He added that the company is also in a better position to fully focus to achieve its business pursuits and increase shareholders’ value, with the completion of its shareholding matters late last year. Censof Holdings Berhad (“Censof”) emerged as the new controlling shareholder of TEB when it completed sale and purchase transaction of 45.03 per cent of TEB’s shares from Khazanah Nasional Berhad (“Khazanah”) on 27 November 2013.
Kuala Lumpur, 12 May 2014 – TIME Engineering Berhad (“TEB”), following its 44th Annual General Meeting today expressed confidence to make further inroads in providing e-commerce services for Trade Facilitation in the local and regional markets. The company will expand on current offerings of Customs-related e-commerce services to provide end-to-end e-commerce services for Trade Facilitation.
Through its subsidiary Dagang Net Technologies Sdn Bhd, the company currently operates the National Single Window (“NSW”) which facilitates electronic Customs- related transactions and duty payments, and electronic document transfer between members of its trading community made up of manufacturers, importers & exporters, forwarders, shipping agents, terminal & port operators, banks, port authorities, permit issuing agencies and Customs.
Dagang Net recently accepted the award of contract extension from the Government of Malaysia for the NSW Trade Facilitation System. The contract extension is for a period of two years commencing from 25 September 2014 to 24 September 2016.
“We see abundant opportunities in e-commerce services provision for the Trade Facilitation sector. Whilst the NSW services are addressing the Customs-related services segment, there is a lot more services that we can offer,” said Datuk Samsul Husin, the company’s Executive Deputy Chairman.
He said moving forward, the company is poised to expand on its business guided by a renewed focus of providing end-to-end, comprehensive e-commerce services for Trade Facilitation, as well as undertaking measures to ensure technology leadership, strong business platforms and business efficiency.
“It is a new beginning for us and we are committed to enhance shareholders’ value, and renewed confidence of customers as well,” said Samsul.
For the year ended 31 December 2013, the company recorded RM85.8 in revenue as compared to RM144.6 million in 2012. This decrease is mainly attributed to the completion of deployment works related to the supply, delivery, installation, testing, commission of ICT equipment and their subsequent usage support to local polytechnics and community colleges.
The company recorded considerable improvements on its earnings before interests, taxes, depreciation and amortisation (EBITDA) of RM33.1 million as compared to RM15.0 million previously.
Moreover, the company notably improved its net loss from RM3.17 million in the preceding year to RM21,000 for 2013. Despite its considerable EBITDA improvements, the Group had to accommodate non operational-related costs comprising RM12.8 million from asset impairment at its Integrated Enterprise Centre, and settlement resulting from a legal claim made against a subsidiary company.
“Operationally we are in a much better position in the year under review as can be seen by our notable improvements in terms of EBITDA and net loss, which are attributed mainly to business efficiency measures undertaken throughout the year,” Samsul added.
About TIME Engineering Berhad (TEB)
TEB is a leading provider of award-winning e-commerce services for Trade Facilitation and internationally certified enterprise security services. With subsidiaries Dagang Net Technologies Sdn Bhd, TEB Systems Integrators Sdn Bhd and TEB Quantum Technology Sdn Bhd, TEB has a wealth of knowledge and expertise in the provisioning of e- commerce services for Trade Facilitation, IT consultancy services, and cyber security services. For more information on TEB, log on to www.teb.com.my.