August 19, 2011
ACE-listed OSK 'gem' eBworx surges high on banking project orders and is on target to break highest revenue records ever by year end.
Kuala Lumpur, 19 August 2011 - ACE-listed and MSC-status eBworx Berhad ('eBworx') reports a profit after tax (PAT) of RM3 million for Q2FY2011 closing 30th June.
This adds up to a total PAT of RM5.6 million for the first half of FY2011 - which already exceeds the company entire PAT for FY2010 (RM4.7 million). This total half year PAT of RM5.6million is on the back of RM23.9 million in revenues.
According to Group CEO Tan Suan Fong, this achievement puts the company steadily on track to achieve an internal PAT target to exceed RM10 million this year.
"Due to the recovery and uptrend in the banking sector, we have also experienced a boost in our sales orders threefold of that in FY2010 and stands at over RM80 million in banking project orders on hand."
The company also strengthened its financial position with a net cash flow from operations of RM7.6 million to make up its current cash reserve of RM27.2 million.
Currently, the Group's Earnings Per Share (EPS) for 1HFY2011 stands at 2.67sen.
For FY2011, eBworx has an internal target to achieve a 30 per cent increase in the Group's total annual revenue, and 60 per cent increase in PAT.
Continued Strong Demand for Credit Management & Internet & Mobile Banking
eBworx's exceptional profit growth performance is primarily due to strong demands for its credit management and Internet & Mobile Banking solutions over in the recent months.
This local banking systems provider has also integrated the latest Islamic banking features into its consumer loans systems such as mortgage, hire purchase and credit card applications, making the eBworx Loans Origination System (LOS) a premium credit management brand for Tier-1 banks across the region.
The company is also meeting the surge in demand for its Cash Management and Internet & Mobile Banking solutions within the region, with its resources are currently being deployed in the said banking projects in Malaysia, Singapore, Indonesia and China.
In the region, eBworx has by far the largest client base (of Tier-1 Banks) for credit management systems as compared to any other competitor - with its LOS credit management solution having received various industry recognition such APICTA (Asia Pacific ICT Alliance) and International Data Corp (IDC)'s FIIA (Financial Insights Innovation Awards) in 2009 and 2010 respectively.
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