Home News Archives for February 2021

Month: February 2021

Censof Delivers Q3FY2021 Revenue of RM23.7 Million

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Business remains sturdy with increasing demands

Key Highlights
• Q3FY2021 revenue increased by 42.2% YoY.
• PBT soared by 431% YoY.
• PATAMI reported at RM2.0 million.
• Basic EPS improved to 0.40 sen.
• Healthy financial position with an improved net assets per share of 14.35 sen and cash and cash equivalent of RM26.4 million.

Kuala Lumpur, 8 February 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, announced its third quarter ended 31 December 2020 (“Q3FY2021”) financial results today, where revenue increased to RM23.7 million, from RM16.7 million in the corresponding quarter last year. The profit before tax (“PBT”) rose from RM0.6 million to RM3.0 million while the profit after tax and minority interests (“PATAMI”) was at RM2.0 million as compared to a loss of RM83,000 in the preceding year. Correspondingly, the basic earnings per share improved to 0.40 sen from a loss of 0.02 sen.

The revenue growth primarily came from higher project deliverables under the Financial Management Solutions – Government segment and contributions from the Financial Management Solutions – Commercial & Small Medium Enterprises (“SME”) segment, arising from the higher demand for Asian Business Software Solutions Pte Ltd’s (“ABSS”) products and revenue from the Netsense Group, which was acquired in January 2020.

On top of the higher revenue, finance cost savings of approximately RM0.7 million per quarter upon the full settlement of share margin loan from MIDF Amanah Investment Bank Berhad and a term loan from Kenanga Investment Bank Berhad in second quarter of current financial year end, and a gain on fair value adjustment of approximately RM0.5 million on the short-term investment of Dagang NeXchange Berhad played a role in boosting Censof’s Q3FY2021 earnings.

For the cumulative period ended 31 December 2020, Censof registered a 21.3% increase in revenue to RM55.0 million. Cumulative PBT was RM16.2 million, in contrast to RM3.0 million for the same period in the preceding year. The substantial increase was mainly due to a gain on fair value adjustment and a gain on disposal of quoted investment which amounted to approximately RM9.4 million and RM2.1 million respectively.

The Group’s financial position remained healthy with an improvement of its net assets per share to 14.35 sen as at 31 December 2020, from 11.51 sen as at 31 March 2020. The Group’s cash and cash equivalent also saw a surge to RM26.4 million from RM7.7 million.

“Amidst the challenging economic conditions that we are facing due to the COVID-19 pandemic, we continue to strive to deliver the highest standard of products to serve our customers, both the government sector and the SME market. Nonetheless, the pandemic has indeed expedited the migration of businesses towards paperless transaction and digitalisation. As such, we view this as an opportunity to push the adoption of technology transformation, leveraging on the demands for technology solutions in Malaysia and Singapore. With this said, we recently entered into a share sale and purchase agreement to acquire an additional 30.87% equity interest in ABSS, which will ultimately increase our stake from 58.2% to 89.07%, upon the completion of the proposed acquisition. This is a testament of our efforts as we remain committed to streamline and focus on growing our core businesses which have since produced positive results for the Group,” said Ameer Shaik Mydin, group managing director of Censof.

Censof’s Subsidiary, ABSS Forms Strategic Partnership With Storecove

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Kuala Lumpur, 3 February 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, through its subsidiary company, Asian Business Software Solutions Sdn Bhd (“ABSS”) has formed a strategic partnership with StoreCove, a SaaS e-invoicing solution provider headquartered in The Netherlands and with offices in Germany and Australia. With this partnership, ABSS and StoreCove will provide an electronic invoicing solution to small and medium enterprises (“SMEs”) in Singapore, ensuring faster and more sustainable way to transact invoicing processes nationwide and worldwide, through the adoption of the Singapore Government’s nationwide e-invoicing initiative, namely InvoiceNow. Built on the Global Peppol Network, InvoiceNow facilitates the direct transmission of invoices in a structured digital format across the finance systems, resulting in a smoother invoicing process, faster payments and greener environment.

 The adoption of e-invoicing helps businesses to improve efficiency by minimising human errors, reducing costs, reducing payment processing period and be more environmentally friendly. StoreCove’s modern Application Programming Interface (API) provides seamless integration with its partners’ software platforms to offer e-invoicing functionality as part of its customer solutions, whereby all incoming and outgoing invoices are automatically received and sent.

 It is imperative to accelerate the use of digitalisation for SMEs in the Southeast Asia, and we are excited to partner with StoreCove; they have a great track record in helping SMEs with e-invoicing here in Singapore. Together with ABSS, as the leading accounting software provider to the Asian SME market, we know this partnership will bring improved invoicing efficiency to over 30,000 Singapore SMEs, helping them save valuable time. We have recently surpassed 1,000 InvoiceNow registrations and look forward to more businesses benefiting from sending and receiving FREE e-invoices directly from our ABSS and Financio accounting software,” said Rhys Brown, Chief Executive Officer of ABSS.

 “We are impressed by the uptake of e-invoicing in the Asian SME market and are proud to be part of this swift growth. ABSS has an experienced development team that had no difficulties connecting to our RESTful API. The Government of Singapore has stimulated the expansion of e-invoicing in the Asian market, which led to an adoption speed not seen in any other Peppol country before. ABSS, by offering InvoiceNow registration to all their customers is a key driver of this growth,” said Dolf Kars, Chief Executive Officer of Storecove.

 ABSS is the developer and leading supplier of ABSS-branded financial management and accounting software provider that supports the Asian SME markets. Their services include providing tools that simplify accounting management that extend throughout the Southeast Asia region, including Malaysia, Singapore and Hong Kong.