DNeX sees revenue from new digital commerce platform increase by 300%

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KUALA LUMPUR (July 27): Dagang NeXchange Bhd (DNeX), which today launched its digital commerce and logistics platform known as SealNet to provide users with unique cloud-based logistics and cross-border services, expects SealNet revenue to grow approximately 300% from a weak base as DNeX positions SealNet as a global connector for digital commerce.

In a statement to reporters covering the virtual launch of SealNet today, DNeX said SealNet is aimed at importers, exporters, manufacturers and trade-related companies.

DNeX said: “SealNet provides customers with an easy-to-use platform accessible anytime, anywhere and in real time.”

According to DNeX, SealNet includes products and services that connect and reduce redundancy in data collection and information flow throughout the supply chain.

Under SealNet, common information is shared and replicated to ensure data reuse and avoid re-entering the same data throughout the supply chain, according to DNeX.

“SealNet also offers an integration capability to address a variety of needs and structures, providing real-time communications and with increased flexibility, control and visibility,” said DNeX.

DNeX said SealNet also comes with real-time cargo tracking technology where traders can track the status of documents, approvals, and freight.

“Access to a range of insurance providers from which customers can choose to protect their assets and mitigate any maritime risk, as well as a list of financiers from which customers can directly apply for financing, is also available in a near future, ”said DNeX.

Speaking at a press conference after the virtual launch of SealNet today, DNeX Group Managing Director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said that SealNet is smartly designed to connect and digitize chain components. global supply and logistics to improve the efficiency of transport and trade facilitation mechanisms. .

Syed Zainal said that SealNet aims to provide a better electronic system for logistics and cross-border trade.

“Faced with the challenges of today’s complex supply chain and the Covid-19 pandemic, businesses in the industry need the right solution.

“With SealNet, we also seek to address issues that have hampered efficiency and contributed to unnecessary costs in the industry. We position SealNet as the global digital commerce connector to facilitate not only regional but also global commerce.

“Customers large and small can have easy and secure access to SealNet’s digital business platform anytime, anywhere to save time and money, as well as to operate in real time. with the accuracy of the data, ”he said.

Asked about SealNet’s growth in terms of earnings and market position, Syed Zainal said DNeX expects SealNet’s revenue to grow by around 300% from a low base. He did not specify a timeframe within which the 300% revenue growth target will be met.

He said DNeX hopes SealNet will be profitable because the platform provides services that customers need.

“We are very competitive in the way we bill our customers because our goal is not to overburden our customers.

“I am sure that SealNet’s revenue will continue to grow and eventually contribute to DNeX’s profits,” he said.

At the afternoon close of Bursa Malaysia today, the DNeX share price rose 3.5 sen or 4.79% to 76.5 sen, giving the group a market cap of about RM 2.24 billion.

DNeX has 2.93 billion shares issued.

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