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Vstecs' 3Q net profit rises on work from home demand

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KUALA LUMPUR (Nov 5): Vstecs Bhd said its third quarter net profit rose 22.26% to RM10.1 million from RM8.26 million a year earlier, on demand for work-from-home products.  

Revenue for the quarter ended Sept 30, 2020 increased 16.71% to RM536.36 million, from RM459.57 million previously, the ICT products provider said in a bourse filing. 

  Compared to the preceding quarter, net profit was up 43.7% from RM7.02 million, while revenue was up 9.5% from RM448.82 million. 

  The group announced an interim dividend of 2.5 sen per share, payable on Dec 16. This is the group’s first payout for this year.  

  For the nine months ended Sept 30, Vstecs’ net profit grew 26.76% to RM23.91 million, from RM18.86 million a year earlier. 

Revenue rose 7.75% to RM1.36 billion, from RM.26 billion seen in the previous corresponding period. 

  Group CEO Soong Jan Hsung said consumer spending on ICT products continued to do well in the third quarter due to buying trends in support of work-from-home and workforce mobility requirements.   

“This resulted in an increase in sales volume and we could have done better if not for supply constraints in fulfilling market demand,” he said in a statement. 

“We are working closely with our brand principals to improve supply. To continue scaling up our ICT distribution business, we are looking to deepen our e-commerce reach by representing more official online brand stores next year,” Soong said. 

  Shares of Vstecs finished 13 sen or 6.7% higher at RM2.07 today, valuing the group at RM372.60 million. The counter saw 370,200 shares transacted. 

Article sources from: https://www.theedgemarkets.com/article/vstecs-3q-net-profit-rises-work-home-demand
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