Silverlake Axis profit declines 38% YoY in FY 2024 amidst shifts in revenue mix

Group revenue for the period was RM783.5m ($234.8m). 

Silverlake Axis reported a profit after tax of  RM105.2m ($31.53m) in FY 2, a 38% year-on-year (YoY) decline.

The company attributed the decline to a lower gross profit of RM410.0m ($122.9m), impacted by a shift in revenue mix and additional resources required for new projects and extended timelines this year.

Group revenue for the period was 2% YoY higher at RM783.5m ($234.8m). 

Of the group revenue, 78% is from recurring revenue, which grew 7% YoY to RM607.6m ($182.08m).

Meanwhile, total non-recurring revenue contributed RM175.8m ($52.7m) to group revenue, down 11% YoY.

Despite lower PAT, the company has proposed a tax-exempt (one-tier) final dividend of $0.0036 (RM0.012) per ordinary share for shareholder approval.

The company will pay the final dividend on 15 November 2024. ($1=RM3.34)