KUALA LUMPUR (March 7): ICT solutions provider SNS Network Technology Bhd (KL:SNS) said the group has secured a RM269.3 million contract from an undisclosed local customer to supply a server system.

The customer, a Malaysian firm engaged in the sale of computer hardware and software, server systems and IT services, has requested confidentiality, SNS Network said in a filing with Bursa Malaysia on Friday.

The group said work on the server system, undertaken by its wholly owned unit SNS Network (M) Sdn Bhd, is targeted for completion by April 18.

Earlier on Friday, SNS Network announced a  partnership with Nvidia to launch Malaysia's first fully managed artificial intelligence cloud service at the Klang Valley data centre in Cyberjaya, operated by Telekom Malaysia Bhd (KL:TM).

SNS Network has posted a net profit of RM10.2 million for the third quarter ended Oct 31, 2024, a five-fold increase from RM2.02 million a year earlier, driven by higher margins.

Quarterly revenue declined 5.16% to RM249.71 million, mainly due to lower sales in the education industry as the group had secured major orders in the previous corresponding quarter.

Shares of SNS Network gained two sen or 5.19% to close at 40.5 sen, giving the group a market capitalisation of RM645.2 million. However, the counter has fallen over 42% year-to-date.

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