Silverlake profits up 27% to $98.5m

On the back of new foreign contracts.

Silverlake Axis clinched new projects in Malaysia, Singapore, Indonesia and Thailand in the last year, resulting in stellar financials.

Silverlake delivered both record net profits and revenue in FY14 of $98.5m (+27%) and $198.06m (+26%) respectively, reports OSK-DMG.

The Group also benefited from full-year contribution by Merimen Group and maiden contribution from Cyber Village Sdn Bhd in FY2014.

Silverlake is a firm that provides digital economy solutions and services to organizations in banking and financial services.

Here’s more from OSK-DMG:

Software licensing rose 23% y-o-y to SGD147.7m with the delivery of several major contracts. As of 30 June 2014, SIlverlake has a strong net cash position of MYR346m and with the stellar performance in FY14, the company has proposed a special and final dividend of 0.6 SG-cents and 1.2 SG-cents respectively.

 Together with the interim dividend, total FY14 dividend amounts to 4.5 SG-cents, in line with our 4.4% FY14 dividend yield forecasts. However going forward, uncertainty still lurks regarding the RHB deal. We are currently reviewing our target price.