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Silverlake Axis 1Q22 profit rises 7% y-o-y

Jovi Ho
Jovi Ho11/12/2021 05:27 PM GMT+08  • 2 min read
Silverlake Axis 1Q22 profit rises 7% y-o-y
"We expect full year FY2022 to be an improvement as we continue to keep the pace up in deal signings."
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Silverlake Axis reported profit after tax of RM35.2 million for 1QFY2022 ended September, 7% higher y-o-y.

Meanwhile, revenue increased by 3% y-o-y to RM152.5 million, driven largely by project services, and maintenance and enhancement in the banking segment.

The Group continues to see sustained momentum in maintenance and enhancement revenue segment with this recurring revenue increasing 4% y-o-y to RM118.2 million in 1QFY2022, compared to RM113.5 million this time last year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) reduced from RM64.2 million to RM57.5 million in 1QFY2022, primarily as a result of higher cost of sales.

Total expenses in 1QFY2022 was 12% lower y-o-y than 1QFY2021, falling to RM42.5 million for the recent quarter.

Earnings per share stood at 1.32 sen, up 4% y-o-y.

See also: Second Chance set to report higher 1HFY2023 net profit

See: Silverlake Axis shines with overall and ROE win; Innotek and Multi-Chem win as well

Total pipeline of potential deals at the end of 1QFY2022 is valued at RM1.3 billion, with RM122.6 million of contract wins closed in the quarter generating secured revenue/backlog of RM560 million.

For more stories about where the money flows, click here for our Capital section

See also: SIA group wide load factor for Feb was 86.6%, down 0.3% over Jan

"We expect full year FY2022 to be an improvement as we continue to keep the pace up in deal signings. Additionally, our maintenance and enhancement business continues to grow at a good pace," says the company in a Nov 12 press release.

Shares in Silverlake Axis closed 0.5 cents higher, or 1.61% up, at 31.5 cents on Nov 12.

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