KUALA LUMPUR (March 29): Shares in PT Resources Holdings Bhd surged during the Friday morning trading session on Bursa Malaysia, after a sevenfold jump in its quarterly net profit drew investors’ attention to the frozen seafood supplier. 

The counter climbed as much as 13% or six sen to an intraday high of 50.5 sen. PT Resources was trading at 50 sen at 10.30am, and was set for its steepest gain in a single day since December 2022. In contrast, the country’s benchmark index FBM KLCI was 0.6% higher. 

Valued at RM267.51 million, the stock was also among 20 of the most actively traded stocks on Bursa Malaysia, after some 6.63 million shares changed hands.

No institutional analysts cover the stock.

On Wednesday (March 27), PT Resources reported a net profit of RM14.56 million for its latest quarter (3QFY2024), over seven times the RM1.97 million it made a year earlier, driven by higher domestic and overseas demand.

Meanwhile, revenue came in at RM165.04 million, up 42.96% from RM115.44 million in 3QFY2023, according to the group’s bourse filing.

Moving ahead, PT Resources said it is set to benefit from the current recovery of the global economy, as well as the reopening of China’s borders in 2023. 

“Sales are expected to continue to grow, driven by the supply of food products to existing and new customers in the overseas market, and by leveraging its new subsidiary in China to further expand into the large China market,” the company said.

PT Resources also declared a second interim dividend of 0.65 sen per share, to be paid on May 17.

For the first nine months of FY2024 (9MFY2024), the group’s net profit more than doubled to RM37.95 million, from RM17.83 million in the preceding year’s corresponding period, while revenue rose 14.68% to RM408.38 million from RM356.09 million, supported by higher foreign sales, particularly from China. 

Read also:
PT Resources’ 3Q profit jumps on higher domestic and overseas sales