PETALING JAYA: ITMax System Bhd , via its subsidiary Southmax Sdn Bhd, has been appointed by Iskandar Puteri City Council to be the smart-parking operator in the Iskandar Puteri area.
In a statement, ITMAX said Southmax will develop, manage and maintain a smart-parking system that includes a smart-parking application and parking operations for 32,025 street parking spaces within the Iskandar Puteri area.
“The appointment, effective June 1, spans a duration of 15 years. A revenue-sharing model is being implemented for the contract, with Southmax receiving 70% of the revenue generated from parking fees and parking compounds through its mobile phone application known as Parkmax@Johor.”
In the same statement, ITMAX managing director and chief executive officer William Tan Wei Lun said the contract marked a significant milestone for the company, as it represented a breakthrough from its current service offerings within its core business of smart-city management.
“A strategic synergy exists between ITMAX’s smart-parking system and its video-surveillance system. We will further enhance the system and application with artificial intelligence to boost the efficiency of parking operations.
“With the completion of our proof-of-concept stage, we are happy to introduce the Parkmax@Johor application, which is designed to be user-friendly and intuitive for effortless use.”
Tan said the revenue generated from the smart-parking system will provide additional recurring income for the group.
“We see a significant opportunity and are confident to expand this service to other cities,” he said.
ITMAX is primarily involved in the business of supply, installation and provision of networked systems for public spaces.
For its first quarter ended March 31, 2024 (1Q24), ITMAX posted a higher net profit of RM18.03mil, or an earnings per share of 1.75 sen, compared with RM15.19mil previously.
It recorded a revenue of RM45.84mil, a 32.18% jump from RM34.68mil in 1Q23. The higher revenue was attributable to the increase in all revenue services, excluding the digital-infrastructure-solutions segment, which saw an 8.18% drop to RM22.63mil.