KUALA LUMPUR: Sedania Innovator Bhd returned to the black, with a net profit of RM4.21mil in the first quarter ended March 31 (1Q21), from a net loss of RM1.82mil a year ago.
Its revenue for the quarter surged to RM17.06mil, against RM2.77mil in the same quarter last year.
“Despite a slow start last year, we kicked off 2021 with a very strong first quarter, delivering robust revenue growth of over RM17mil which is over 6 times higher than the first quarter of the previous year,” founder and managing director Datuk Azrin Mohd Noor said in a statement.
Sedania’s operating profit before tax stood at RM5.5mil from operating loss before tax of RM1.69mil in 1Q20.
It said the increase primarily reflected significant proliferation in the operating verticals essentially through GreenTech and HealthTech segments.
According to Sedania, the strong rebound in the first quarter of 2021 was the result of the group’s strategic initiative to find new business opportunities under challenging pandemic conditions.
It completed the acquisition of a 51% stake in Offspring Inc Sdn Bhd in January 2021.
“The Offspring investment has proven to be a positive strategic move. The HealthTech segment has contributed approximately 32% of the group’s total revenue during the quarter,” Azrin said.
“We are confident to maintain steady growth momentum for the remaining year. We are encouraged by the recovery signs in our verticals and the positive outlook of our ongoing discussions with our partners,” he said.