Kronologi products DESPITE competition from bigger players, Kronologi Asia Bhd, a provider of cloud storage solutions believes it will continue to grow in line with the industry. The company, which is listed on the Ace Market of Bursa Malaysia, anticipates demand will grow as people or companies tend to store more of their computer hard drive data offsite. “We continue to experience healthy recovery in our core business from the pandemic-related shocks experienced during the first half of 2020. “Business momentum is expected to carry over into financial year 2021 (FY21) and FY22, in line with overall industry growth for cloud-based solutions, ” Kronologi’s executive director and chief executive officer Edmond Tay tells StarBizWeek. He cited market research firm, GlobalData’s research and expecting that the infrastructure-as-a-service segment to grow 11.2% per year until 2024 in Asia-Pacific. Kronologi provides onsite and off-site enterprise data management (EDM) and data storage solutions for its clients which are businesses in Asia. Tay says the company is anticipating strong demand for its services from China. Kronologi recently won a RM23mil cloud hyperscale contract from a top three cloud company in China. The company has been seeing strong growth in its financial performance and had recently seen an emergence of a new substantial shareholder. Fund manager iCapital.biz Bhd had emerged in the company with a 5.266% stake following an open market purchase of Kronologi’s shares. From FY15 to FY19, the company had grown its net profit by about six times to RM18.6mil, while revenue for the period had also grown by the same quantum to RM235.5mil. In its recent quarterly results for the quarter ended Sept 30, Kronologi saw its net profit falling to RM4.9mil from RM6.78mil in the same quarter a year ago. Revenue for the quarter was 27.45% lower at RM59.24mil from RM81.66mil in the same quarter a year ago. The company said that it had been affected by a reduction in revenue from EDM infrastructure technology segment due to the Covid-19 global pandemic. Commenting on this, Tay says that the business had been impacted by the unprecedented event. “The overall economy and business environment were impacted in 2020 due to the pandemic, however we continued to see growth in cloud based solution as businesses continue to digitalise, ” he says. “We have launched and expanded our ‘As-A-Service’ suite of solutions to cater for the new digital economy demand and anticipated recovery of the world economy in demand and applications arising from the new business environment, ” Tay adds. Moving forward, he says that any potential growth would come from key markets or clients such as from government agencies, hyperscale data centers, financial and healthcare and research institutions. Kronologi also says in the note to its financial statements that there have been positive trends in business recovery as people adapt to the new normal. “This supports our belief that the first six-months of FY20 will likely prove to be a temporary disruption in our business trajectory. We expect to see sequential revenue growth again for the remaining period of the financial year, ” Kronologi says. According to Tay, Kronologi’s directors themselves also hold sizeable stakes in the company.OCBC Securities Pte Ltd which holds a cumulative 45.2% stake in the company is the nominee account of OCBC Securities Singapore for its clients who hold shares in Kronologi. They include its executive directors: Tay and Tan Jeck Min, and its chief technology officer Philip Dominic Teo. Tay has a cumulative 4.64% stake in the company while Tan has a 10.55% stake. Its biggest shareholder Desert Streams Investments Ltd which owns a 23.65% stake in the company had emerged in the company at the end of 2018. Desert Streams emerged as its biggest shareholder following Kronologi’s acquisition of IT infrastructure company Sandz Solutions (Singapore) Pte Ltd for RM75mil with cash and new share issuance. Meanwhile, Tay believes that the company has the sufficient edge to compete in the cloud provision space with its offerings which includes hybrid-cloud and multi-cloud solutions. “Digitalisation has led to more data creation on premises and on a remote basis through the cloud to facilitate remote work flows from home or out in the field, ” he says. Tay also says the company’s offerings are unique and differentiated from the market. “We have integrated value-chain to customers from our differentiated and specialised portfolio of enterprise data management solutions and geographic presence, ” he says.Most of Kronologi’s revenue is derived from Singapore (57%) and the Philippines (28%) and it also operates in Malaysia, Thailand, Indonesia, India, Hong Kong, Taiwan and China.
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