KUALA LUMPUR (Aug 14): IT products distributor VSTECS Bhd (KL:VSTECS) announced on Wednesday that it had secured the sole rights to distribute the Google Pixel 9 range of smartphones in Malaysia.
Google’s new Pixel line-up — including the Pixel 9 phones, Pixel Watch 3, and Pixel Buds Pro 2 — debuted in the Malaysian market on Wednesday, and will be available nationwide through major telcos, retailers Senheng and Urban Republic, as well as online platforms Lazada and Shopee.
“We are honoured to collaborate with Google to bring these innovative products to the Malaysian market,” said VSTECS chief executive director JH Soong in a statement. “From the superior camera performance to helpful productivity features, the Pixel 9 series sets a new standard for smartphones.”
In May, VSTECS was chosen by Amazon Web Services to distribute its cloud services, including compute, storage, databases, analytics, networking and application services, to enterprises in the private and public sectors in Malaysia.
In January, VSTECS also signed an agreement to become an authorised distributor of SpaceX’s Starlink high-speed internet services in the country.
VSTECS’ share price rose following the announcement. The stock was trading at RM3.60 at 3pm, giving the company a market capitalisation of RM1.3 billion. More than one million shares changed hands.
Shares in VSTECS — which distributes products ranging from notebooks to smartphones, and from printers to enterprise software for more than 40 principals — have gained over 156% year-to-date, driven by strong earnings.
Net profit rose 13% to RM67.43 million for the financial year ended Dec 31, 2023 (FY2023), from RM59.68 million in FY2022, marking the highest annual earnings since the group was listed in 2010, amid higher gross profit and foreign exchange gain.
For the first quarter ended March 31, 2024 (1QFY2024), VSTECS’s net profit decreased by 3.54% to RM14.32 million from RM14.85 million, as revenue fell 7.28% to RM616.36 million from RM664.74 million for 1QFY2023.
Source from https://theedgemalaysia.com
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