RedPlanet targets 10% to 20% annual earnings growth
The company is looking to electricity grid upgrades and urban rail projects for demand, and is eyeing Penang’s Mutiara Line.
RedPlanet Bhd aims to grow earnings by 10% to 20% annually over a three to five year period, managing director Lian Wah Seng said on Oct 22. The target is underpinned by increasing demand from the utilities and railway sectors.
Speaking to reporters at a virtual press conference following the company’s listing ceremony, Lian said RedPlanet was looking to opportunities from Malaysia’s electricity grid upgrades as data centres expand. The company also expects opportunities from the government’s urban rail push in the Klang Valley and is eyeing Penang’s Mutiara Line light rail transit project.
RedPlanet’s main activities include geographical data analytics and systems that detect human intrusion on railway platforms. Executive director Panjetty Kumaradevan Senthil Kumar said its geospatial technology enables it to pursue business domestically and abroad. The technology digitally maps electricity assets, including power poles and transmission towers.
Malaysia accounts for most of RedPlanet’s revenue, while overseas markets contribute 15% of its income. Those markets include India, Brunei, the Philippines, Saudi Arabia, the United Arab Emirates and Singapore. The company initially joined the LEAP Market in August 2020.
