iNix expects double-digit growth

SMART homes solutions and security systems provider INIX Technologies Holdings Bhd expects double-digit growth in both revenue and profit for the financial year (FY) ending July 31, 2006. 

Executive director and chief financial officer Chong Chen Fah said this good performance would be partly due to the distributorship agreement signed in September, worth some RM10mil in sales over the next two years, for exports to the Middle East. 

“We've just started entering the international market. We have received many inquiries from foreign parties since our listing on the Mesdaq market on Sept 1. You can say that demand has been fairly strong in terms of foreign acceptance,” Chong said after the company AGM in Petaling Jaya yesterday.  

The distributorship agreement was signed with Techmy Sdn Bhd and Al-Qabba Trade Establishment for exports to Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.  

Chong said the company expected to get more overseas deals in this financial year. It is currently negotiating with various distributors for exports to India, New Zealand, Pakistan, Sudan and the United States. “About 70% of our sales are from exports,” executive director and chief executive officer Jimmy Tok Soon Guan said. 

The company also has a sizeable order book. “Overall, our current total order book stands at 30,000 units priced from RM1,000 to RM3,000 each,” he said. 

Tok said other factors expected to contribute to growth this year were the opening of four to five new retail outlets in the country by year-end, as well as the introduction of new product lines.  

Tok said the new smart home automation and security systems being developed would incorporate audio and video conferencing functions as well as secure online access. 

Based on its annual report, the group posted an audited net profit of RM0.8mil on revenue of RM2.3mil for the financial period from Sept 13, 2004 (the date of iNix's incorporation) to July 31, 2005. 

Wholly-owned subsidiary iNix Technologies Sdn Bhd, meanwhile, reported a full financial year revenue growth of 196% to RM16.5mil and net profit growth of 308% to RM5.5mil.  

Export revenue via its international distributors climbed to RM10.7mil for FY2005 against RM2.5mil for the 15½-month period ended July 31, 2004. 

 INIX :  [Stock Watch]  [News]

For latest MSEB indices, charts and other information click here

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Business News

Juventus, Man United shares boosted by Super League plan
Tiong Nam's Ong raises stake IWCity to 5.9%
M3 Technologies shareholders reject private placement exercise�
HLT Global buys 2.56 acres of land to expand glove production capacity�
Boustead sells Jalan Cochrane land to Sunway
Dutch Lady contracts Royal HaskoningDHV to develop dairy hub in Negeri Sembilan
Gulf Energy offers US$5.4bil for telco in second-largest Thai deal
FBM KLCI bucks regional trend to end lower
Microsoft signs five MoUs under Bersama Malaysia initiative
CGC, StanChart launch RM70mil financial facility for SMEs

Stories You'll Enjoy