SINGAPORE (Feb 12): IPS Securex, which provides security-related services and solutions, has recorded revenue of $5.7 million for 2QFY2020 ended Dec 31 2019, more than double from the year-earlier quarter.
The improvement at the top line helped the company achieve a turnaround. From a slight loss of $15,982 in 2QFY19, the company managed to eke out earnings of $619,575 for 2QFY2020.
“We are seeing projects that were previously delayed being revived,” said executive director and CEO Kelvin Lim.
“We are also seeing more opportunities as more government agencies in the region appreciate the need to enhance their security readiness to deal with a range of issues from political unrest to terrorism,” he adds.
For the six months ended Dec 31 2019, the company reported earnings of $768,310, a swing from losses of $320,643 incurred in the earlier. Revenue in the same period increased by 88.6% y-o-y to $8.82 million.
Going forward, IPS Securex is of the view that terrorist organisations are still “resilient”, as "the politico-economic risk factors that make extremist ideologies appealing and conflict zones that enable mobilisation still persist."
The company has been, and is looking out for additional contracts and projects.
For example, on Dec 5, the company announced that an existing client has given it additional maintenance orders worth $3.6 million.
As at one pm on Feb 12, IPS Securex shares were trading at 4.3 cents, valuing the company at $20.9 million.
