Ramssol Group Q2 revenue and profits on the rise
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Ramssol Group, a Malaysia-based HR solutions provider, reported revenue on 24 July of MYR 17.3 million (USD 3.7 million) for the first quarter ended 30 June, an increase of 70.9%.
Ramssol Group – Q2 2024
(MYR thousands) | Q2 2024 | Q2 2023 | Change | Q2 2024 (USD millions) |
Revenue | 17,310 | 10,127 | 70.9% | 3,704 |
Profit before tax | 4,883 | 2,126 | 129.7% | 1,045 |
Profit for the period | 4,341 | 2,122 | 104.5% | 929 |
Revenue by Geography
(MYR thousands) | Q2 2024 | Q2 2023 | Change | Q2 2024 (USD millions) |
Malaysia | 14,362 | 7,089 | 120.6% | 3,074 |
Singapore | 60 | 178 | -66.3% | 12 |
Thailand | 1,597 | 1,566 | 1.9% | 341 |
Others | 1,291 | 1,294 | -0.2% | 276 |
In June, Ramssol Group announced it is acquiring a 51% stake in Bangkok-based GeekStart for MYR 6.9 million (USD 1.4 million) to expand its digital capabilities across Southeast Asia.
The group’s subsidiaries are principally involved in providing business digitalization, automation, human capital management solutions, student management solutions, IT staff augmentation services and related technology applications. Its IT staff augmentation services cover recruiting and supplying IT professionals for internal IT projects on fixed contractual periods.
Ramssol Group shares closed at MYR 0.735 (USD 0.16) on 24 July, unchanged on the day and 4.55% below its 52-week high of MYR 0.77 (USD 0.16) set on 15 July 2024. The company has a market cap of MYR 234.44 million (USD 50.18 million).