KUALA LUMPUR: Penang water supplier PBA Holdings Bhd's share price topped its 52-week high of RM2.62 in morning trade after a surge in its second quarter ended June 30, 2024 net profit.
Its share price gained as much as 20 per cent to RM2.64 a share during morning trade.
For the second quarter ended June 30, 2024 (Q2 2024), the company logged a turnaround in its net profit at RM55.2 million versus a loss of RM3.29 million a year ago. Its revenue rose to RM150.33 million from RM104.44 million in the same period last year. The improved performance was mainly due to the increase of water tariffs for domestic and other categories from Feb 1, 2024.
For the six months ended June 30, 2024, it posted an almost five-fold jump in net profit of RM69.6 million. This was on almost 30 per cent higher revenue of RM261.5 million for the period.