- Net profit and EBITDA grew 48 % and 29 % year-on-year to RM3.2 million and RM7.1 million respectively
- Business derived mainly from Trade Facilitation
Kuala Lumpur, 14 May 2014 – TIME Engineering Berhad (“TEB”) today announced continued revenue growth and performance across key financial and operational indicators for its quarter ended 31 March 2014.
The Company recorded a solid growth in net profit of 48 % year-on-year for Q1 2014 to RM3.2 million from RM2.2 million in the corresponding quarter in the preceding year. Meanwhile, its earnings before interests, taxes, depreciation and amortisation (“EBITDA”) also registered healthy improvements from RM5.5 million in the corresponding quarter in the preceding year to RM7.1 million in Q1 2014.
“The Company is indeed moving forward and we are excited with opportunities for growth in our business, and our commitment is to remain committed to increase shareholders’ value in all our business pursuits,” said Datuk Samsul Husin, the Company’s Executive Deputy Chairman.
He said the Company will leverage on its existing clients and established presence in Trade Facilitation business to enhance its service and expand its service offerings in domestic and overseas markets. He added that the Company will also pursue business opportunities beyond the National Single Window (“NSW”) platform.
Through its subsidiary Dagang Net Technologies Sdn Bhd, TEB currently operates the NSW, which facilitates electronic Customs-related transactions and duty payments, and electronic document transfer between members of its trading community made up of manufacturers, importers & exporters, forwarders, shipping agents, terminal & port operators, banks, port authorities, permit issuing agencies and Customs.
Dagang Net recently accepted the award of contract extension from the Government of Malaysia for the NSW Trade Facilitation System. The contract extension is for a period of two years commencing from 25 September 2014 to 24 September 2016.