Group Holdings Bhd is working for its Lumiqs brand to generate 30% of the group’s revenue by 2020.

Group chief executive officer Daniel Beasley (pic) toldStarBiz after an AGM that the goal was achievable because the Lumiqs brand had started to receive orders from South-East Asian countries, Japan, Australia, and Switzerland.

“We expect orders to grow rapidly from the South-East Asian region, Japan, and Switzerland.

“By 2018, it is targeted that the Lumiqs brand should contribute about 10% to the group’s revenue,” he added.

Launched in early 2015, Lumiqs lighting solutions enable industrial users to save up to 90% of energy, as the solutions, equipped with wireless transceivers, can be programmed to grow dimmer or brighter according to the movement of people in an area.

“We have established distribution channels for Lumiqs in South-East Asia.

“Now we are working on creating additional sales channels in Europe and other continents,” he said.

IQ is now developing and designing a new sensor lighting offering for release under a new business model by 2018.

“This product is for use in small commercial premises and residential households.

“Both Lumiqs and the new product will help drive the group’s growth over the next five years,” he said.

Beasley said the group spent about 50% of the material cost to import raw materials for its lighting solutions.

“The cost of importation is offset by our sales which are largely in US, allowing use to gain in the foreign exchange,” he added.

For the 2017 financial year first quarter ended June 30 2016, the group posted RM6.6mil in net profit on the back of RM53.9mil in turnover, compared to RM6.4mil and RM50mil achieved in the previous year corresponding period.

According to a LEDinside report, the LED industrial lighting market is expected to grow from US$2.93bil to US5.2bil in 2020, representing a compounded annual growth rate of 15% during the five-year period.