Iris Corp bags Nigeria e-passports deal worth RM170.4m

PETALING JAYA: Iris Corp Bhd has bagged a US$42.49 million (RM170.37 million) contract for the supply of 2.5 million units of 32-page e-passport for Nigeria.
In a filing with the stock exchange, the group said it had entered into a supply agreement with Iris Smart Technologies Ltd for the three-year deal.
Iris Smart Technologies, which was incorporated under the laws of Nigeria, is a system integrator and solution provider for the establishment and management of citizen database and identity management.
The implementation of the agreement will be financed with internal funds and bank borrowings, the group said, adding that the deal will contribute positively to its earnings and earnings per share for this and coming financial years.
Iris Corp noted that it may be subject to unavoidable delays which may arise from non-compliance of specifications and capabilities pursuant to the performance. The delays may then affect profit margins as time will be spent to resolve the issues and will delay the recognition of revenue.
Iris Corp said it will seek to limit the risks through prudent financial management and efficient operating procedures.