The company posted profit after tax of RM17.77 million as compared to net loss of RM21,000 in the financial year ended 31 December 2013 (“FY2013”). Its FY2014 revenue of RM86.80 million registered an improvement over its FY2013 revenue of RM85.80 million.
- For the full year, the company returned to profitability with a net profit of RM17.77 million compared to a loss of RM21,000 in FY2013
- For the final quarter, the company’s net profit grew to RM6.42 million (179 per cent) year on year
Kuala Lumpur, 24 February 2015 – Dagang NeXchange Berhad (formerly known as TIME Engineering Berhad) today reported solid turnaround in performance bouncing back from a loss-making position to profitability for the financial year ended 31 December 2014 (“FY2014”).
For the full year FY2014, the company posted profit after tax of RM17.77 million as compared to net loss of RM21,000 in the financial year ended 31 December 2013 (“FY2013”). Its FY2014 revenue of RM86.80 million registered an improvement over its FY2013 revenue of RM85.80 million. The company’s earnings before interests, taxes, depreciation and amortisation (“EBITDA”) improved by 18.7 per cent from RM33.0 million in FY2013 to RM39.2 million in FY2014. In addition, its return on equity (“ROE”) improved to 16.5 per cent from -5.7 per cent in FY2013. DNeX’s sterling performance was a result of an increase in its trade facilitation business, and focussed efforts in improving operational efficiency in all areas of business.
“We are very excited with our FY2014 results, especially our return to profitability. We believe the results can serve as a solid platform for us to build business to scale and enhance shareholders’ value, and renew confidence of customers and key stakeholders in our business endeavours,” said En Zainal Abidin Jalil, DNeX’s Group Managing Director. Moving forward, he said the company strives to continue providing end-to-end, comprehensive e-commerce services for Trade Facilitation particularly expanding on Business-to-Government (B2G) services to Business-to-Business (B2B) services. Also in progress is the company’s diversification into oil and gas and energy through its proposed acquisition of OGPC and Forward Energy Sdn Bhd, he added. The strong performance by DNeX came about a year after Censof Holdings Berhad (“Censof”) emerged as the new controlling shareholder of DNeX (then known as TIME Engineering Berhad or TEB) when it completed sale and purchase transaction of 45.03 per cent of TEB’s shares from Khazanah Nasional Berhad on 27 November 2013.
DNeX has since launched several new services including myTrade2Cash, a comprehensive trade financing that enables small and medium enterprises (SMEs) to conveniently apply for trade finance facilities from Maybank through DNeX’s online platform. The first of its kind in Asean, myTrade2Cash can streamline, simplify and improve access to trade finance for exporter SMEs. Its suite of new services also comprises myCargo2U, Malaysia’s first all-in-one solution for cargo and trade management.
Targeted at Forwarding Agents, Freight Forwarders, Exporters and Importers, myCargo2U offers end-to-end services for cargo and trade management from the point of data entry to Pre-Declaration, Declaration and Post-Declaration services. Also available is its 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.