ITMAX reports strong 3Q results, contract wins


PETALING JAYA: ITMax System Bhd is well positioned secure more projects amid a challenging business environment.

The homegrown technology company has started on the mechanical and electrical engineering contract for Segamat Specialist Hospital in Johor, which Hong Leong Investment Bank (HLIB) Research said showcases ITMAX’s capabilities and paves the way for future collaborations with other private healthcare providers.

The company also just secured a contract from Malaysia Airports Holdings Bhd to supply and install aeronautical ground lighting control systems for six airports in the country.

Additionally, HLIB Research said as the company aims to continuously improve its products and services and its research and development team is working to incorporate artificial intelligence features in its offerings.

The company’s net profit in the third quarter ended Sept 30, 2023 (3Q23) grew to RM16.31mil from RM12.3mil in the previous corresponding period, while revenue rose to RM39.06mil from RM30.78mil.

Basic earnings per share stood at 1.58 sen versus 307.48 sen previously.

The company’s supply, install and maintain services revenue rose by 25.4% year-on-year (y-o-y) in 3Q23 driven by Kuala Lumpur City Hall’s traffic system contract extension awarded end of last year that included an increase in job scope.

HLIB Research reiterated its “buy” call on the stock with an unchanged target price of RM2.08.

It believes the company is a compelling case given its multi-year growth potential.

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