IPOH, July 22 – SNS Network Technology Berhad (“SNS” or the “Group”), a leading provider of ICT products, services, and solutions, announced today a remarkable 27.4% growth in net profit for the first quarter ended April 30, 2023 (“1Q FY2024”). The Group’s profit after tax (PAT) reached RM7.89 million, surpassing the PAT of RM6.19 million recorded in the first quarter of the previous year (“1Q FY2023”). During the current quarter, SNS achieved a substantial 16.8% increase in revenue, amounting to RM289.84 million in 1Q FY2024 compared to RM248.16 million in 1Q FY2023.
Moreover, the Group’s profit before tax (PBT) experienced a significant rise of 25.4%, reaching RM10.32 million compared to the PBT of RM8.23 million in the same period last year. The sale of ICT products accounted for the majority of revenue in 1Q FY2024, totaling RM285.24 million, while device repair services, broadband sales, and related services contributed RM4.60 million. Geographically, Malaysia constituted the largest portion of revenue at RM286.50 million, while other markets such as Australia, Brunei, Indonesia, Maldives, and Vietnam contributed RM3.34 million.
Ko Yun Hung, the Managing Director of SNS, expressed satisfaction with the positive quarterly results, stating, “Our strong performance in the first quarter reaffirms that our strategies are aligned with the technological advancements required in the market. As digital transformation has accelerated during the pandemic, we are further enhancing our solutions to meet the evolving digital needs of organizations. Our focus remains on integrating cutting-edge technologies such as 5G connectivity, artificial intelligence, machine learning, and data analytics into our products, services, and solutions.”
Hung also highlighted the significant increase in demand for ICT products and services due to the shift towards remote work, online learning, and digitalization in the hybrid environment. He emphasized that SNS is well-positioned to meet this demand with a range of devices including laptops, desktops, workstations, servers, and related technologies. The continuous advancement of technology and the replacement cycle of devices are expected to drive the demand for new ICT products and services.
As part of their commitment to corporate social responsibility (CSR), SNS is working with Yayasan Didik Negara and 88 Captain of Penang on the “JOI for ALL” program. This initiative aims to provide educational ICT devices to 188 schools and approximately 40,000 students, bridging the digital divide and empowering students with valuable resources for enhanced learning experiences.
Furthermore, the Group has announced a first interim single-tier dividend of 0.25 sen per ordinary share, totaling RM4.03 million for FY2024. This dividend, scheduled to be paid on August 28, 2023, marks the third distribution from the Group since its listing in September 2022. SNS remains focused on market expansion and the growth of its JOI® product line as it continues to thrive in the ICT industry.
