Prestariang’s Q1 net profit up 102% on SKIN concession project

PETALING JAYA: Prestariang Bhd’s net profit for the first quarter to March 31, 2018 jumped 102.49% to RM6.51mil on the back of a 65.74% increase in revenue to RM72.75mil mainly contributed by the Sistem Kawalan Imigresen Nasional (SKIN) concession project.

Earnings per share rose to 1.35 sen from 0.66 sen.

“The revenue recognition for SKIN is based on the stages of com- pletion at the end of the reporting period. The quarter revenue also saw strong contributions from its software and services division which business remains solid. This resulted in a higher PAT due to flow through of higher revenue generated during the quarter,” said Prestariang in a release.

SKIN contributed 36.7% of revenue for the reporting quarter with software licensing and distribution contributing the majority of 57.5%. The remaining revenue contributions are from training and certification and university business.

It also declared a first interim single-tier exempt dividend payout of 0.5 sen per share totalling RM2.4mil for the reporting quarter. The interim dividend will be paid to the group’s eligible shareholders on July 4, with the entitlement date on June 6.

Prestariang has paid out a total dividend of 27.67 sen per share amounting to RM133.84mil since listing in July 2011.

“Moving forward, Prestariang is confident on the execution of Prestariang 5.0 transformation plan, which has placed the group well in the forefront to drive sustainable growth and profitability in a climate of change,” it said.

With the SKIN concession business becoming effective and having officially commenced on April 25, coupled with all current projects in hands scheduled for execution, the group is expected to perform better for FY18.

Prestariang updated Bursa on its MoU with Alibaba.com Singapore E-Commerce Pte Ltd and Conversant Solutions Pte Ltd. This MoU was first entered into on Jan 12, 2017, and Prestariang is finalising the partner reseller agreement.