SNS Network Lands RM269 Million Server Contract, Partners with Nvidia for AI Cloud

SNS Network is making waves in the ICT sector with a massive RM269.3 million server system contract. While the company remains tight-lipped about the client, we do know it's a Malaysian firm dealing in computer hardware, software, and IT services. This big-ticket deal, handled by SNS Network's subsidiary SNS Network (M) Sdn Bhd, is set to wrap up by April 18.

But that's not all—SNS Network has also teamed up with Nvidia to launch Malaysia's first fully managed AI cloud service. This cutting-edge initiative will run from a Telekom Malaysia data centre in Cyberjaya, aiming to boost the country's AI capabilities.

On the financial front, SNS Network is seeing some impressive growth. The company posted a fivefold increase in net profit for Q3 FY2024, raking in RM10.2 million compared to RM2.02 million a year ago. This surge came despite a 5.16% dip in revenue to RM249.71 million, largely due to fewer sales in the education sector following major orders in the previous quarter.

As for the stock market, SNS Network's shares climbed two sen (5.19%) to close at 40.5 sen, pushing its market valuation to RM645.2 million. However, it's worth noting that the stock has taken a 42% hit year-to-date.

With a major contract in hand and an AI-powered future on the horizon, SNS Network is definitely a company to watch.