KUALA LUMPUR (Feb 28): Amway (Malaysia) Holdings Bhd was the sixth top gainer on Bursa Malaysia on Tuesday (Feb 28), as its stock price jumped as much as 9% in the morning trading session, after the group announced a special dividend and stronger earnings performance on Monday.
The counter opened at RM5.60 on Tuesday morning, a gap up from its closing price of RM5.40 on Monday. It gained as much as 49 sen or 9% to its intraday high of RM5.89.
At the closing bell, Amway Malaysia settled 32 sen or 5.9% higher at RM5.72, with 91,200 shares changing hands, giving it a market capitalisation of RM940.29 million.
The group on Monday declared a fourth single-tier interim dividend of five sen per share, plus a special single-tier interim dividend of 18 sen per share, payable on March 29, 2023.
The special dividend came after its net profit surged to RM22.98 million for the fourth quarter ended Dec 31, 2022, nearly 27 times more than RM852,000 a year earlier.
The stronger net profit was attributed to price increases, normalisation of Amway Business Owner (ABO) incentives, and ABO incentive trip cancellation.