KUALA LUMPUR (May 24): ACE Market-bound Cloudpoint Technology Bhd net profit for the first quarter (1Q) ended March 31, 2023 surged 223% to RM3.01 million from RM933,000 a year earlier, on the back of revenue RM19.40 million versus RM10.25 million previously.
Earnings per share rose to 0.71 sen from 0.22 sen.
Reviewing its performance, Cloudpoint said revenue for quarter was mainly derived from the group’s offering of project-based income which comprises of networking and cybersecurity solutions, which contributed a revenue of RM13.5 million or 69.5% of its total revenue.
Meanwhile, Cloudpoint said its new offering of cloud services and software applications solutions also contributed a revenue of RM0.33 million during the quarter.
In a separate statement, Cloudpoint executive director/chief executive officer Choong Wai Hoong said the demand for networking and cybersecurity solutions is set to increase in the coming years.
“Cloudpoint has been capitalising from this trend, as evidenced by the increase in revenue from our project-based income model, which comprises Enterprise and Data Centre Networking Solutions and Cybersecurity Solutions.
“This will also potentially translate into a higher stream of recurring income where we offer professional IT services, as our clients typically enter into service contracts for one to three years following project completion,” he said.
Cloudpoint, which launched its prospectus on Tuesday (May 9), aims to raise RM40.4 million from its listing exercise.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for Cloudpoint’s IPO.
The stock is tentatively slated to be listed on May 29.