Sedania announces all time high profit since IPO

KUALA LUMPUR: Sedania Innovator Berhad (“Sedania” or the“Company”), today reported its financial results for the first quarter ended 31 March 2021.

Key Highlights:

●Group revenue for Q12021 was RM17.07 million, more than 6 fold increase from RM2.78 million in the same period last year (Q1 2020).

●Group profit after tax is recorded at RM4.89 million compared to a loss after tax of RM1.82 million in Q1 2020.

●The GreenTech and HealthTech segments contributed the most to Group’s revenue and bottom line.

“Despite a slow start last year, we kicked off 2021 with a very strong first quarter, delivering robust revenue growth of over RM17 million which is over 6 times higher than the first quarter of the previous year,” said Datuk Azrin Mohd Noor, Founder and Managing Director of Sedania.

The Group recorded an operating profit before tax of RM5.5 million reversing an operating loss before tax of RM1.69 million in Q1, 2020. The increase primarily reflects significant proliferation in the operating verticals essentially through GreenTech and HealthTech segments.

“Against the backdrop of a struggling economy in an unprecedented pandemic, Sedania has delivered its best-ever performance with positive indicators in all of our business verticals.

"This validates that Sedania not only operates in the right verticals but is also able to commercially execute those verticals," said Datuk Azrin.

According to Sedania, the strong rebound in the first quarter of 2021 is the result of the Group’s strategic initiative to find new business opportunities under the challenging pandemic conditions. Sedania has completed the acquisition of Offspring Inc Sdn. Bhd. (“Offspring”) with 51% stake in January 2021.“The Offspring Inc investment has proven to be a positive strategic move. The HealthTech segment has contributed approximately 32% of the Group’s total revenue during the quarter,” added Datuk Azrin.

Overall Performance and Outlook:

“We are confident to maintain steady growth momentum for the remaining year. We are encouraged by the recovery signs in our verticals and the positive outlook of our ongoing discussions without our partners. The COVID-19 has accelerated digital transformation globally pushing digital adoption to a new height while in Malaysia Sedania remains a key contributor to Malaysia’s Digital Economy Blueprint,” commented Datuk Azrin.

Datuk Azrin concluded, “We will continue to build a solid foundation to support the Group with long-term success. We remain cautiously optimistic to deliver a solid performance in 2021 with a transformative move that will broaden our revenue opportunities and net profit.”