SNS Network Technology Posts 42.4% Rise in Net Profit for 2Q FY2023

IPOH, Malaysia, Sep 27, 2022 – (ACN Newswire) – SNS Network Technology Berhad (SNS), an ICT system and solutions provider, today announced that the Group registered a 19.7% rise in revenue to RM296.93 million for the second quarter ended 31 July 2022 (2Q FY2023) compared with RM248.16 million in the immediately preceding quarter (1Q FY2023).

For the quarter under review, the Group recorded a 21.8% gain in gross profit (GP) to RM23.43 million compared with GP of RM19.24 million in 1Q FY2023 while profit before tax (PBT) increased 43.0% to RM11.76 million compared with PBT of RM8.23 million. The Group’s profit after tax (PAT) for 2Q FY2023 rose by 42.4% to RM8.81 million from PAT of RM6.19 million in 1Q FY2023.

There are no comparative figures on a year-over-year basis as the Group was listed on the ACE Market of Bursa Malaysia on 2 September 2022.

Managing Director of SNS, Ko Yun Hung, said, “The Group’s performance for the quarter under review was supported by higher demand for ICT products from local customers under our commercial channel comprising businesses, government agencies and educational institutions following the full resumption of business operations after the reopening of the Malaysian economy.”

“We remain positive for the Group’s outlook given the continuous growth in demand for ICT products supported by rising economic activities and the strengthening of our existing customer base together with expansion of market share. For the immediate future, we will continue to focus on the plans as announced in our prospectus, namely the expansion of our Device-as-a-Service business, the construction of a regional hub in Petaling Jaya, and the setting up of 10 new stores in the country.”

On a geographical basis, Malaysia contributed 86.2% of the Group’s revenue of RM958.08 million for the financial year ended 31 January 2022 (FYE2022), with Hong Kong and Singapore contributing 11.7% and 1.4% respectively. The Group posted revenue of RM721.47 million for FYE2021 and RM675.28 million for FYE2020.

SNS Network Technology: 0259 [BURSA: SNS], https://www.sns.com.my/

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