Ramssol Group Berhad's (Ramssol) profit before tax (PBT) rose 127.5% to RM9.42 million for 1HFY24 which was a significant increase of compared to RM4.14 million for 1HFY23.

Meanwhile, the profit after tax (PAT) was at RM8.45 million rising 104.6% for the first half of the financial year ending 30 June 2024 (1HFY24), as compared to RM4.13 million the same period last year. This growth is attributed to high-margin projects and the distributorship of HCM licenses.

Notably, the Group 1HFY24 results have already surpassed its full year results for the previous year, where the Group recorded a revenue of RM31.73 million for the cumulative period ended 30 June 2024, representing a remarkable 91.4% increase from RM16.58 million for the same period in 2023.

This substantial growth is primarily driven by the expansion of Ramssol's human capital management (HCM) solutions, which include new offerings for diverse clients, enhanced engineering capacity from collaborations, and recurring HCM software subscriptions and distributorship of HCM licenses.

Additionally, the Group offers a range of world-class HCM systems tailored for enterprises of varying sizes, including Oracle, Darwinbox, Ramco, Disprz, and ZingHR.

Based on geographical segmentation for 1HFY24, Malaysia remained the main contributor to the Company's total revenue at 72.9% or RM23.13 million, followed by Thailand at 22.5% or RM7.13 million.

For the quarter under review (Q2FY24), the Group achieved a revenue of RM17.31 million, reflecting an increase of 70.9% from the RM10.13 million recorded in the comparative quarter of 2023 ("Q2FY23").

Meanwhile, the Group's PBT rose to RM4.88 million, a significant leap of 129.1% from approximately RM2.13 million in the same period last year. Additionally, the PAT for the current quarter is recorded at RM4.34 million, showing an increase of 104.7% from RM2.12 million in Q2FY23.

In addition to the financial highlights, Ramssol recently acquired Geekstart, an Artificial Intelligence (A.I) Software company that based in Thailand, further strengthening its position in Southeast Asia.

This strategic acquisition is expected to contribute positively to the Group's financial results this year. By acquiring Geekstart, Ramssol aims to introduce recognised A.I solutions to its existing client base in Southeast Asia, attract new clients, and solidify its position as A.I becomes increasingly prevalent in social and business communities as well as strengthen pillar capabilities and offerings across PeopleTech, EduTech,MarTech and AutoTech sectors.

Group Managing Director and Chief Executive Officer of Ramssol, Datuk Seri Ts. Cllement Tan Chee Seng, said: "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. We have garnered positive traction and feedback from customers and anticipate sustained success in this area. As the digital industry grows, Ramssol is well-positioned to capitalise on this expansion."

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.