CTOS Group Digital group CEO Erick Hamburger.
PETALING JAYA: CTOS Digital Bhd
says its services and solutions will remain essential as Malaysia and the rest of Asean continue to expand their digital economies.
In a statement, group chief executive officer Erick Hamburger said the company will continue investing for future growth by strengthening its marketing and support teams locally and regionally to increase market penetration, boost consumption and cross-sell value-added solutions.
“With our superior data assets and sophisticated capabilities, we are confident of our ability to continue delivering sustainable value to our customers and shareholders,” he stated.
Hamburger added its international operations under the Finscore brand has been gaining traction, evidenced by rising usage volumes since completing the acquisitions.
CTOS recently acquired an 80% stake in PT Prime Analytics Indonesia and a 100% stake in the Philippine-based financial technology startup, FinScore, last year.
Hamburger said the integration of its alternative data platform with existing analytics capabilities uniquely positions it to meet the evolving credit solution demands in these markets.
‘Moving forward, we are set to aggressively upsell our analytics and digital solutions, deepening client value and enhancing our profit margins. Numerous growth vectors have been identified in regional markets, and we are poised to capitalise on these exciting opportunities,” he noted.
Meanwhile, CTOS registered a 23% on-year surge in its revenue to RM76.6mil in the second quarter ended June 30, 2024 (2Q24) compared to RM62.2mil in the same quarter last year.
Hamburger attributed the solid performance to growth across all business segments (key accounts, commercial and direct-to-consumer), both year-on-year and quarter-on-quarter.
The international operations comprising the subsidiaries in the Philippines and Indonesia demonstrated robust momentum, contributing RM9.9mil to group revenue during the quarter.
Its net profit saw an increase of 20.7% to RM25.5mil for 2Q24 compared to RM21.13mil in the quarter last year.
Hamburger said the growth was driven by positive results across all business segments, particularly the Comprehensive Portfolio Review and Analytics and Digital Reports which experienced the highest surge in demand.
“Looking ahead, we have several projects slated for implementation in the second half of the year, poised to accelerate the adoption of our digital solutions and advanced analytics. Both banks and non-bank financial institutions are increasingly leveraging data and analytics to fuel their growth.”
CTOS declared a second interim single-tier dividend of 0.78 sen per ordinary share, payable on Sept 27, 2024 while the entitlement date for the dividend payment is on Aug 30, 2024.
