ACO RECORDS RM134.5 MILLION REVENUE IN FY2020
Johor Bahru, 28 May 2020 – ACO Group Berhad (“ACO Group” or “the Group”), a distributor of electrical products and accessories, announced today its fourth quarter (“4QFY2020”) and full year financial results for the year ended 29 February 2020 (“FY2020”). There are no comparative figures for the preceding year’s corresponding period available as this is the first interim financial report to Bursa Malaysia Securities Berhad in compliance with the ACE Market Listing Requirements.
ACO registered a revenue of RM134.5 million in FY2020, of which approximately 75% or RM100.8 million is from the industrial users segment while the remaining 25% or RM33.7 million was contributed by the resellers segment. Gross profit stood at approximately RM26.0 million in FY2020 with gross profit margin of 19.3%. Profit after tax was at RM7.8 million. During the year, the Group recognized one-off listing expenses amounting to RM1.8 million.
In 4QFY20, the Group’s revenue stood at RM30.4 million with profit after tax of RM1.8 million, after recognising one-off listing expenses of approximately RM0.5 million.
ACO Group’s Group Managing Director, Ir. Tang Pee Tee @ Tan Chang Kim (陈章锦) said, “We are pleased to deliver satisfactory results in FY2020. During the year, we made several notable developments such as the opening of our very first lighting concept store in Johor Bahru. This new venture marked our first expansion to the retail lighting segment and unlocked a new revenue stream for us.”
“As we enter FY2021, we achieved another significant milestone with our successful listing on the local bourse. However, this was followed by the outbreak of Covid-19 that has caused disruption in global economies and the implementation of movement restrictions, including Malaysia. Consequently, majority of our sales activities were put on hold and inevitably impacted our business operations.”
“In view of this, we have accelerated our digitalisation efforts such as improving our inventory management systems as well as our online ordering systems. This is a strategic approach for us, especially now, where customers are making purchases online in order to minimise physical contact. Albeit the challenging outlook, we remain steadfast on our expansion plans as we view this as a short-term setback for us. We believe the demand for our products will gradually return following the reopening of more and more economic sectors.”
“Overall, we are confident that we will weather the challenges ahead underpinned by our solid business model that has demonstrated its resilience throughout the decades,” he added further.