KUALA LUMPUR: Ramssol Group Bhd (RGB) posted a revenue of RM8.38 million for the first quarter (Q1) ended 31 March 2022 (FY22), up 64.91 per cent with the RM5.08 million posted in the same quarter last year.
The increase in revenue was mainly due to the continuity of projects for the human capital management (HCM) and student management solutions for several new customers in Malaysia since the last financial year.
For the quarter, the company posted RM1.04 million in net profit, representing an increase of 4.94 per cent from the RM992,000 recorded in Q1 FY21.
Malaysia remains the main contributor to the company's total revenue, contributing 91.17 per cent or RM7.64 million, Singapore recorded revenue of RM0.49 million or 5.86 per cent, followed by Thailand at 0.76 per cent or RM64,000 while other markets contributed 2.21 per cent or RM185,000.
Group managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said the economy is reopening and most of the Covid-19 restrictions have been eased as the country is transitioning into an endemic phase.
"However, there are still several businesses and educational institutions that have continued work-from-home or home-based study practices," he said in a statement today.
The company continues to see demand for employee engagement and collaboration platforms and have witnessed a surge in demand since the Covid-19 outbreak in 2020.
As such, Ramssol will continue to seek opportunities to expand Feet's and Lark in target markets as these solutions are expected to support financial performance, he said.
"We see demand for digitalisation of HR (human resources) functions in Southeast Asia, and we are well-positioned to capitalise on the growing adoption of digitalisation and expand our regional footprint in the region.
"Additionally, with the increasing adoption of digitalisation, we foresee that both security and seamless connectivity have also become essential in the workplace.
"We believe that RGB's prospects remain positive for the financial year ending 31 December 2022 as we will continue to introduce innovative HR tech solutions to our clients as well as to facilitate workplace digital transformation in the region," Cllement said.
Additionally, the company's earning per share stood at 0.56 sen as at 31 March 2022, increased 0.03 sen from 0.53 sen recorded in the preceding year's same period.