Revenue surged by 52.3% y-o-y to $5.9 million as revenues from both its security solutions and maintenance and leasing businesses rose.
Revenue from its security solutions was up by 74.7% y-o-y to $1.6 million due to higher revenue from providing integrated security solutions in Singapore. The business also saw an increase in sales of security products to customers in Southeast Asia. The revenue increase for security solutions was offset by lower sales in security products to customers in East Asia, Indochina and “others”.
Meanwhile, revenue from the maintenance and leasing business rose by 26.2% y-o-y to $0.5 million mainly due to an increase in revenue from the provision of maintenance support services to customers in Singapore and partially offset by a decrease in revenue from the provision of maintenance support services to customers in the rest of Southeast Asia and Indochina.
Gross profit spiked by 74.0% y-o-y to $2.8 million due to higher revenue and higher gross profit margin (GPM), which rose by 5.9 percentage points y-o-y to 47.7%. The higher GPM stemmed from contracts secured at higher margins for the security solutions business.
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As at Dec 31, 2023, cash and cash equivalents stood at $3.2 million.
No dividend was declared for the period.
IPS Securex was one of the listcos to report a cyberattack in January although it said that there was no evidence of data exfiltration from the incident.
Shares in IPS Securex closed flat at 2 cents on Feb 8.
