Awantec, a prominent technology and talent digitalisation enabler, reported its financial results for the second quarter of the financial year ending 30 June 2024 (2Q24) on 22 February 2024.
The Group sustained its positive momentum, achieving a third consecutive quarterly profit in 2Q24, indicative of the success of Awantec’s ongoing transformation plan initiated in 2021.
During 2Q24, revenue witnessed a robust growth of 52.5%, increasing from RM8.0 million in 2Q23 to RM12.2 million. This turnaround resulted in a notable shift from a loss before taxation of RM2.8 million in 2Q23 to a Profit Before Tax (PBT) of RM0.9 million in 2Q24.
Year-to-date (YDT) 2Q24 showed an upward trajectory, with revenue climbing from RM26.1 million in YTD Q2 FY2023 to RM28.6 million. The increased revenue, coupled with higher margins, led to a positive transformation from a loss before taxation of RM3.8 million in YTD 2Q23 to a profit before taxation of RM1.4 million in YTD 2Q24.
The Talent segment remains a key contributor to the Group’s improved profitability, securing strategic contracts. Simultaneously, the Technology segment has solidified its position as the premier partner with MSP status for Google Cloud in Malaysia under the government’s Cloud Framework Agreement (CFA), supporting the government’s digital transformation plan.
Awantec has expanded its capabilities in analytics, cloud migration, big data, artificial intelligence, and business transformation via ERP to drive future growth.
Looking forward, Awantec’s Board and management express confidence in the Group’s performance for FY2024.
The company remains committed to enhancing synergies across its offerings to drive sustainable growth, further solidifying its position as a leader in technology and talent digitalisation.
