KUALA LUMPUR: ARB Bhd is confident it can take advantage of the growth opportunities with the rising technology adoptions such as artificial intelligence (AI), cloud computing, 5G, robotic process automation (RPA), Internet of Things (IoT), and hyper-connectivity in businesses.
The rising adoption of new technology and the digital transformation of businesses in Malaysia will offer growth opportunities for ARB as it expands its product and service offerings.
Further, the government has also emphasised the development of the digital economy through connectivity, investments in domestic technology-based companies, and strengthened cybersecurity measures under Budget 2023.
ARB's optimism on its growth prospects is in line with its resilient earnings during the first quarter (Q1) of its financial year ended 30 September 2022 (FY23).
ARB registered revenue of RM67.8 million and a net profit of RM3.2 million in Q1, mainly generated from the existing CRM and IoT segments.
The financial year end of ARB has been changed from 31 December to 30 June.
As such, no comparative financial information will be available for the preceding year's corresponding period.
Executive director Datuk Sri Larry Liew Kok Leong said that despite the rising challenges and macro headwinds, the company's resilient business model had helped it to withstand these near-term challenges and take advantage of the increasing digital adoption to grow earnings.
"The potential growth prospect for ARB is vast, as seen by the adoption of digitalisation in Malaysia.
"Our strong track record and expansion into the CRM and IoT segments put us in a strong position to capture additional market shares.
"We can also leverage our existing business network and track record to push forward our expansion. In the long-term, we are confident that our focus on the rising tech trends will help us create a sustainable recurring income that adds value to our shareholders," he said in a statement.
The company expects to continue delivering profitable growth and return of capital to the shareholders.
"We will also continue to prioritise opportunities by collaborating with the potential mergers and acquisitions (M&A) target to expand our geographical presence by taking advantage of cross-border business opportunities from 2023 onward," Larry said.