KUALA LUMPUR, SEP 11 – Technology financing solutions provider ICT Zone Asia Berhad (“ICT Zone” or the group) saw its net profit for the 6-month financial period ending 31 July 2024 (“1H FY25”) more than double compared to the previous year, driven by higher gross profit from increased revenue in the technology financing (“techfin”) and cloud solutions and services segments.
Profit after taxation and minority interests for the six months rose to RM4.37 million from RM2.02 million, according to the group’s bourse filing on Tuesday.
This led to higher earnings per share (EPS) of 0.74 sen for 1HFY25 compared with 0.38 sen for the same period last year.
The group also announced a preference dividend of 2 sen per Irredeemable Convertible Preference Shares (ICPS) for the period, which will be paid on October 16.
Revenue for the period, however, decreased marginally to RM 57.65 million from RM58.24 million a year ago on the back of lower contribution from the trading of ICT hardware and software segment.
The decrease was partially offset by the increase in the other 3 segments especially the cloud solutions and services segment which saw its revenue jump 154%.
The LEAP market listed group expressed confidence in its growth trajectory especially in the technology financing segment, which contributed 62% of the group’s revenue in the current financial period. Total unbilled orderbook of this segment for the next 5 financial years currently stands at RM217.6 million.
In June this year, the shareholders of the Group approved the company’s transfer from the LEAP Market to the ACE Market. As such, the Group expects to complete the transfer by the first quarter of 2025.
ICT Zone shares closed at RM0.22 on Thursday, giving the group a market capitalisation of RM129 million.