ITSEC Asia Revenue Rises 74 Percent to IDR49.02 Billion in Q1 2024

The board of commissioners and directors of PT ITSEC Asia Tbk (CYBR) at the Annual General Meeting of Shareholders (AGMS) in Jakarta. (Photo: Doc. ANTARA)

JAKARTA - PT ITSEC Asia Tbk (CYBR) posted revenue that grew 74 percent year on year (yoy) to IDR 49.02 billion in the first quarter of 2024, as all companies in Indonesia, Singapore, and Australia reported increased sales.

The revenue was contributed by the group's professional security services, which recorded revenue of IDR 49.02 billion.

"This moment is a motivation for us to continue to innovate relentlessly, ensuring that we provide the most robust cybersecurity solutions and services to effectively protect our clients' digital assets," said CYBR President Director Joseph Lumban Gaol in an official statement in Jakarta, Friday.

Then, the company's business operations recorded revenue growth of 114 percent (yoy) to 29.19 billion in the first quarter of 2024.

However, in the first quarter of 2024, the company still recorded a net loss of IDR 14.21 billion, compared to the same period last year with a net loss of IDR 11.25 billion.

Joseph explained that the company is currently providing services in the critical infrastructure sector, including the Operational Technology (OT) Security project for oil and gas companies, the transportation sector, and will provide the latest services and solutions to meet the needs of Cloud Security Services and Solutions.

To support government regulations related to the Personal Data Protection Law (UU PDP No. 27 of 2022), the company plans to expand its services with comprehensive data protection services, from data classification to data destruction.

"The company will also provide Cybersecurity Training services for companies and consumers directly to support the increase in Cybersecurity Awareness for the people of Indonesia," said Joseph.

He continued, the company also introduced IntelliBroń, a cybersecurity solution for Small and medium-sized enterprises (SME / UKM), with important features adequate for a Threat Detection and Response System, IntelliBroń becomes a very Cost-Efficient solution.

"The research and development that we are currently doing is a manifestation of our efforts in providing innovative security solutions, and providing the best service to our clients operating in various industrial sectors," said Joseph.