Harbour-Link hits limit up after stellar 4Q results; stock among Bursa’s top gainers

Harbour-Link hits limit up after stellar 4Q results; stock among Bursa’s top gainers

By In News On September 29, 2021

KUALA LUMPUR (Sept 29): Harbour-Link Group Bhd emerged as one of the top gainers on the local bourse on Wednesday after the group announced a nine-fold jump in its net profit for the fourth quarter ended June 30, 2021 (4QFY21) to RM25.99 million from RM2.8 million in the corresponding quarter a year ago.

Its share price hit limit up and closed 30 sen or 29.7% higher at RM1.31, after 46.12 million shares were traded — 16 times more than its 200-day trading average of 2.08 million shares. It was the third top gainer of the day.

At its current price, the group has a market capitalisation of RM524.52 million. Year to date, the stock has risen 60.73% from when it closed at 81.5 sen on Dec 31, 2020.

According to its bourse filing on Tuesday, the group’s 4QFY21 net profit jump came as revenue grew 45.9% year-on-year to RM188.67 million from RM129.32 million.

Compared to the immediate preceding quarter of 3QFY21, its quarterly net profit increased 55% from RM16.77 million, while revenue grew 23% from RM152.78 million, driven by higher contribution from its integrated logistic segment and shipping and marine segment.

The group closed its FY21 with a net profit of RM61.48 million, about 2.3 times the RM25.92 million it made in FY20, with annual revenue rising to RM626.19 from RM617.25 million. The stronger profit came as its other income doubled to RM12.46 million, while operating and administrative expenses collectively dropped RM35.84 million; finance costs and taxation also decreased.

Harbour-Link is involved in shipping and marine services, logistics services, equipment rental, engineering works, and property development.

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