SNS Network Technology Bhd net profit in the fourth quarter ended January 31, 2024 (4Q24) fell 20.60% to RM13.04 million from RM16.77 a year before.

The lower profit was due to lower revenue recorded, and the increase in selling and distribution expenses mainly attributable to the increase in salaries and commissions to the third-party online marketplaces.

These impacts it said were partially offset by the increase in other operating income primarily due to the increase in interest income from finance lease receivables and rebates received.

The absence of major government project orders impacted quarterly revenue, which decreased to RM390.11 million from RM509.86 million in 4Q23.

The ICT system and solutions provider declared a single-tier third interim dividend of 25 sen per share, payable on May 23, 2024.

This brings the year-to-date dividend to 75 sen per share or RM12.10 million - equivalent to a 38% payout ratio for FY2024, up from 50 sen per share or RM8.06 million paid in FY2023.

For the full year ended January 31, 2024 (FY2024), SNS Network's net profit contracted to RM31.96 million, from RM43.72 million.

Full-year revenue decreased 9.09% to RM1.28 billion, from RM1.40 billion in FY2023.

SNS Network plans to establish 10 new stores to expand its customer base amidst rising demand, especially in the ICT product sales sector.

Its CEO Ko Yun Hung anticipates growth opportunities in supplying high-specification ICT products, driven by escalating data center development locally and regionally, along with the cybersecurity sector's potential doubling in value by 2028, aligning with Malaysia's digitisation initiatives.