Securemetric returns to the black in second quarter, upbeat on outlook

Some of Securmetric's products

PETALING JAYA: 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.

The company reported a net profit of RM481,000 in the quarter under review compared with a net profit of RM1.66mil a year ago.

Securemetric said in a filing with Bursa Malaysia that revenue declined 11.2% to RM7.30mil compared with RM8.23mil a year ago. Earnings per share were at 0.09 sen compared with a loss per share of 0.34 sen a year ago.

When compared with the first quarter, its second quarter revenue increased by 52% to RM7.30mil from RM4.80mil mainly due to the increase in Public Key Infrastructure revenue, amounting to RM1.32mil, and Centagate revenue, amounting to RM730,000, in the current financial quarter.

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

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

On its outlook, the company said that in the immediate future, digital security solutions, electronic identification products and its related services would continue to improve via its regional offices in South-East Asia 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 group earnings, ” 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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