KUALA LUMPUR: Ramssol Group Bhd
posted a net profit of RM4.35mil in the second quarter ended June 30, 2024 (2QFY24), nearly double its bottomline from the same quarter in the previous year.
The people solutions and licensing technology provider reported in a filing with Bursa Malaysia that revenue jumped 70.9% to RM17.31mil from 2QFY23.
For the cumulative first six months of the year, the group's net profit stood at RM8.53mil as compared to RM4.31mil in 1HFY23 while revenue was RM31.73mil against RM16.58mil in the same period in 2023.
The group's earnings per share in 1HFY24 was 2.67 sen compared to 1.72 sen in the comparative period.
According to Ramssol, the substantial growth was primarily driven by the expansion of its human capital management (HCM) solutions.
Meanwhile, Ramssol's acquisition of Thailand-based AI software company Greekstart is expected to further strengthen its position in Southeast Asia.
"The acquisition of Geekstart underscores our focus on innovation and expanding our footprint in Southeast Asia.
"Additionally, through our strategic partnership with Ramco Systems Sdn Bhd, our role as a distributor for Payce - a payroll system, complements our HR-focused solutions," said group managing director and CEO Datuk Sri Cllement Tan Chee Seng in a statement.
"Ramssol has successfully aligned its performance with strategic goals, achieving strong results in 1HFY24.
"The expansion of both project-based and recurring supports contracts are expected to drive growth in recurring revenues from HCM license transaction and project and maintenance service contracts," he added.
