Ramssol registers three-fold rise in quarterly revenue

CYBERJAYA: Ramssol Group Bhd (Ramssol) announced that the company’s quarterly financial performance momentum continues with revenue for the third quarter ended September 30, 2021 (3QFY21) up three-fold to RM21.91 million compared with RM7.71 million in 2QFY21.

As Ramssol was listed on July 13, 2021, there are no comparative figures for the corresponding quarter of the previous year since there was no interim financial report prepared for the comparative quarter in 2020.

For the quarter under review, the company posted RM4.38 million in profit before tax (PBT), which is a rise of 117.91 per cent from the RM2.01 million recorded in 2QFY21, while the Company’s profit after tax (PAT) doubled to RM4.38 million compared with RM1.99 million recorded in 2QFY21.

The increase in revenue and PAT was mainly driven by the continuity of projects as well as the provision of HCM technology applications and HCM and student management solutions for several new clients in Malaysia.

Based on geographical segmentation for 3QFY21, Malaysia remains the main contributor to the Company’s total revenue, contributing 92.2 per cent or RM20.2 million, followed by Singapore at 2.9 per cent or RM0.64 million and Indonesia at 2.56 per cent or RM0.56 million.

For the nine-month period ended September 30, 2021 (9M2021), Ramssol recorded revenue of RM34.7 million, while both PBT and PAT was respectively recorded at RM7.23 million and RM7.21 million.

In a press statement, group managing director and chief executive officer, Cllement Tan Chee Seng commented, “While the economy is reopening and most sectors and industries are now allowed to operate, the risks from Covid-19 remains.