KUALA LUMPUR (March 10): Shares of Kumpulan Perangsang Selangor Bhd (KPS) hit limit up today, surging 30 sen or 32.26% to close at a two-year high of RM1.23.

Its counter opened 12 sen higher at RM1.05 this morning, with some 63.08 million shares changing hands.

At RM1.23, the company was valued at RM507.82 million.

Last month, the group said its net profit for the fourth quarter ended Dec 31, 2020 (4QFY20) jumped 67.06% to RM26.94 million, from RM16.13 million a year ago, underpinned by lower expenses and finance costs during the current quarter.

KPS said the higher profit before tax recorded was due to proceeds from the securitisation of receivables from Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) amounting to RM18.6 million and higher share of profit from its associate, namely Sistem Penyuraian Trafik KL Barat Sdn Bhd (SPRINT).

Revenue for the quarter rose 7.19% to RM318.6 million, from RM297.22 million, due to higher revenue from King Koil Manufacturing West LLC by RM13.9 million and Toyoplas Manufacturing (Malaysia) Sdn Bhd by RM10.2 million.

For the full year ended Dec 31, 2020, the group’s net profit increased by 29.57% to RM34.83 million, from RM26.88 million a year earlier. Its full-year revenue also grew 24.23% to RM1.08 billion, from RM866.79 million a year earlier.

In November last year, citing sources, The Edge reported that the KPS could be privatized in the near term as its share price has underperformed for a long time.

However, the group dismissed the privatization story, saying it had not received any notification for any such proposal.