Securemetric returns to the black in 2Q, upbeat on outlook

At the virtual launching of Signing Cloud on July 28, Securemetric founder and chief executive officer Edward Law Seeh Key said the coronavirus (Covid-19) pandemic has accelerated digital adoption among businesses.

KUALA LUMPUR: Securemetric Bhd reported a 71% drop in net profit in the second quarter ended June 30,2020, but remains upbeat on its outlook due to the demand for digital security solutions, electronic identification products and related services.

In its announcement to Bursa Malaysia on Monday, it reported with net profit of RM481,000 compared with net profit of RM1.66mil a year ago.

Securemetric said its revenue declined by 11.2% to RM7.30mil compared with RM8.23mil a year ago. Earnings per share were 0.09 sen compared with loss per share of 0.34 sen a year ago.

When compared with the first quarter, its 2Q revenue increased by 52% to RM7.30mil from RM4.80mil mainly due to the increase in PKI revenue, amounting to RM1.32 million and CENTAGATE revenue, amounting to RM730,000 in the current financial quarter.

“The group’s profit before tax for the current financial quarter of RM690,000 was an increase of RM2.66mil or 135.14% as compared to a loss before tax of RM1.97mil in 1Q, ” it said.

However, in the first half, it was in the red at RM1.60mil compared with net profit of RM1.83mil in the previous corresponding period. Revenue declined by 14% to RM12.10mil from RM14.07mil.

On the outlook, it said in the immediate future, digital security solutions, electronic identification products and its related services will continue to improve via its regional offices in South East Asia countries as well as develop new digital security solutions to maintain growth and sustainability.

“On July 28, the company launched a cloud-based pay-per-use digital signature platform called SigningCloud which is expected to contribute positively to the earnings of the group, ” it said.

According to its statement then, businesses can now accelerate their digitalisation transformation and transition towards paperless transactions with SigningCloud.

SigningCloud is a cloud-based, pay-per-use Digital Signature platform that provides a secure, efficient and legal way of signing electronic documents online.

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