SNS Network Technology Posts 4Q Net Profit Jump Of 40.5%

SNS Network Technology Berhad announced that the Group’s profit after tax (PAT) for the fourth quarter ended 31 January 2023 (4Q FY2023) increased by 40.5% to RM16.77 million compared with RM11.94 million in the immediate preceding quarter (3Q FY2023).

SNS recorded revenue that gained 46.2% to RM509.86 million in 4Q FY2023 compared with RM348.84 million in 3Q FY2023. 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 3Q FY2023.

For FY2023, the Group registered RM43.72 million in PAT as well as PBT of RM57.36 million on RM1.40 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 2 September 2022.

Managing Director of SNS, Ko Yun Hung, said, “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 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 organizations, 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 proven 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.”

The Group has also announced a second interim single-tier dividend of 0.25 sen per share with an ex-date of 10th of May in respect of FY2023 to be paid on 26th of May 2023.

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