Silverlake Axis 5CP has posted earnings of RM48.9 million ($14.4 million) for its 1QFY2024 ended Sept 30, a 15% dip from its earnings of RM57.6 in the same period last year.
The company’s earnings for the quarter were the highest compared to the last three preceding quarters but lower than the corresponding period last year due to a large software licensing contract recognised in 1QFY2023.
Revenue in the quarter just ended stayed relatively flat, increasing by 1% y-o-y to RM189.2 million. This was attributed to strong growth from Silverlake Axis 5CP ’ maintenance and enhancement services and project services businesses.
Total recurring revenue, which gives better earnings visibility, increased by 12% y-o-y to RM138.6 million, accounting for over 70% of the company’s total revenue.
Separately, the company announced it has secured contracts worth a total of RM124.5 million from customers in 1QFY2024.
It notes that it is “actively pursuing” a healthy deal pipeline of RM1.8 billion, and adds that it has a renewed focus on market development in the Middle East and Eastern European markets, where there are strong growth opportunities that are being prospected.
See also: Trump wins Republican nomination, setting up rematch with Biden
Silverlake Axis shares closed 0.5 cents or 1.85% up at 27.5 cents on Nov 15.
