Iris wins RM346mil deal to supply ID biometric cards to Senegal

A poster of the biennale of contemporary African art hangs on a road on the waterfront in Dakar on May 3, 2016. / AFP PHOTO / SEYLLOU

KUALA LUMPUR: Iris Corp Bhd, a digital identity and business solutions company, has clinched a RM346.2mil contract from the Senegal government for the supply of 10 million identification biometric cards over five years.

Senegal has an estimated population of 13 million.

“The contract is expected to contribute positively to Iris’ earnings for the financial year ending March 31, 2017 (FY17) and the FYs thereafter,” the company said in a filing with Bursa Malaysia on Monday.

The company, which in late 2007 won a 20-year contract to implement an e-passport system in Senegal,  said it had on May 2 entered into a contract with the republic’s Interior and Public Security Ministry (MOI) to produce and supply 10 million new multi-application identity biometric cards based on contactless chip technology and 10 fingerprint biometry.

“MOI’s consent or approval was duly received by Iris on the evening of May 27,” it said.

The total contract price of 76.2 million euros (RM346.2mil) will be sub-divided over five annual payments of 15.24 million euros each.

In a separate statement, Iris said despite lower revenue, it returned to the black with a net profit of RM1.79mil for its fourth quarter ended March 31, 2016, from a net loss of RM26.34mil in the corresponding quarter last year, thanks to lower cost of sales. 

Consequently, its earnings per share (EPS) stood at 0.09 sen, reversing from a loss per share (LPS) of 1.29 sen.

During the quarter in review, Iris saw its revenue decline 14.4% year-on-year (y-o-y) to RM107.75mil from RM125.88mil on lower contributions from its three divisions, namely, the trusted identification and payment & transportation; sustainable development and industrial building systems; and environment & renewable. The only department that saw increased contribution was the food and agro technology segment.

For the cumulative FY16 period, Iris made a net profit of RM6.32mil, with an EPS of 0.31 sen, against a net loss of RM20.89mil and LPS of 1.02 sen previously.