ARB rises after reporting profit jump

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KUALA LUMPUR (Feb 7): ARB Bhd, the most-active stock on Bursa Malaysia, rose as much as 4.5 sen or 16.36% to 32 sen in morning trades today after the IT solutions provider reported yesterday a 157.86% jump in fourth quarter net profit to RM12.79 million from a year earlier.

At 10:07am, ARB pared gains at 30.5 sen, with some 54 million shares traded, for a market capitalisation of RM89.26 million.

Yesterday, ARB said in a statement to Bursa that net profit rose to RM12.79 million in the fourth quarter ended Dec 31, 2019 from RM4.96 million a year earlier. Revenue was higher at RM45 million versus RM6.92 million.

For the full year, ARB said cumulative net profit climbed to RM34.77 million from RM4.23 million a year earlier, while revenue rose to RM102.64 million from RM15.26 million.