Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 23): Opcom Holdings Bhd hogged the limelight in morning trade today after its shares jumped as much as 15.31% or 17 sen to touch an all-time high of RM1.28.

The jump followed the fibre optic manufacturer's announcement on its turnaround for the first quarter ended June 30, 2021 (1QFY22) yesterday.

Opcom returned to the black in 1QFY22, registering a net profit of RM2.64 million against a net loss of RM752,000 a year before, on the back of higher manufacturing segment performance as well as engineering services' contribution.

Quarterly earnings per share were booked at 1.49 sen, from 0.47 sen losses per share in 1QFY21.

Revenue jumped 192.95% to RM22.93 million, from RM7.83 million.

However, Opcom's quarterly performance was weaker on a quarter-on-quarter (q-o-q) basis, with net profit down 34.7% to RM2.64 million or 1.49 sen per share from RM4.05 million or 2.51 sen per share, on contributions from lower sales of fibre optic cables, industrial materials and engineering services.

Revenue rose 0.76% q-o-q to RM22.93 million from RM22.75 million on higher sales of fibre reinforced plastics and thixotropic gel, which more than offset the aforementioned lower contributions.

As at 11.45am, the stock had pared some gains but was still up 7.21% or eight sen to trade at RM1.19. This gave the stock a market capitalisation of RM274 million — pushing it up by 129%.

It was also the third most actively traded stock across Bursa Malaysia this morning, with 77.7 million shares transacted as at writing. 

Notably, the stock hit limit up yesterday after its shares closed up 29.5 sen or 36.2% at RM1.11 with 95.92 million shares traded.

Edited BySurin Murugiah
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