ITMAX clinches RM30m smart surveillance contract from Pengerang Municipal Council

• The scope includes installing artificial intelligence-enabled closed-circuit camera systems and establishing a smart integrated operations centre. The 15-year contract runs from March 25, 2025 to March 24, 2040, according to a bourse filing on Wednesday.

KUALA LUMPUR (March 26): ITMAX System Bhd (KL:ITMAX) has secured a RM30.24 million contract from the Pengerang Municipal Council (MPP) in Johor to implement smart surveillance systems.

The scope includes installing artificial intelligence-enabled closed-circuit camera systems and establishing a smart integrated operations centre. The 15-year contract runs from March 25, 2025 to March 24, 2040, according to a bourse filing on Wednesday.

This marks the fifth contract win for ITMAX this year. Excluding this latest addition, the company’s unbilled order book exceeds RM1.43 billion, set to be progressively recognised until May 2039.

ITMAX was bidding for projects valued at over RM600 million as of the end of 2024.

The company recorded a 27.06% year-on-year increase in net profit to RM80.39 million for the financial year ended Dec 31, 2024 (FY2024), driven by a 47.13% jump in revenue to RM220.23 million.

As of the midday break, ITMAX shares were up four sen or 1.1%, trading at RM3.81, with a market capitalisation of RM3.93 billion.

The stock has a trailing 12-month price-earnings ratio of 48.9 times, according to AskEdge.

The average target price is RM4.66, according to Bloomberg, indicating potential upside of up to 22.3% from the last price of RM3.81.

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