- Profit after tax grew by 34 per cent in 1H 2014 as compared to 1H 2013
- EBITDA for Q2 2014 remains strong year-on-year
Kuala Lumpur, 20 August 2014 – Dagang NeXchange Berhad (formerly known as TIME Engineering Berhad) today announced strong performance across key financial and operational indicators for the first half of the year.
In the six months ended 30 June 2014 (1H 2014), the company achieved 34 per cent increase in net profit as compared to the same period last year. Its revenue and profit after tax in 1H 2014 were RM39.2 million and RM8.1 million, respectively as compared to RM45.4 million in revenue and RM6.0 million in profit after tax in the same period last year.
DNeX’s earnings before interests, taxes, depreciation and amortisation (“EBITDA”) in 1H 2014 also hit considerable improvements to RM16.4 million from RM14.0 million in 1H 2013.
In the quarter ended 30 June 2014 (Q2 2014), the company attained RM20.6 million in revenue compared to RM24.9 million in the corresponding quarter last year. The variance is a result of a reduction in system integration business, which was matched by an increase in trade facilitation business.
In addition, DNeX maintained a strong EBITDA in Q2 2014, at RM9.4 million compared to RM8.5 million in the same quarter last year
“The strong performance was driven by an increase in our trade facilitation business as well as adoption and implementation of proven management processes, and operational efficiency in all areas of business,” said Datuk Samsul Husin, DNeX’s Executive Deputy Chairman.
“Moving forward, the company will continue its pursuit of offering end-to-end e-commerce services for trade faciliation. To complement our strong presence in Business-to- Government (B2G) services, we are beefing up our Business-to-Business (B2B) segment as well,” he said.
In the pipeline, and expected to be available by year-end, is a centralised online trade financing service by DNeX, through a collaboration with Maybank, aimed at providing credit to exporters namely small and medium enterprises (SMEs) at competitive rates.
Already present is DNeX’s Global Halal Exchange, an eMarketplace for the Halal industry where companies or individuals can get suppliers or buyers for their products and services as well as obtain and exchange information on the industry within clicks.
Currently in progress is its proposed acquisition of OGPC Group, which is set to propel DNeX’s move into the oil and gas industry. The acquisition of OGPC Group is aimed to deliver not only diversification but enrichment to DNeX’s existing business, and DNeX is geared to make inroads and tap opportunities in the oil and gas industry by leveraging on OGPC Group’s strengths and experience in the industry including its professional and skilled human capital with their business, operational and technical know-how in oil and gas.