Quantum Thinking profit rebounds $16.7m after 2020 loss

The Group recorded a $26.7m loss last year.

Quantum Thinking Limited recorded a $16.7m profit in the year ended 31 March 2021, recovering from its $26.7m loss last year.

The Group also saw its revenue climb 55% to $41.2m over the same period, compared to $26.55m previously.

The revenue generated from hardware sales increased 44%, whilst services revenue also went up 68% during the period.

During the year, the Group stepped up the development of its business of internet electronic identity authentication, through Shenzhen CITIC Cybersecurity Authentication Co. Ltd., seizing opportunities from China’s digital economy.

“CITIC Cyber Security capitalized on the trend by deciding to speed up the development of its business of internet electronic identity authentication, especially the market penetration of eCitizen,” the Group reported.

CITIC also entered into a joint venture with China Mobile Group, China Unicom Group, and China Telecom Corporation to provide digital solutions for cybersecurity.

Moving forward, the Group said it will continue its “two-pronged strategy” through further developments on CITIC as part of its business diversification drive as well as its cooperation with various types of businesses.

This is in line with its plans to create an ecosystem for online and offline digital payments systems.