DNeX off to a strong start in FY2023 with RM419.6 million in revenue and RM68.3 million in profit after tax in first quarter

Dagang NeXchange Berhad (“DNeX”) has recorded solid performance in its financial results for the first quarter ended 30 September 2022 (“1Q FY2023”).

DNeX’s revenue grew by 55 per cent year-on-year (“YoY”) to RM419.6 million from RM270.9 million in the preceding year’s corresponding quarter (“1Q FY2022”), driven by higher contribution from the Technology and Energy businesses.

Revenue from DNeX’s Technology segment rose 85 per cent to RM274.7 million, making it the anchor revenue contributor to the Group, accounting for 65 per cent of total revenue. The improved performance was on the back of the consolidation of SilTerra’s three months financial results during the quarter, as compared to two months in 1Q FY2022.

Meanwhile, the Energy business made up 24 per cent of total revenue with RM101.6 million, followed by the Information Technology (“IT”) division contributing RM43.3 million or 10 per cent of total revenue.

For 1Q FY2023, the Group posted a profit after tax (“PAT”) of RM68.3 million, as compared to RM301.5 million in 1Q FY2022. Included in 1Q FY2022 PAT was a one-off negative goodwill of RM264.5 million from the acquisition of SilTerra. Excluding this, PAT for 1Q FY2023 increased by 85 per cent, and profit after tax and non-controlling interest improved by 44 per cent YoY.