Inix Technologies aims to be back in the black in current financial year

SHAH ALAM: Loss-making software solutions provider Inix Technologies Holdings Bhd aims to turn profitable in its current financial year ending July 31, 2018 (FY18) as it focuses on growing its mobile solutions business and dredging works.
Speaking to reporters after the group’s AGM yesterday, its CEO Dr Azman Hussin (pix) said the group expects continued income from Hyper QB Sdn Bhd, a mobile solutions company in which it acquired a 25% equity interest in April 2016.
Azman said the ACE Market-listed group is in the midst of acquiring the remaining 75% stake in the mobile solutions company.
“We still incurred losses in our FY17 results, so with this acquisition and our present business, we hope to achieve better results and at least see some profit in FY18,” he added.
The group’s net loss almost doubled to RM8.87 million in FY17, from RM4.7 million a year ago, due to losses contributed by associates and equity-settled share-based payment expenses.
Azman said Inix is also banking on its mobile app platform called BizApp, which is developed by its subsidiary ANSI Systems Sdn Bhd, to help small and medium-sized entrepreneurs manage their business.
“We just kicked off the mobile app in June last year and we expect to achieve 2,000 paid users by end of this year,” he added.
As of November 2017, Azman said, about 1,800 paid users have subscribed to its mobile app, with the total monthly sales transacted on the BizApp platform crossing the 14.5 million mark during the period.
Recently, the group granted a five-year non-exclusive, non-transferrable license to Universiti Teknologi Mara to use the BizApp platform. The deal is expected to contribute positively to the group’s earnings in FY18.
On its dredging and land reclamation services business, Azman said the group sees huge potential in the industry going forward, noting there are only a few players in the field currently.
Inix made its entry into the dredging and land reclamation business in 2015 by acquiring a 30% stake in Galactic Maritime (M) Sdn Bhd for RM7.2 million. Galactic Maritime is principally involved in the provision of reclamation dredging and environmental protection dredging services.
Inix increased its stake in Galactic Maritime to 49% earlier this year, as the latter continued to be profitable after the initial investment and had met the profit guarantee it had given then.
Inix’s share price rose 4% to close at 13 sen yesterday on some 14.49 million shares done.