KUALA LUMPUR (Nov 8): Telecommunications tower company OCK Group Bhd has accepted a RM48.73 million contract from the Ministry of Education to rent out eco-friendly information and communications technology (ICT) hardware to school computer laboratories in Sarawak.

In a filing on Wednesday (Nov 8), the group said its wholly owned subsidiary OCK Setia Engineering Sdn Bhd had accepted the letter of acceptance on Oct 25, in respect of the rental of eco-friendly ICT hardware that meets green requirements on a lease-to-use basis for teaching and learning needs in the schools.

The contract is set to last for 65 months, with a commencement date of Oct 26 until March 25, 2029. This entails four months for setup, 60 months for laptop leasing, and a one-month return period.

The contract is expected to contribute positively to the group's earnings for the financial year ending 2024.

OCK registered a higher net profit of RM10.29 million for the second quarter ended June 30, 2023 (2QFY2023) against RM8.03 million a year earlier, as revenue rose 24.9% to RM177.55 million from RM142.16 million, driven by higher contribution from telecommunication network services, trading, and mechanical and electrical engineering services segments.

This brought its first half (1HFY2023) net profit to RM18.93 million against RM15.43 million in 1HFY2022, while revenue climbed 32.5% to RM357.25 million from RM269.57 million.

OCK shares closed half a sen or 1.27% higher at 40 sen on Wednesday, giving the group a market capitalisation of RM421.88 million.