KUALA LUMPUR: Vstecs Bhd is optimistic about the fourth quarter, driven by the growth potential in the consumer sector and enterprise year-end budget spending.

The company expects to end FY2024 on a high note.

“To further strengthen Malaysia’s economic position, we welcome the federal government in revising datacentre investment incentives to ensure broader economic benefits to the local ICT sector, including optimising tax structures and bolstering the local supply ecosystem for essential datacentre equipment and skilled technical resources.

“We are hopeful for the award of some larger public sector projects, which have been delayed since the beginning of the year,” VSTECS said in a filing with Bursa Malaysia.

In the third quarter ended Sept 30, VSTECS’ net profit jumped 53.8% to RM19.6mil, compared with RM12.7mil in the same quarter last year, translating into an earnings per share of 5.50 sen, up from 3.60 sen a year ago.

Revenue for the quarter surged to RM841.8mil against RM646.4mil achieved a year prior.

For the first nine months, VSTECS’ net profit rose to RM49.1mil from RM43.2mil while revenue expanded 8.5% to RM2.08bil compared with RM1.92bil previously.

VSTECS has declared a single-tier interim dividend of 2.8 sen per ordinary share each for the financial year ending Dec 31, 2024. The dividend will be paid on Jan 9, 2025.

Source from https://www.thestar.com.my/