KUALA LUMPUR: SMTrack Bhd is confident of achieving its financial goals next year on the back of multiple deals and collaborations with both local and international entities.
Executive director Azmi Osman said SMTrack will work on strengthening its operational efficiency, while keeping cost at a healthy level in order to stay competitive in the radio-frequency identification (RFID) industry.
“We will begin our new business strategy in the multimedia segment by using the RFID technology, especially in utilising RFID in asset allocation and supply management,” he said after the company’s annual general meeting at Cyberjaya here today.
“We will also work on our data creating management segment,” he added.
The Bursa Malaysia ACE Market-listed trace solutions provider is also preparing legal papers to acquire Wellspring Group (Wellspring), owner of the Tutti Frutti Frozen Yogurt brand.
Both firms had on August 12 2016 signed a Memorandum of Understanding for the acquisition of 230 million Wellspring shares for RM300 million.
The binding sales and purchase agreement was signed earlier on June 15 this year.
The deal was delayed due to a number of reasons, one of which was in the preparation of legal documents.
Azmi noted this deal allows for SMTrack’s official entry into the food and beverages sector. He is hopeful SMTrack will be able to expand Tutti Frutti’s footprints globally.
The group saw its earning fell 26.4 per cent to RM2.7 million in the year ended July 2017 from RM3.7 million, in July 2016.
Azmi said SMTrack is optimistic of higher profits for the current year ending July 2018.