- Revenue and profit after tax grew by 7.4 per cent and 57.1 per cent respectively in Q3 2014 as compared to Q3 2013
- EBITDA for Q3 2014 strongly improves year-on-year
Kuala Lumpur, 10 November 2014 – Dagang NeXchange Berhad (formerly known as TIME Engineering Berhad) today announced continued increases in revenue and profit after tax in the quarter ended 30 September 2014 (Q3 2014) as compared to corresponding quarter in the previous year.
The company achieved 7.4 per cent increase in revenue and hit 57.1 per cent increase in net profit in Q3 2014 as compared to the same period last year. Its revenue and profit after tax in Q3 2014 were RM21.7 million and RM3.3 million respectively as compared to RM20.2 million in revenue and RM2.1 million in profit after tax in the same period last year.
Its earnings before interests, taxes, depreciation and amortisation (“EBITDA”) also strongly improved from RM7.6 million in Q3 2013 to RM8.4 million in Q3 2014 or an increase of 10.5 per cent.
The company’s year-to-date EBITDA also marks a steady increase at RM24.9 million compared to RM21.6 million in the corresponding year-to-date last year, marking an increase of 15.3 per cent. The company recorded RM60.9 million in revenue in year-to-date ended 30 September 2014 as compared to RM65.7 million in the previous year. The variance is a result of a reduction in system integration business, which was matched by an increase in trade facilitation business.
DNeX’s continued improved performance was a result of an increase in its trade facilitation business, and adoption and implementation of management processes, and operational efficiency in all areas of business.
“We are committed to provide end-to-end, comprehensive e-commerce services for Trade Facilitation particularly expanding on Business-to-Government (B2G) services to Business-to-Business (B2B) services,” said Datuk Samsul Husin, DNeX’s Executive Deputy Chairman.
Towards this end, the company recently launched myTrade2Cash, a centralised online trade financing service offered through its collaboration with Maybank.
myTrade2Cash, the first of its kind in Asean, is a comprehensive trade financing, which enables SMEs to conveniently apply for trade finance facilities from Maybank through DNeX’s online platform.
“Targeted at exporters namely small and medium enterprises (SMEs), myTrade2Cash is expected to streamline, simplify and improve access to trade finance for exporter SMEs,” said Datuk Samsul, adding that customers can look forward to new and exciting e-commerce services from DNeX in the future.