Go Hub Capital Berhad (“Go Hub”), a key transportation information technology (IT) solutions provider, is pleased to announce its financial results for the third quarter ended 30 September 2024 (“Q3 FY2024”).
The Company recorded a revenue of RM9.89 million with its transportation IT solutions segment accounting for 80.42% of total revenue, while Profit After Tax (“PAT”) grew by 21.59% to RM1.07 million compared to the preceding quarter (“Q2 FY2024”) despite accounting for the remaining one-off listing expenses of RM1.28 million following the listing of the Company on Bursa Malaysia Securities Berhad on 3 July 2024.
The Company would have had recorded a PAT of RM2.35 million after excluding the one-off listing expenses.
In Q3 FY2024, the Company achieved a Profit Before Tax (“PBT”) of RM1.30 million and a PAT of RM1.07 million. This encouraging performance demonstrates Go Hub’s ability to maintain strong demand for its core services.
There were no comparative figures for the corresponding quarter and year-to-date as Go Hub was only recently listed on Bursa Malaysia Securities Berhad.
Compared to Q2 FY2024, the growth in the Company’s PAT in Q3 was largely attributed to stronger gross profit margins from ongoing projects in the bus segment. This gain was partially offset by the remaining one-off listing expenses of RM1.28 million.
Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub commented:
“Our Q3 FY2024 results highlighted the strength and resilience of our business model. Despite the impact of the one-off listing expenses this quarter, we achieved a growth in gross profit margin, demonstrating the efficiency of our operations and our ability to deliver value to our stakeholders. This progress underscores our commitment to maintaining strong financial fundamentals while driving innovation in the public transportation sector.”
“As we move forward, we remain focused on strengthening our capabilities through strategic initiatives. The upcoming integrated centre in the Klang Valley will be a key milestone, serving as a hub for testing, demonstration, and training, while enabling us to further enhance our technological offerings.”
Looking ahead, Go Hub is well-positioned to support Malaysia’s push for enhanced public transportation system while reducing the costs of living for Malaysians, as outlined in The Malaysia Budget 2025 announced by our Prime Minister and Finance Minister YAB Dato’ Seri Anwar Ibrahim.
With RM750 million allocated for public transport initiatives, including My50 and Mutiara Pas subsidies and infrastructure enhancements like the Tren Tidak Ekonomik (“TTE”) subsidy and rural air services subsidy, the government’s focus on improved accessibility and connectivity across the country aligns with Go Hub’s mission for a seamless public transportation experience in Malaysia.
By leveraging its expertise in tailored IT solutions and plans to establish a new integrated centre in the Klang Valley, Go Hub is poised to drive innovation, streamline operations, and enhance the commuting experience for urban and rural communities alike.
These efforts are expected to contribute positively to the Group’s growth in the coming years.
As at 5:00 P.M., 21 November 2024, Go Hub Capital Berhad’s share price closed at RM1.34, representing a market capitalisation of RM536.0 million.
More information about Go Hub Capital Berhad.
