Harbour-link Reaches Its Limit Up Following Strong Fourth-quarter Earnings; the Stock Is Among Bursa’s Top Gainers

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Harbour-Link Group Bhd was one of the top gainers on the local exchange on Wednesday as the group declared a ninefold increase in its fourth-quarter net profit to RM25.99 million from RM2.8 million a year ago.

Its share price surpassed the limit and closed 30 sen or 29.7 percent higher at RM1.31 after 46.12 million shares were traded – 16 times the 200-day average of 2.08 million shares. It was the day’s third highest gainer.

The group’s market capitalisation is currently RM524.52 million at its current price. Year to date, the stock has increased 60.73 percent from its December 31, 2020 closing price of 81.5 sen.

The group’s 4QFY21 net profit increased by 45.9 percent year on year to RM188.67 million from RM129.32 million, according to its market report on Tuesday.

In comparison to the prior quarter of 3QFY21, its quarterly net profit climbed by 55% to RM16.77 million, while revenue increased by 23% to RM152.78 million, owing to increasing contributions from its integrated logistic business and shipping and marine segment.

The group ended FY21 with a net profit of RM61.48 million, about 2.3 times what it earned in FY20 of RM25.92 million, while yearly revenue increased to RM626.19 million from RM617.25 million. The increased profit occurred as a result of its other income more than doubling to RM12.46 million, while operating and administrative expenditures decreased by RM35.84 million; finance costs and taxation were also reduced.

Harbour-Link is a provider of shipping and marine services, as well as logistics, equipment rental, engineering, and property development.

Published by Zack Baharum

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