KUALA LUMPUR (Sept 11): Information and communication technology company ICT Zone Asia Bhd’s (KL:ICTZONE) net profit for the first half ended July 31, 2024 (1HFY2024) more than doubled to RM4.37 million, thanks to higher contributions from its technology financing and cloud solutions and services segments.

The LEAP Market-listed company's net profit for the period jumped to RM4.37 million or 0.74 sen per share, from RM2.02 million or 0.38 sen per share in 1HFY2024, it said in a statement on Wednesday.

This is despite revenue slipping marginally to RM57.65 million from RM58.24 million, due to weaker contributions from its trading of ICT hardware and software segment amid subdued demand, which was partially mitigated by a 154% jump in revenue from its cloud solutions and services segment, after the group secured additional contracts.

ICT Zone declared a preference dividend of two sen per irredeemable convertible preference share (ICPS), payable on Oct 16.

ICT Zone added it is "confident of its growth trajectory", particularly in its technology financing segment, and that its unbilled order book in this segment stands at RM217.6 million, to be delivered over the next five financial years.

ICT Zone is currently in the process of transferring its listing from the LEAP Market to the ACE Market, with the exercise expected to be completed by the first quarter of 2025.

ICT Zone shares closed six sen or 27.27% higher at 28 sen on Wednesday, giving the group a market capitalisation of RM164.4 million.