Translate This Page

Monday, September 1, 2014

Censof diversifying income base (Star)

Censof Holdings Bhd, an IT contractor that counted over 100 government-related agencies as clients, is aiming to diversify its income base to include the private sector.

The group is making good progress on this front, with a unit in Indonesia pursing new clients in the banking sector. The group is also eyeing new opportunities in the Philippines and the Middle East.

“We are putting in efforts to secure more commercial contracts,’’ group managing director Ameer Shaik Mydin said.

“We are competing with companies like Oracle and SAP. It is a different sector,” Ameer told StarBiz.

Censof’s key clients include the Inland Revenue Board (IRB), the Finance Ministry, Kuala Lumpur City Hall, Malaysian Palm Oil Board and the Social Security Organisation (Socso).

Ameer said that Censof was making progress in breaking through into the commercial sector. Its contracts by its Indonesian unit (PT Praisindo Teknologi) are mainly commercial clients from the banking sector.

For first quarter ended June 30, Censof’s profit surged to RM1.71mil from RM539,000 previously. The company’s revenue for the quarter jumped to RM31.5mil against RM14.2mil a year earlier.

The company explained that the significant increase in revenue and net profit was mainly due to the consolidation of Dagang Nexchange Bhd (DNex)’s financial results for the period. DNex was formerly known as Time Engineering Bhd.

Datuk Samsul Husin, who has been redesignated as non-independent non-executive director of the group explained that Censof’s revenue was derived from multi-pillars such as financial management software solutions (FMSS), payment gateway solutions, and information and communication technology certification.

Censof, he said, was able to command a premium margin of 25%.

Samsul, who is currently spearheading all operations at DNex, said its investment in the company had bore fruits...

In June, DNeX announced the appointment of Zainal Abidin Abdul Jalil as group managing director. Zainal is the former CEO of Malakoff Corp Bhd and had served for 28 years at oil giant ExxonMobil.

In the same announcement, DNeX said it was diversifying into the oil and gas space with the proposed acquisition of OGPC Sdn Bhd and OGPC O&G Sdn Bhd for RM203mil.

No comments: