Agmo Holdings Berhad (Agmo), a homegrown digital solutions and application development specialist, has announced its financial results for the first quarter ended 30 June 2024. The Group reported revenue of RM8.69 million, marking a 15.7% increase compared to RM7.51 million in the corresponding quarter of the previous financial year. This growth was primarily driven by the development of bespoke digital solutions, which continued to be the main revenue contributor, accounting for 81.5% of total revenue at RM7.08 million in Q1FY25, up from RM6.02 million or 80.2% in Q1FY24.

The Group's profit before tax (PBT) for Q1FY25 stood at RM2.15 million compared to RM3.09 million in Q1FY24. This slight reduction reflects the Group's strategic allocation of talent and resources towards supporting new business initiatives, particularly the e-Invoicing segment, a rising focus area for Agmo. While this shift has impacted the current quarter, it is crucial for enhancing the Group's capabilities and positioning Agmo for future growth.

Profit after tax (PAT) for Q1FY25 was RM1.64 million, down from RM2.50 million in Q1FY24, aligning with the Group's strategic focus on scaling capabilities to meet the growing demand for digital solutions in Malaysia.

Geographically, the Malaysian market remained the primary revenue contributor, generating RM8.43 million in Q1FY25, an increase of 15.5% compared to RM7.30 million in Q1FY24, representing 97% of the Group's total revenue. Singapore also saw significant growth, contributing RM0.21 million, a substantial 200% rise from RM0.07 million in Q1FY24, accounting for 2.4% of revenue. Other countries contributed RM0.06 million, up from RM8,000, making up 0.7% of revenue.

Tan Aik Keong, CEO of Agmo Holdings Berhad, stated, "As we navigate FY2025, Agmo remains committed to delivering sustained growth and value to our shareholders. Our core strength lies in our ability to provide bespoke digital solutions that meet the evolving needs of our clients. Building on this foundation, we are excited about the prospects of our new initiatives, which align with the government's push for digitalisation and represent a steady growth opportunity for Agmo as more businesses embark on their digitalisation journey. Additionally, by leveraging emerging technologies such as generative AI and reinforcing our commitment to ESG principles, we are well-equipped to capitalise on new business opportunities."

The Group's expansion plans, bolstered by the utilisation of IPO proceeds and its strong order book, are expected to further strengthen its business in the near to medium term.