KUALA LUMPUR (March 19): Video surveillance company ITMAX System Bhd (KL:ITMAX) has secured a contract from Seberang Perai City Council worth RM26.60 million.

The contract entails the installation and maintenance of selected closed-circuit television (CCTV) cameras, along with related works within the Seberang Perai area.

This contract will commence on April 15, 2025, and run until Oct 14, 2034.

The contract value covers installation services at a contract sum of RM2.6 million and comprehensive maintenance services which will be carried out for a period of eight years at a contract sum of RM250,000 per month.

The contract follows a parking system contract in Johor and an RM11.8 million surveillance contract in Penang island.

The company reported a 27.06% year-on-year jump in net profit to RM80.39 million for the financial year 2024 on the back of 47.13% higher revenue of RM220.23 million.

At noon break, ITMAX shares were seven sen or 1.8% lower at RM3.73, valuing the group at RM3.85 billion. Year-to-date the stock is up 1.08%.