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发表于 4-4-2017 02:01 PM
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今天加多一枚新子弹
Indian unit performance to surpass profit warranty — Kronologi
TheEdgeMon, Apr 03, 2017
This article first appeared in The Edge Financial Daily, on April 3, 2017.
KUALA LUMPUR: Cloud storage security service provider Kronologi Asia Bhd is confident its newly acquired wholly-owned unit Quantum Storage (India) Pte Ltd (QSI) will be able to report annual earnings above the promised US$1 million (RM4.42 million) mark.
Its future profitability would be driven by the award of more smart city jobs from the Indian government, Kronologi’s acting chief executive Philip Teo Chong Meng told The Edge Financial Daily in an interview.
“QSI won eight smart city surveillance projects last year, and the Indian government has allocated 980 billion rupee (RM67 billion) to develop 100 smart cities. There are 92 more to tender for and we already have the first eight as our proven track record, so we are quite confident,” he said.
The smart city contract awarded to QSI is worth US$1 million for the provision of surveillance infrastructure and maintenance services. The contract tenure, on project basis, is estimated to be completed in six months.
Teo said the contract was awarded before Kronologi completed its acquisition of QSI in October last year, hence the group is not required to make any announcement for the deal.
Kronologi only held 20% in QSI before the RM26 million acquisition, which was funded via a combination of RM15.2 million cash and RM10.8 million worth of new shares.
The vendor of the 80% stake in QSI was Quantum Storage (India) Ltd (QSIL), which is wholly-owned by one Tay Nam Hiong.
Under the sale and purchase agreement, QSIL will provide profit warranty of US$1 million for the financial year 2016 (FY16) and FY17 of QSI.
In FY15, QSI posted a net profit of US$404,000, over four times the US$99,000 it recorded in FY14.
“QSI was only founded in August 2012. Businesses like this require higher capital investment in the beginning, but the earnings will then kick in higher and higher,” he said, but declined to reveal QSI’s FY16 financial results.
For FY16, Kronologi’s net profit more than doubled to RM7.43 million from RM3.05 million in FY15, while revenue leapt 32% to RM81.28 million from RM61.35 million.
The substantial improvement was driven by the recognition of a three-month contribution from QSI after the completion of acquisition.
To differentiate itself from bigger players like IBM Corp and Amazon.com Inc, Teo said Kronologi has positioned itself to be nimble in supporting its customers.
“Why [do] SMEs choose local or transnational Asean solution? One reason is because we are located here, so their data stays in the country rather than being thrown onto the Internet to be stored somewhere else they wouldn’t know about,” he said.
“That kind of data security [being localised] gets a lot of confidence vote among midsize companies, as they want to know where the data is being stored,” he added.
Secondly, Teo said Kronologi can handle SMEs’ requirements better than big names like Amazon and Google in terms of customer priority.
“They are one of millions in Google’s [customer base]. So if they have a problem, they might not be able to reach out [effectively],” he said.
In the next 12 months, Teo said Kronologi is planning to host two more data storage infrastructure hubs — one in Malaysia and one in Hong Kong — to provide customers with more geographic options in storing their enterprise data.
“We have proven that our solutions can do a decent [gross profit] margin level [of 27% in FY16], as reported. The challenge is not coming out with the most unique solution but rather how quickly we can replicate the wins that we have obtained,” he said.
Last Friday, Kronologi’s share price closed 0.5 sen or 1.41% higher at 36 sen, giving it a market capitalisation of RM89.32 million.
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