KUALA LUMPUR: SNS Network Technology Bhd's net profit rose 35.5 per cent to RM11.94 million in the third quarter (Q3) ended October 31, 2022, against RM8.81 million in the immediately preceding quarter.

The company's quarterly revenue also rose 17.5 per cent to RM348.84 million from RM296.93 million.

SNS has declared a first interim single-tier dividend of 0.25 sen per ordinary share amounting to RM4.03 million in respect of the financial year ending January 31, 2023.

The dividend will be paid on January 18, 2023.

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

Managing director Ko Yun Hung said SNS is seeing continuous growth in revenue, profit, and margins.

Ko said this is supported by growing demand in the information, communication and technology (ICT) industry by the commercial sector due to the market's digital transformation initiatives and the implementation of the government's ICT initiatives as part of the digitalisation drive in schools.

"More and more organisations will continue to infuse digital technology into every process and function to boost their productivity," he said in a statement.

According to Ko, SNS was focused on expanding the device-as-a-service (DaaS) subscription-based service, given the growth in the domestic DaaS market.

Ko also said SNS is in a strong cash position at RM89.24 million. As a result, the company is ready to expand through its online, physical store and commercial channels, offering products, services and solutions.

"The company's growth and strength are also supported by JOI, our in-house brand of devices and solutions catering to the needs of a growing audience of students enabling them to access educational tools and online learning for a hybrid environment.

"We continue to secure more DaaS projects from the government and private sectors across all industries," he added.