PETALING JAYA: Green Packet Bhd recorded a net profit of RM18.84mil in its first quarter ended March 31,2021, compared with a net loss of RM35.31mil in the previous corresponding period.
On a quarterly basis, the group recorded a profit compared with a net loss of RM17.25mil in the fourth quarter of 2020, it said in a statement.
“This is on the back of positive earnings before interest, taxes, depreciation and amortisation of RM21.52mil in the first quarter ended March 31,2021, compared with a loss of RM28.25mil the previous corresponding period.
“Revenue during the quarter recorded a marginal reduction of 3% to RM142.71mil, compared with RM147.05mil in the corresponding period last year.”
Green Packet said this was mainly due to fewer devices shipped from its digital infrastructure and devices segment.
The company said this was due to the impact of the shortage of chipsets in the global market following unprecedented demands that arose from the increasing norm of working from home, as well as global online learning trends during the Covid-19 pandemic.
Green Packet said its digital infrastructure and devices segment recorded a lower net loss of RM1.79mil in the first quarter ended March 31,2021, compared with RM3.15mil in the previous corresponding period, while the digital services segment also recorded a marginally lower net loss of RM4.47mil during the quarter compared with RM4.72mil a year earlier.
Meanwhile, Green Packet’s investment segment recorded a net profit of RM43.74mil during the period under review, compared with a net loss of RM5.1mil a year earlier.
Having recently celebrated its 20th anniversary, Green Packet said it had further augmented its pioneering business model and 4.0 strategy with a comprehensive and complementary business growth strategy, focusing on the digital arena.
Under its Green Packet 5.0 growth strategy plan in 2021 and moving forward, the group said it had reorganised its business segments into five key business pillars to reflect its holistic end-to-end digital technology solutions suite.
These are its smart devices (formerly solutions) pillar; smart city, urban tech and hyperscale data centre pillar; cloud and enterprise services pillar (which includes its former communication pillar); digital and financial services pillar; and the investment pillar, which Green Packet said captured both early and late stage investment arms that are in alignment with its growth strategy.
In the same statement, Green Packet group managing director and chief executive officer C.C. Puan said the 5.0 growth strategy and structure will enable the group to sharpen its focus and further strengthen its capabilities to tap into more digital opportunities across local and global markets.
“Our internal business transformation and structure under Green Packet 5.0 is key towards driving our performance in 2021 and moving forward. We are laser-focused on implementation and I am pleased that we have started our first quarter strongly.”
He said the group will ensure the pioneering business sub-segments continue to operate smoothly and profitably, while benefiting from the future growth of catalytic projects derived from new growth areas.
“Lastly, the group’s investment segment has its co-creation venture capital arm, KipleX, focusing on early-stage investments in startups that use digital technologies and innovations to improve livelihoods.
“Further to that, Green Packet’s late-stage private equity arm, Green Packet Capital, has also been established to focus on strategic investment and acquisitions that are favourable to the group’s growth strategies and direction.”