Thursday 28 Mar 2024
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SHAH ALAM (Nov 27): Mobile virtual number operator (MVNO) XOX Bhd, which returned to a profit in the financial year ended June 30, 2017 (FY17), plans to extend its regional expansion to include Singapore, the Philippines and Thailand over the next three years by deploying its Voopee solution.

In November, XOX's wholly-owned subsidiary XOX Media Sdn Bhd had entered into a collaboration with Indonesian telecommunication firm PT Inovasi Telematika Nusantara and Pengurus Besar Nahdlatul Ulama — an Islamic charitable body which funds schools and hospitals, as well as organise communities to help alleviate poverty — to develop and deploy a mobile application using the Voopee solution there.

"Our regional expansion in Asean is ongoing and perhaps (we may enter the) European (market as well) through the Voopee solution. We will be able to see some results (of the expansion) in two to three years," its chief executive officer Ng Kok Heng told reporters after the group's annual general meeting today.

Ng said the ACE-market-listed company needs to expand to boost its earnings.

"Maybe (we will go) to Singapore, the Philippines and Thailand. We are more open to these countries depending on the opportunity. (Working with) over-the-top (OTT) players is the fastest way to penetrate the market, but we have to be very careful about it," he added.

Ng opined that the Asean and European markets are more conducive to the group's business because the laws are almost the same.

"I think the Asean and European markets are more open to us (MVNO players) now. But if there are opportunities in other countries, we will look into them as well," he said.

On its venture in Indonesia, Ng said the group is promoting the Voopee technology there, which is a SIM-free application for smartphones that allows the user to call and text non-Voopee phone numbers.

Going forward, Ng said XOX will continue to be innovative in its products and enhance its service quality to meet changing market trends.

"We have always been leading in terms of innovation, even against the major telco players. We have to continue innovating ourselves, otherwise we will not be able to compete, being a smaller telco," he said.

"We will also continue to build our brand," he added.

For FY17, XOX posted a net profit of RM2.15 million compared with a net loss of RM8.78 million the previous year, while revenue rose 19% to RM191.6 million from RM160.72 million in FY16.

At midday break today, XOX shares rose 0.5 sen or 4.76% to 11 sen, bringing a market capitalisation of RM98.39 million.

 

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