Reach Ten managing director Leo Chin
KUALA LUMPUR: Main Market-bound Reach Ten Holdings Bhd has come off an "exceptional year" of earnings on the back of multiple projects, including the installation of VSAT and recurring broadband servics for underserved rural communities.
Managing director Leo Chin said the network facilities and services provider's performance was further enhanced by the strategic expansion of new fibre routes, capitalising on existing infrastructure to expand network coverage for customers.
"The FY24 results is thus far the best financial performance in the company’s history," he said in a statement.
Over the 2024 financial year, the company's net profit surged to an all-time high of RM70.56mil from RM51.33mil in FY23, due to higher gross profit and margin, while revenue dipped to RM170.85mil from RM182.26mil in the previous year.
It said the decline in revenue was mainly due to lower revenue contribution from the main segment that helped power its profit growth – the satellite-based communication networks and services segment.
In the fourth quarter ended Dec 31, 2024, Reach Ten registered a net profit of RM18.61mil on revenue of RM34.17mil. Earnings per share was 2.33 sen.
There are no comparative figures for the quarter as this was the first interim financial report announced by the company in compliance with the listing requirements.
Reach Ten, which is slated to list on the market on May 2, 2025, is looking to expand its fibre optic communication network in Kuching and Samarahan and establish new fibre optic networks in Miri, Sibu and Bintulu to reach underserved or newly developed areas and further grow its market share.
"With our three years expansion plans in place, we remain confident in our ability to achieve our internal target as we expand our fibre optic network infrastructure across Miri, Sibu and Bintulu following the increasing customer demands and position us to capitalise on future growth potential in these key regions,” said Chin.
