Censof expects to be profitable in FY17

KUALA LUMPUR: Financial management solutions provider Censof Holdings Bhd expects to return to the black for the financial year ending March 31, 2017 (FY17) after recording a loss in the previous financial year, banking on its healthy order book which stands at RM68 million currently.

For FY16, the group registered a net loss of RM7.08 million compared with a net profit of RM7.68 million a year ago, down to an impairment loss of RM14.6 million.

Speaking to reporters after its AGM yesterday, group managing director Ameer Shaik Mydin said the group will continue to bid for more jobs and focus on improving cost-efficiency to maximise the group’s profitability.

Latest first-quarter results ended June 30, 2016 show that the group’s net profit jumped more than 40 fold to RM35.69 million against RM838,000 previously, due to higher contribution from the national single window (NSW) segment and share of result of an associate company.

Recently, it bagged a RM15.42 million national registry project from the government agency Malaysian Administrative Modernisation and Management Planning Unit (Mampu), which is responsible for modernising and reforming the public sector.

Going forward, Ameer said the group aims to expand its market share locally as well as in the Asean region, by leveraging on its core strengths in information technology solutions and human capital development.

Together with its sister companies, Censof currently has presence in Malaysia, Indonesia and the US, with financial management solutions, e-payment gateway services and investment/asset management solutions.

Ameer added the group is looking to have 50:50 revenue contribution from its domestic and overseas operations, from 60:40 currently.

As part of the group’s plans to expand into the Asean market, the group has teamed up with Australian-based MINT Payments and Singapore-based NETS to roll out electronic payment solutions. 

Censof has also partnered with a leading cloud-based financial platform from the US to develop cloud-based enterprise resource planning (ERP) solutions for the government and commercial sectors.

Meanwhile, in a statement yesterday, the group said its training division would continue to benefit from the government’s aspiration to make the country a high-skilled high-income nation by year 2020.

“In addition to developing new training programmes that equip candidates with the relevant skills, we are adding value by offering an end-to-end solution, all the way to ensuring our candidates get successful job placements with prospective employers.”

“This way, we are able to demonstrate that our candidates are able to enjoy a higher level of income after going through our up-skilling programmes,” Ameer said.

The group’s revenue from the training division grew 50% in FY16 to over RM10 million, from RM6 million in the previous year.