eBworx Hits High 133 % PAT Growth for FY2010

ACE-listed eBworx Berhad, a leading banking application solution provider, today announced its financial result for FY2010 ended 31 December - which recorded a significant triple digit percentage growth in profit after tax (PAT) from FY2009.

eBworx's PAT for FY2010 ended 31 December, surged to RM4.74 million from RM2.03 million last year, thus allowing the Group to achieve a PAT growth increase of about 133 percent. This profit is on the back RM32.92 million in revenues over 12months in FY2010, as compared to RM 29.80 million reported for the same period last year.

eBworx Group Chief Executive Officer, Tan Suan Fong shared that overall, the exceptional profit growth performance was primarily attributed to the enhancement projects orders by eBworx clients to upgrade their respective banking systems. eBworx clients consists mainly of Tier 1 banks around the region.

"Due to this business growth, eBworx also managed to strengthen our financial position by achieving a net cash flow from operations of about RM8.4mil. At the same time, the Group's Earnings Per Share (EPS) for FY2010 stood at 2.10sen as compared to 0.87sen as recorded in FY2009."

Double Digit Revenue and Profit Growth

Tan says that this recent performance is in line with eBworx's strategic growth goal set out at the middle of 2010 to "...morph into a RM20 million-PAT-company within a span of four years."

"Based on the plans put in place, I am confident that the company will progress as the board and top management targeted. And for FY2011, we are working towards achieving about 30 percent increase in revenues and 60 percent growth in PAT."

"To achieve this, eBworx is ensuring that it is closely aligned to our banking clients' regionalisation plans in order to accommodate their increasingly aggressive demands for greater IT requirements to support both their commercial and consumer banking needs."

Tan says that R&D on eBworx's flagship banking applications will continue to be an important investment to ensure that the company stays ahead in the technology curve in providing cutting edge banking IT solutions for its clients.

"Amongst the areas of R&D that will see strong focus is in Web 2.0 for Internet and mobile banking systems; as well as functionality and integration enhancements in transactional and credit management banking systems - both of which are highly in demand in the banking scene to enrich the users' banking experience."

He also shares that the company's intend to recruit up to 30 percent more staff, expanding the current workforce to 260 employees by end 2011.

Riding the Heightened Internet and Mobile Banking Trend

Fuelled by the accelerating Internet and mobile banking trend, eBworx is also eyeing on new banking customers who seek to move their banking operations to be more 'virtually' accessible.

“Mobile banking, especially, is something very crucial for banks today. In fact, I see it as the most appropriate channel for banks to gain bigger share of the younger market - which will be taking the centre-stage role in the economy in the very near future."

He notes that eBworx was the first vendor to launch an iPad banking solution last year, furnishing OCBC bank with the mobile banking application for its South East Asian region.


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