eBworx Records RM11 Million Revenue in Q1FY2011

ACE-listed eBworx Berhad, a leading MSC-status banking application solution provider announces that its financial result for Q1FY2011 ended 31st March recorded a profit after tax (PAT) of RM2.6 million, on the back of RM11 million in revenue.

According to eBworx Group Chief Executive Officer, Tan Suan Fong this quarter's PAT of RM2.6 million is already equivalent to over half of the Group's entire PAT in FY2010, and almost 100 per cent of the PAT in FY2009.

"Based on the PAT achieved in just the first quarter of 2011, I am extremely confident that eBworx will overachieve its financial performance targets this year."

The Group remains at a strong financial position with a net cash flow of RM6 million generated from operating activities in Q1FY2011; as well as boosting its cash reserve to RM22.8 million. Meanwhile, its Earnings Per Share (EPS) now stands at RM1.20 (as compared to 0.75sen in Q1FY2010.)

Strong Demand for Credit Management; Internet & Mobile Banking Surge

Over the recent months, eBworx has infused significant developments into credit management and Internet & Mobile Banking solutions.

For its flagship credit management solution - the Loans Origination System (LOS), eBworx has developed the version for Islamic banking as well as the capability for almost instantaneous approval for consumer loans such as mortgage, hire purchase and credit card applications.

The demand for eBworx LOS is also in line with more banks wanting a credit management that is able to cater to their expansion plans throughout the region.

Meanwhile, eBworx also reports that its fastest growing segment to be Internet & Mobile Banking which includes consumer internet banking and transaction banking systems, with significantly increased orders from its clientele of regional Tier-1 banks. The company's resources are currently being deployed in several projects in Malaysia, Singapore, Indonesia and China.

“The increased orders in Internet & mobile banking solutions are driven by the propagation of smart mobile devices. Banks urgently want to incorporate 'mobility' into their mainstream banking solutions, therefore they are urged to offer a more advanced platform that enable their customers perform more sophisticated banking transactions online, and on-the-go."

He says that eBworx has incorporated new technologies such as Web 2.0 and mobile versions for the iPhone, iPad and Google’s Android into its Internet & Mobile banking solutions.

Forward Statement

In the region, eBworx has by far the largest client base (of Tier-1 Banks) for credit management systems as compared to any other competitor - with its LOS credit management solution having received various industry recognition such APICTA (Asia Pacific ICT Alliance) and International Data Corp (IDC)’s FIIA (Financial Insights Innovation Awards) in 2009 and 2010 respectively

eBworx is preparing to embark on an aggressive growth in the banking industry by expanding its client base of LOS credit management throughout the region.

Tan shares that the internal (financial performance) target is to increase the Group’s total annual revenue by 30 per cent, and 60 per cent PAT by end of FY2011.

“Of this, Transaction, Internet & Mobile banking is expected to possibly contribute up to half of the year’s total revenue, as we continue to develop the widest and most effective possible mobile banking application to accommodate various mobile operating systems such as Google's Android, BlackBerry, iPhone, Symbian and more,” he ends.

Media Contacts:

Lynn Lee
PiPR Consultancy Sdn Bhd
Tel: (+603) 7724 1710/ (+6012) 323 4244