SNS Network managing director Ko Yun Hung
KUALA LUMPUR: SNS Network Technology Bhd
’s net profit jumped 35.5% to RM11.94mil in the third quarter ended Oct 31 (3Q23) against RM8.81mil in the immediately preceding quarter.
The ICT system and solutions provider’s revenue for the quarter rose 17.5% to RM348.84mil compared with RM296.93mil in 2Q023. Its earnings per share for the quarter stood at 0.80 sen.
There are no comparative figures on a year-over-year basis as SNS was listed on the ACE Market of Bursa Malaysia on Sept 2.
SNS has declared a first interim single-tier dividend of 0.25 sen per ordinary share amounting to RM4.03mil in respect of financial year ending Jan 31, 2023, to be paid on Jan 18, 2023. The entitlement date is Jan 3, 2023.
“We are seeing continuous growth in revenue and profit as well as margins supported by growing demand in the ICT industry by the commercial sector due to the market’s digital transformation initiatives as well as the implementation of government’s ICT initiatives as part of the digitalisation drive in schools. In fact, more and more organisations will continue to infuse digital technology into every process and function to boost up their productivities,” managing director Ko Yun Hung said in a statement.
He said SNS was focused on expanding the device-as-a-service (DaaS) subscription-based service given the growth in the domestic DaaS market, which saw a CAGR of 39.04% from 2018, when the market was valued at RM139.95mil to 2021, when the market was valued at RM376.17mil.
“SNS is in a strong cash position at RM89.24mil and we are ready to expand through our online, physical store and commercial channels offering products, services and solutions,” Ko said, adding that its growth and strength was also supported by JOI, its in-house brand of devices and solutions.
