Panda Eco System Berhad (Panda Eco System), a leading provider of retail management solutions, has announced its financial results for the second quarter ending 30 June 2024 ("2Q 2024").
For the first half of 2024 (1H 2024), the Group achieved a revenue of RM14.7 million and a profit after tax (PAT) of RM4.1 million, nearly matching the PAT for the full financial year ending 31 December 2023 (FY2023). In 2Q 2024, Panda Eco System reported revenue of RM6.4 million and PAT of RM1.2 million. The Group maintained a robust balance sheet with net cash and cash equivalents totalling RM33.0 million at the quarter's end.
Loo Chee Wee, Executive Director and Chief Executive Officer of Panda Eco System, stated: "In 2Q 2024, we observed a reduction in retail store openings by our clients following the festive-driven surge earlier in the year. Nevertheless, we continue to see strong demand for our Retail Management Eco-system solutions, with increased inquiries and promising prospects among major retail grocery players nationwide. The successful deployment of these projects is expected to boost our market share and drive growth for the latter half of the year."
The company also launched its e-invoicing platform earlier this month, which has received positive feedback from customers. Designed to streamline invoicing processes and minimise manual errors, this platform is set to significantly enhance efficiency for retailers. The initial response has been encouraging, and Panda Eco System anticipates that this will lead to further adoption among existing customers and attract new clients.
As one of the few market players offering a comprehensive suite of ecosystem solutions, including POS systems, backend management, and a B2B platform for suppliers, Panda Eco System is well-positioned to leverage its strengths. The company is focused on cross-selling and upselling its extensive solutions to add significant value to clients, enhance market penetration, and support sustainable growth.