Latest news with #JHSoong
The Star
14-05-2025
- Business
- The Star
Vstecs 1Q net profit jumps 24%
PETALING JAYA: Information and communications technology (ICT) distributor Vstecs Bhd reported a 24% rise in net profit to RM17.8mil for the first quarter ended March 31, 2025 (1Q25) compared to 1Q24, supported by broad-based revenue growth across the company's business segments. The company reported 1Q25 revenue that increased 12% to RM691.7mil compared to 1Q24 on contributions from its enterprise systems and ICT services segments, which recorded year-on-year (y-o-y) increases due to strong digitalisation trends. ICT services saw a 37% y-o-y increase in revenue on sustained demand for cloud solutions and related services. Chief executive officer J H Soong said the quarter 'is our best 1Q performance and signals a strong start to FY25'.
The Star
14-05-2025
- Business
- The Star
VSTECS optimistic after 24% 1Q25 profit growth
KUALA LUMPUR: Vstecs Bhd , which saw its net profit rise 24% in the first quarter ended March 31 (1Q25), is optimistic about sustaining this growth trajectory through the second quarter and the rest of the year. The ICT distributor noted that despite cautious consumer sentiment amid ongoing uncertainties, both the enterprise and public sectors remain focused on advancing their digitalisation and AI transformation agendas, highlighting continued resilience within the ICT sector. 'Growth is also being supported by the launch of new consumer devices, a surge in enterprise infrastructure projects, and increased public sector ICT spending, which is reflected in our sales opportunity,' VSTECS said in a filing with Bursa Malaysia. In 1Q25, VSTECS' net profit rose 24% to RM17.7mil, or earnings per share of 5.00 sen compared with RM14.3mil, or 4.00 sen in the year-ago quarter. The higher revenue was due to broad-based growth, with all three business segments — ICT distribution, enterprise systems, and ICT services — recording year-on-year increases, driven by strong digitalisation trends. 'This is our best first quarter performance and signals a strong start to FY2025. We are benefiting from multiple growth vectors, and ICT spending remains resilient amid the relentless pace of digital adoption, expanding AI use cases, and rising demand for next-generation technologies,' chief executive officer JH Soong said in a statement.
