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KUALA LUMPUR: SNS Network Bhd says it will forge ahead to set up 10 new stores in the country to increase its customer base in view of the rising demand from businesses, government-initiated digital transformation and digital education.
“A new growth area is on the cards as there are rising customer enquiries for supply of high-specification ICT products on the back of heightened data centre development activities in the region and within Malaysia,” said Ko Yun Hung, managing director of SNS Network, in a statement.
In the fourth quarter ended Jan 31, 2024, SNS Network posted a net profit of RM13.04mil, which was down from RM16.77mil in the year-ago quarter, due to an absence of major orders related to government projects secured in the corresponding quarter.
The group’s earnings per share contracted to 0.81 sen from 1.04 sen previously.
Its revenue fell to RM390.11mil from RM509.86mil in the comparative quarter.
For the full financial year, the group’s net profit was RM31.96mil against RM43.72mil in FY23 while revenue dropped to RM1.28bil from RM1.4bil in the previous year.
The company declared a third interim dividend of 0.25 sen per share, payable on May 23, 2024.
At end-January, SNS Network said its net cash position improved to RM118.77mil, from RM88.60mil in end-January 2023, and RM67.08mil at end-October 2023.
It said net cash from operating activities improved significantly to RM41.36mil in FY24, more than double RM17.09mil in FY23.
