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Octopus Digital in talks with Saudi firm for JV

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December 08, 2021 (MLN): Octopus Digital is currently in the process of setting up joint venture (JV) with a Saudi Arabian firm to expand its footprint in multiple industries including infrastructure, the company’s management disclosed at its corporate briefing session held earlier today.

The JV is expected to be announced in the next month.

The management said that it is looking to expand its product portfolio to sectors such as fast moving consumer goods, food and beverages beyond the existing oil and gas.

In addition, the company is also actively looking to work with textile firms to generate additional revenues.

Octopus provides after-market support (AMS) services to clients with automation solutions provided by Avanceon. The AMS services include provision of parts, repair, maintenance and digital services for the equipment which is installed in their customers’ plants.

During the 9MCY21 period, Octopus’ revenue and gross profit during 9MCY21 clocked in at Rs0.52bn and Rs0.4bn respectively. Meanwhile, the company’s profit-after-tax rose to Rs0.35bn from Rs0.12 during the same period last year.

The management said that it has finalized a long-term strategic plan for Avanceon targeting revenues of $65 million, $85m and $100m in CY22, CY23 and CY24 respectively.

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