RichTech Digital Berhad (“RichTech” or the “Company”), a company involves in the distribution of electronic reloads and provision of bill payments services in Malaysia, is pleased to announce its financial results for the fourth quarter ended 31 December 2024 (“4Q FY2024”). The Company recorded unaudited profit after tax (“PAT”) of RM5.97 million for the financial year ended 31 December 2024 (“FYE2024”).
For 4Q FY2024, RichTech reported revenue of RM1.77 million, contributing to RM9.19 million in total revenue for FYE2024. Gross profit stood at RM1.67 million for the quarter and RM8.90 million for the full year and the PAT for the quarter was RM0.94 million.
As this is the Company’s first interim financial report following its listing, no comparative figures are available.
Mr. Lee Teik Keong, Managing Director of RichTech Digital Berhad, commented, “We are extremely pleased with our financial performance, which underscores our ability to capture the Malaysian electronic reloads and bill payments industry. The overwhelming response to our IPO, which was oversubscribed by 245.42 times, is a clear testament to the trust and confidence investors have in RichTech’s vision and long-term potential. We extend our sincere gratitude to our shareholders, business partners, and stakeholders for their unwavering support.
He added: “Looking ahead, we remain committed in enhancing our service offerings, expanding our market reach, and driving greater adoption of our SRS platform. Through strategic partnerships/collaborations, we aim to reinforce our position in the electronic reloads and bill payments industry while continuously delivering long-term value to our stakeholders.”
Malaysia’s electronic reloads and bill payments services industry has experienced robust growth, increasing from RM438.9 million in 2019 to RM714.3 million in 2023, representing a compound annual growth rate (“CAGR”) of 12.9%. The industry is projected to continue expanding at a CAGR of 11.5%, reaching an estimated RM1.0 billion by 2026, fueled by the increasing adoption of digital payment solutions, cashless transactions, and e-commerce.
Looking ahead, RichTech remains committed to strengthening its presence in the electronic reloads and bill payments industry by scaling its SRS platform, expanding its market reach, and driving further adoption of its services. The Company will also explore strategic alliances to maintain its competitive edge.
