KUALA LUMPUR: ARB Bhd’s posted a record net profit of RM5.076mil in its first quarter ended March 31, contributed substantially by he stronger top line of its information technology segment. 

In a statement Tuesday, ARB, formerly known as Aturmaju Resources Bhd, said it posted its biggest quarterly revenue since 2015 as the group’s top line hit RM12.427mil in the first quarter, having increased sharply by 15,630% as compared to a revenue of only RM79,000 a year ago. 

For context, ARB’s revenue in the first quarter has come close to what the group achieved for the full-year of FY2018, which was RM15.257mil.

“Our record-breaking results speak for themselves, demonstrating that ARB has continued the forward momentum of a very strong FY18. 

“Our FY19 is off to an excellent start driven by the continued high demand for our IT solutions in the areas of Enterprise Resource Planning (ERP) system and Internet of Things (IoT) Intelligent Lifestyle concept,” chief executive officer (investment & technology) Datuk Larry Liew said.

“Our profit in 1QFY2019 is generated from our recurring-income business model, which I believe has reflected in two consecutive quarters. With a market capitalisation of less than RM50mil, I strongly believe ARB is undervalued by the investing community,” he added. 

On Monday, ARB has announced a share sale agreement to dispose 100% stake of its two indirect wholly-owned subsidiaries which is in loss-making and non-operating timber business of the company. The proposed disposal will result in an estimated gain of approximately RM3.61mil.