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DNeX’s transformation plan showing results with profit surging to RM89.8 million in 2Q 2016 from RM5.9 million in previous year

  • Revenue more than doubled to RM47.4 million in 2Q 2016 as compared to 2Q 2015
  • Shows early positive impacts of diversification into Energy and scaling up of IT and e-commerce investments

Kuala Lumpur, 16 August 2016 – Dagang NeXchange Berhad (“DNeX”) has announced a strong set of financial results for the second quarter ended 30 June 2016 (“2Q 2016”), marking the Group’s bold strategic strides into Energy and scaling up IT & e-commerce investments.

In 2Q 2016, revenue more than doubled to RM47.4 million from RM22.6 million in the second quarter of financial year 2015 (“2Q 2015”) while net profit surged to RM89.8 million as compared to RM5.9 million in 2Q 2015.

Revenue for the six months ended 30 June 2016 (“1H 2016”) increased by 67 per cent to RM74.3 million as compared to revenue of RM44.6 million in the same period the previous year. DNeX’s net profit in 1H 2016 surged to RM94.5 million, recording a significant increase from its net profit of RM7.0 million in the same period the previous year.

In 1H 2016, DNeX’s earnings before interests, taxes, depreciation and amortisation (“EBITDA”) stood at RM16.4 million as compared to RM16.0 million in the previous year.

E-commerce services for Trade Facilitation continue to be the main contributor to the Group’s revenue, which received a further boost by the progress billing of the Vehicle Entry Permit and Road Charges (“VEP & RC”) System Project.

DNeX RFID Sdn Bhd, a 51 per cent-owned subsidiary company, was awarded a total subcontract of entire works to implement the VEP & RC System Project for the Ministry of Transport of Malaysia on 16 November 2015. The VEP & RC contract, worth about RM45.2 million, involves the supply and installation of relevant IT and non-IT hardware, application system development, software as well as networking. This constitutes the
VEP and RC System Project that involves foreign-registered vehicles entering Malaysia via Johor namely Kompleks Sultan Abu Bakar in Tanjung Kupang and Bangunan Sultan Iskandar in Johor Baru.

In 2Q 2016, DNeX also completed the subscription of a 30 per cent stake in Ping Petroleum Limited (“Ping”), which has led to the contribution of a share of result of associate amounting to RM85.3 million.
Commenting on the Group’s financial results, Group Managing Director of DNeX, Encik Zainal Abidin Jalil said, “The strong financial performance is evident that DNeX has been making the right moves and investments in moving the Group forward.”

He said DNeX is consistently hitting key milestones in its diversification into Energy while at the same time strengthening its leadership in providing e-commerce services for Trade Facilitation, and implementation of IT to boost efficiency of business processes of companies and organisations.

“Despite the current oil price environment, we are pleased to highlight that the Anasuria cluster asset in the North Sea, UK held by Ping is generating positive cash flow. The recent completion of the OGPC Group acquisition will also contribute positively to the Group’s Energy sector earnings. We have completed the strategic transformation of DNeX into a two core business namely Energy, and IT and e-commerce services. Today we see ourselves as an entrepreneur-driven company with an asset light, knowhow-intensive business approach,” he said.

As at 30 June 2016, the Group’s net assets per share stood at 24 sen from 13 sen in the previous year, and basic earnings per share increased to 12.24 sen from 0.57 sen in the previous year.

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