DNeX Q2 earnings up 2%

PETALING JAYA: Dagang Nexchange Bhd's net profit for the second quarter ended June 30, 2018 rose 2% to RM12.16 million from RM11.93 million a year ago thanks to its energy division, with improved crude oil price in the quarter under review.
The group recorded higher revenue of RM51.18 million in the quarter, 4.2% higher compared with RM49.11 million in the preceding year corresponding quarter, mainly due to post acquisition results from Genaxis Group Sdn Bhd, recurring income from operating & managing the vehicle entry permit and road charge system and continued growth in the group’s business-to-business (B2B) and business-to-government (B2G) businesses.
For the six months period, its net profit jumped 5% to RM28.40 million from RM27.01 million a year ago, thanks to its share of result in an associate company that has improved in tandem with the improving crude oil price in current quarter.
The group recorded RM122.29 million in revenue for the current year-to-date as compared with the preceding year of RM92.93 million. The overall 32% higher revenue in the current year-to-date was mainly due to the consolidation of post acquisition results from Genaxis group, in addition to continued growth in the group’s B2B and B2G businesses.
"The group will continue to build its business by exploring opportunities that leverage on building blocks of its existing IT & e-services and energy businesses, while focusing on the implementation of planned new initiatives," it said.
The group’s newly acquired Genaxis group has given a strong footing for the group to broaden its services and product range beyond its current market and geographical segment.
Barring any unforeseen circumstances, the group expects to deliver positive results for the year 2018.