Kuala Lumpur, June 28: SNS Network Technology Berhad (SNS), an ICT products, services, and solutions provider, today reported that the Group’s profit after tax (“PAT”) for the first quarter ended 30 April 2023 (“1Q FY2024”) grew 27.4 percent to RM7.89 million compared with PAT of RM6.19 million for the first quarter ended 30 April 2022 (“1Q FY2023”).
For the current quarter under review, the Group recorded a 16.8 percent increase in revenue to RM289.84 million in 1Q FY2024 from RM248.16 million in 1Q FY2023 while profit before tax (“PBT”) registered a 25.4 percent rise to RM10.32 million compared with PBT of RM8.23 million.
The sale of ICT products made up the bulk of revenue in 1Q FY2024 at RM285.24 million, with the provision of device repair and related services, as well as the sale of broadband services contributing RM4.60 million. By geographical market, Malaysia contributed the bulk of the revenue at RM286.50 million while other markets comprising Australia, Brunei, Indonesia, Maldives, and Vietnam contributed the remaining RM3.34 million.
Managing Director of SNS, Ko Yun Hung, said, “Our encouraging quarterly results have validated and made evident that our strategies are on the correct technological path. After the acceleration of digital transformation during the pandemic period, we will further enhance the solutions required to meet the digital imperative for every organization. We will continue to prioritize the integration of cutting-edge technologies such as 5G connectivity, artificial intelligence, machine learning, and data analytics into our products, services, and solutions.”
“We observed that the shift towards remote work, online learning, and digitalization in the hybrid environment has significantly boosted the demand for laptops, desktops, workstations, servers, and related technologies. Consequently, with the increased reliance on ICT, the demand for ICT products and services is expected to remain strong moving forward. The replacement cycle of devices and continuous technology advancement will drive the demand for new ICT products and services.”
“With the increasing need for digital content access for Malaysia’s future talent, we are committed to enhancing our efforts through our corporate social responsibility (CSR) initiatives. We are currently working with Yayasan Didik Negara and 88 Captain of Penang to provide educational ICT devices under the ‘JOI for ALL’ program. This program aims to benefit 188 schools and an estimated 40,000 students, bridging the digital divide and empowering students with valuable resources for enhanced learning experiences.”
The Group has also announced a first interim single-tier dividend of 0.25 sen per ordinary share amounting to RM4.03 million in respect of FY2024 to be paid on the 28th of August 2023. This is the third dividend distribution from the Group since its listing in September 2022.
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