KUALA LUMPUR (Nov 30): Hextar Technologies Solutions Bhd’s share price climbed 4.54% to RM13.80 during early morning trade on Wednesday (Nov 30), after the company posted a strong set of earnings for the second quarter ended Sept 30, 2022 (2QFY2023).

At 10.32am, the counter remained among the local bourse’s top gainers after paring gains to RM13.70 a share, still up 50 sen or 3.79% from Tuesday’s closing at RM13.20. Year to date, Hextar Technologies’ share price has risen by 448%. At RM13.70, the company had a market capitalisation of RM1.76 billion. 

For 2QFY2023, net profit swelled to RM4.33 million from RM291,000 a year earlier, mainly due to a one-off gain on a quoted investment amounting to RM3.7 million. 

Revenue for the quarter climbed 24.84% to RM33.68 million from RM26.98 million due to an over threefold jump in revenue contribution from the logistics segment to RM12.39 million from RM3.19 million resulting from a higher business volume. 

On Nov 14, Bursa Malaysia Securities Bhd advised investors to exercise caution and to make informed decisions in trading Hextar Technologies shares. 

The bourse regulator drew attention to a sharp rise in Hextar Technologies shares, where the price climbed 43.48% from RM11.50 a share on Nov 7 to RM16.50 on Nov 11, with unusual market activity queries issued to the company on Oct 19 and 31.

Hextar Technologies in response to the queries said it was not aware of any corporate development or explanation that could have given rise to the unusual trading activities. 

“The exchange will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of Hextar Technologies shares,” said the bourse regulator in an announcement on Nov 14. 

Subsequent to the bourse regulator’s caution notice, the counter fell 20% from RM15.40 on Nov 14 to RM12.32 on Nov 23.  

Businessman Datuk Eddie Ong Choo Meng is Hextar Technologies’ largest shareholder, with a direct stake of 21.37% and an indirect stake of 50.11%.   

Over the last five years, Hextar Technologies has been trading largely below RM1, until a sudden rise in late February last year — just prior to Ong's emergence as the company's largest shareholder in March 2021. 

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