KUALA LUMPUR, Information technology firm Cloudpoint Technology Bhd successfully moved to the Main Market of Bursa Malaysia on Monday and is now exploring growth opportunities in artificial intelligence (AI), digital transformation, and cybersecurity.
The company, which has been instrumental in the digitalisation of financial services, is seeing rising demand for AI-driven IT infrastructure, platforms, and software.
Having listed on the ACE Market in 2023, Cloudpoint recorded a compound annual growth rate (CAGR) of 25% in profit after tax between the financial year ended Dec 31, 2020 (FY2020) and FY2024.
To qualify for the Main Market, companies must meet specific profit targets and demonstrate clear ownership and control of their main business, among other criteria. Cloudpoint provides a range of services, including those related to data centres.
Datuk Wira Choong Wai Hoong, Executive Director and CEO, said the move to the Main Market aligns with the group’s expansion plans and strengthens its long-term growth prospects.
“The rise of AI has created new opportunities for us, with increasing demand for AI-driven IT infrastructure, platforms, and software. With Malaysia’s growing focus on AI, digital transformation, and cybersecurity, Cloudpoint is well-positioned to help enterprises build future-ready digital infrastructure,” he said.
Cloudpoint is leveraging the Main Market listing to boost its visibility among investors and expand access to capital as it pursues strategic priorities in the digital and technology sectors.
For FY2024, the company posted a net profit of RM20.6 million on revenue of RM145 million. On Monday, Cloudpoint’s share price fell two sen or 2.27% to 88 sen, valuing the company at RM457.18 million. Year to date, the stock has declined 9.47%.
