KUALA LUMPUR, 25 FEBRUARY 2025 – Go Hub Capital Berhad (“Go Hub” or the “Company”), a key transportation information technology (“IT”) solutions provider, is pleased to announce its financial results for the fourth quarter ended 31 December 2024 (“Q4 FY2024”). The Company reported adjusted Profit After Tax (“PAT”) of RM7.71 million for the financial year ended 31 December 2024 (“FYE 2024”) after excluding one-off listing related expenses, reflecting a 8.74% increase compared to PAT of RM7.09 million recorded in the financial year ended 31 December 2023 (“FYE 2023”).
In Q4 FY2024, Go Hub recorded revenue of RM10.04 million, with its transportation IT solutions segment contributing 86.09% of the total revenue. The Company achieved Profit Before Tax (“PBT”) of RM2.84 million and PAT of RM1.56 million for the current financial quarter, marking a 45.79% quarter-on-quarter increase in PAT from RM1.07 million in the immediate preceding quarter, driven by higher project margins from the bus segment.
On a full-year basis, Go Hub reported total revenue of RM39.40 million in the FYE 2024, underpinned by strong growth in recurring income from the Go Hub’s IT transportation solutions in both the bus and rail segments. The Group recorded a recurring income of approximately RM26.60 million versus a recurring income of approximately RM21.69 million in the FYE 2023, representing a year-on-year growth of approximately 22.64%. Go hub expects to continue to grow its recurring income segment as the bus terminal operations in Gombak gets underway along with a few other projects secured recently, all of which are expected to commence or mature from the second quarter of 2025 onwards. Gross profit for the FYE 2024 stood at RM22.21 million, remaining steady compared to RM22.46 million in the FYE 2023 despite a lower revenue base. PBT declined to RM8.34 million (FYE 2023: RM10.03 million) due to the one-off listing expenses of RM2.11 million and an expanded workforce. After adjusting for the one-off listing expenses, the adjusted PBT of the Group would be approximately RM10.45 million.
Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub shared: “Our Q4 FY2024 results mark a strong close to the year, with revenue climbing to RM10.04 million and PAT surging 45.79% quarter-on-quarter. Despite the one-off listing-related expenses and expansion costs, we maintained a solid profit margin, highlighting the resilience of our recurring revenue and the sustained demand for our transportation IT solutions. This performance reflects our ability to navigate industry challenges while executing growth strategies effectively.”
He added, “Looking ahead, we are committed to strengthening our market position through strategic expansion. The completion of the recent acquisition of Star Central Office Tower and the setting up of the upcoming integrated centre in Klang Valley will enhance our capabilities in testing, training, and innovation. We are also actively integrating artificial intelligence (AI) into our solutions to improve operational efficiency and enhance the passenger experience. As Malaysia’s public transportation sector accelerates its digital transformation, Go Hub is well-positioned to drive innovation and capture new growth opportunities.”
The industry outlook remains promising, supported by Malaysia’s continued investments in public transportation infrastructure. According to the Independent Market Research (IMR) report, Malaysia’s enterprise IT services industry is projected to grow at a CAGR of 5.7%, reaching RM29.51 billion by 2028. The government’s commitment to digitalisation and transport connectivity, including cashless payment expansions and rail and bus network upgrades, presents new growth avenues for Go Hub to scale its offerings.
Additionally, Go Hub is actively participating in private and public tenders, with project announcements expected in the first half of 2025. These efforts are aligned with the National Transport Policy 2019–2030, further positioning Go Hub as a key player in the digital transformation of Malaysia’s public transportation ecosystem.
As at 5:00 P.M., 25 February 2025, Go Hub Capital Berhad’s share price closed at RM0.85, representing a market capitalisation of RM340.0 million.
