BPO business is all about billable headcount. As at 26 Nov their headcount already reached 3920. But recently they still recruit for EMGS, Shopee & Lenovo etc I strongly believe Scicom sales will grow again for next Quarter. With strong cash position, high retained profit and Sales also hit new high at 65mil & EPS back to above 2cts. Definitely their headcount by next month sure above 4000 During this hard time still can deliver almost 8mil per quarter net profit is considered superb performance.
Further to the announcements on 25 February 2020, 2 March 2020, 6 March 2020, 27 July 2020, 12 August 2020, 21 December 2020 and 13 January 2021 in relation to the Writ served upon Scicom (MSC) Berhad (the “Company”) by Education Malaysia Global Services (“EMGS”), the Company is pleased to announce that on 24 January 2022, the Company and EMGS had entered into a full and complete Settlement Agreement whereby EMGS shall withdraw the Writ and associated claims and appeals forthwith with no liberty to file afresh in any forum wheresoever and with each party bearing their own legal costs.
Both parties look forward to an equitable and beneficial partnership going forward in positioning EMGS as the premier one stop service centre for international students and in promoting Malaysia globally as the preferred destination for tertiary education.
The Board of Directors of the Company is of the view that the aforementioned settlement agreement is in the best interests of the Company and will have a positive impact on the financial position and operations of the Company.
With the latest headcount of 4150. We believe their sales will hit new high and it will bring up their profit closes to 9mil since foreign students has also shown sign of improvement. Once DPS back to 2cts per quarter their price based on adjusted discount cash flow should be worth above RM1.8 & above. We have not counted in the new projects secured in hands. We hope they will propose 1 for 1 bonus to the investors by this year too.
The system caters for an end-to-end process in the visa processing of foreign students and the EMGS STARS system is fully developed, operated and maintained by Scicom and highly integrated with various government agencies.”
Scicom operated two processing sites, along with associated EMGS and Immigration Department officers, “to offer a one-stop solution in the timely issuance of fully-vetted foreign student passes” within 7 days from 2 to 4 months plus previously .
“Scicom’s role in this process comprises of over 200 staff and payment for all associated operating expenses (payroll, rental, utilities, stationery, etc) and capital expenditure.” Revenue shared model between EMGS& Scicom ( 35%: 65%). Scicom will get RM650 for each foreign students successfully registered via the portal.
Some of the key modules and applications within the STARS system that had been implemented included an international student application and registration system, student web portal and student tracking system, medical screening and processing system, business intelligence and analytics system, passport tracking system through wireless devices, biometric system and insurance processing system. Scicom also provided support 24 hours a day.
“A significant number of the initiatives mentioned above were not in the originally agreed scope but were proposed and implemented by Scicom at no cost to the government or EMGS.
“The transaction management system within STARS processes more than 10,000 transactions per day.”
Scicom also had a sterling track record and an unblemished implementation capability.
They manage complex operations for multinational clients and governments.
Scicom is involved in foreign student visas via EMGS project with Government. Opening of borders will bring in more foreign students to Malaysia and contribute to Scicom's revenue
This EMGS/Education thing has been repeatedly mentioned by the Management years back
After reading SCICOM's past years' annual & quarterly reports, I am still unable to visualise the future of this business segment even until today, judging from the past years revenue generated from this activities.
Yearly Revenue for Education Division:
Jun 2021 - 2,000 Jun 2020 - Nil Jun 2019 - 64,000 Jun 2018 - 118,000 Jun 2017 - Nil Jun 2016 - 135,000
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