SNS Network posts RM16.77m Q4 net profit, declares 0.25 sen dividend

PETALING JAYA: SNS Network Technology Bhd, an ICT products, services and solutions provider, yesterday announced that group profit after tax (PAT) for the fourth quarter ended Jan 31, 2023 (Q4’23) increased by 40.5% to RM16.77 million compared with RM11.94 million in the preceding quarter (Q3’23).

SNS Network recorded revenue that gained 46.2% to RM509.86 million in Q4’23 compared with RM348.84 million in Q3’23. For the quarter under review, there was a 44.6% rise in profit before tax (PBT) to RM22.09 million compared with RM15.28 million in the previous quarter.

For FY23, the group posted RM43.72 million PAT and PBT of RM57.36 million on RM1.4 billion in revenue.

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, 2022.

The group announced a second interim single-tier dividend of 0.25 sen per share with an ex-date of May 10 in respect of FY23, which will be paid on May 26.

SNS Network managing director Ko Yun Hung (pic) said in a statement today, “The commercial channel of our business remains the mainstay as the group continued to see commendable growth in revenue and profitability. The demand cuts across industries and is from both the government and the private sectors. Just recently we won a tender from the Ministry of Education valued at RM41.33 million through our Device-as-a-Service (DaaS) offering that addresses the gap for learning through the upgrade of devices and technology for students and teachers.

“Our DaaS offering provides convenience for businesses and organisations, enabling us to support our customers in their digital transformation journey. Additionally, the DaaS business model allows us to retain our customers with a higher likelihood of service renewal and generate recurring revenue for up to five years.

“As we look ahead to the market in the technology industry, we anticipate a growing demand for digital transformation projects. With our expertise in this area and a track record of successful implementations, we are well positioned to secure more projects in the coming months.

“As businesses and organisations continue to embrace digitalisation, we remain committed to delivering innovative solutions that meet their evolving needs and help them stay ahead of the curve in an increasingly competitive landscape,” he added.