Aamra Networks posts 39% revenue growth in IT support, software services
Aamra Networks Ltd, an IT solutions provider, has recorded a 39% year-on-year increase in revenue from its IT support and software segment in the first nine months of the current fiscal year.
During the July to March period of FY24, its total revenue saw an 8% growth, and its net profit surged by 11.91% compared to the corresponding period of the previous fiscal year.
Aamra Networks, a subsidiary of the Aamra Group and a publicly listed company in the information technology sector on the Dhaka and Chittagong stock exchanges, released its financials yesterday.
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However, its revenues from internet and Wi-Fi bandwidth and equipment sales grew by 1.92%, and those from the Export Processing Zones (EPZ) projects decreased by 19.58%.
As the company reported growth in profit and revenue, its share prices increased by 3.69% or Tk1.4 each to Tk39.30 each at the Dhaka Stock Exchange (DSE).
According to its unaudited financials, its revenue grew to Tk98.86 crore during the July to March period of FY24, and its profit increased to Tk22.53 crore.
Revenue from its primary source, internet and Wi-Fi bandwidth and equipment sales, increased to Tk61.99 crore from Tk60.82 crore. Revenue from the IT support and software segment also grew to Tk28.77 crore from Tk20.64 crore. However, revenue from EPZ projects declined to Tk8.09 crore from Tk10.06 crore.
While its profit increased to Tk22.53 crore, which was Tk20.14 crore during the July to March of FY24.
The earnings per share (EPS) stood at Tk3.64, net asset value per share Tk40.65, and net operating cash flow per share Tk4.62 in the first nine months of FY24.
Aamra Networks in a disclosure said profit increased as the revenue improved, riding on more profitable IT Support and Software Services, as well as Internet sales. Besides, an efficient cost control measure has been observed.
The net operating cash flow per share increased as the cash received from customers and others increased more than the corresponding increase in supplier payments, income tax paid and financing costs.
However, in the third quarter (January to March) of 2024, Aamra Network reported Tk30.29 crore in revenue and Tk7.84 crore in profit, which was Tk29.96 crore and Tk6.28 crore respectively.
