KUALA LUMPUR (Oct 13): Information technology company Cloudpoint Technology Bhd (KL:CLOUDPT), which successfully graduated to the Main Market of the stock exchange on Monday, is exploring new opportunities in artificial intelligence (AI), digital transformation, and cybersecurity. 

The company has played a key role in the digitalisation of financial services and sees growing demand for AI-driven IT infrastructure, platforms, and software.

The company, which listed on the ACE Market in 2023, has recorded a compound annual growth rate (CAGR) of 25% in profit after tax from financial year ended Dec 31, 2020 (FY2020) to FY2024.

Companies aiming for the Main Market must meet profit targets and have a main business they clearly own and control, among other requirements.

Cloudpoint among others provides services to data centre and related services. 

Executive director and chief executive officer Datuk Wira Choong Wai Hoong said in a statement that the group’s ascension to the Main Market aligns with its expansion ambitions and strengthens its long term growth prospects as well.

“The advent of AI has opened new opportunities for us with rising demand for AI-driven IT infrastructure, platforms, and software. With Malaysia’s increasing focus on AI, digital transformation, and cybersecurity, Cloudpoint is well-positioned to support enterprises in building future-ready digital infrastructure”

Cloudpoint is banking on the Main Market platform to enhance its visibility among investors and broaden its access to capital as it continues to pursue strategic priorities in the digital and technology sectors.

For the financial year ended Dec 31, 2024, the company made a net profit of RM20.6 million on RM145 million in revenue.

Cloudpoint’s share price was down two sen of 2.27% to 88 sen at Monday’s close, valuing the company at RM457.18 million. Year to date the stock is down 9.47%.