Vicom, a subsidiary of ComfortDelGro, has reported a profit after tax of $7.52 million for the 1QFY2025 ended March 31, 2025, up 7.4% y-o-y.
The company, which is in the business of inspection and technical testing, reported a revenue of $33.3 million for 1QFY2025, up 18.9% y-o-y.
This was because of higher revenue contribution from the On-Board Unit (OBU) for the Electronic Road Pricing (ERP) 2.0 project, and an increase in testing volume from the manufacturing and construction sectors.
Patmi's increase was due to higher operating profit and lower interest income.
Meanwhile, operating costs grew by 23.2% y-o-y to $23.3 million, from higher OBU subcontractor fees and raw materials.
The company has a cash and cash equivalent of $65.14 million, up 7.3% q-o-q as at end March.
Total assets grew to $216.24 million as at end March.
The group says that demand for vehicle testing and related work remained strong in the quarter. It installed 53,000 OBUs during this period, compared to 35,000 units installed in the fourth quarter of last year.
Vicom says that while demand for non-vehicle testing has improved in the quarter, recent escalations in global trade may result in lower demand for its testing business.
Shares in Vicomclosed 2 cents lower or 1.439% down at $1.37 on May 8.
