KUALA LUMPUR, 30 JUNE: Kronologi Asia Bhd, an ACE Market-listed enterprise data management and storage solutions company, said it is still searching for merger and acquisition (M&A) strategies to help it reach the next stage of growth. “If the chance arises, we will consider M&A. This is our plan to broaden our reach and extend the market for our services and solutions “During a video briefing on the group’s latest financial results today, its chief executive officer Edmond Tay Nam Hiong remarked.
He did say, though, that the organization is still looking into the possibilities and that he doesn’t have any specifics to provide.
To further expand its sales, marketing, and customer coverage footprint in the enterprise data management (EDM) and cloud computing markets, the group recently closed a deal to acquire the remaining 83.33 percent equity interest in Quantum China Ltd, in line with its strategic growth plans for geographical expansion.
“China is Asia’s and the world’s largest market. We aim to have a presence in this market. Deals have been shown to be considerably larger, faster, and [increasing rapidly] “Tay remarked.
Meanwhile, Tay expressed confidence in the group’s ability to develop at a “strong pace” this year, citing the group’s existing markets, such as ASEAN, China, and India, as sources of growth.
These countries are recovering from the Covid-19 lockdown, according to Tay, which will increase data consumption.
He also mentioned that the group’s products and services are in high demand, as evidenced by three quarters of rising customer orders.
Kronologi Asia reported a net profit of RM4.02 million for the first quarter ending April 30, 2021, bringing the company back into the black.
The company had a net loss of RM11.24 million the previous year.
Meanwhile, revenue increased 13.19 percent to RM58.82 million from RM51.97 million the previous year.
According to Kronologi Asia, the Philippines accounted for the majority of the group’s sales, with RM30.98 million (52.67 percent of total revenue), followed by Singapore with RM17.72 million (30.12 percent of total revenue).
EDM infrastructure technology continues to dominate the group’s revenue, accounting for RM46.55 million or 79.14 percent of total sales, with EDM as-a-service accounting for the rest.
Kronologi Asia shares were up one sen, or 1.59 percent, to 64 sen at the time of writing, valuing the company at RM395.67 million. Continue reading
