Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 24): SAM Engineering & Equipment (M) Bhd — whose share price hit another fresh closing high of RM20.60 after rising RM1.10 or 5.64% on Friday — told Bursa Malaysia that it is not aware of any corporate development that would have caused the unusual market activity (UMA).

It was replying to an UMA query from the bourse regulator that was issued earlier on the same day, after the group's share price continued to climb following a near 15% or RM2.50 jump on Thursday to RM19.50, from Wednesday's RM17.

In its reply, the board said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity.

The board also said it is not aware of any other possible explanation to account for the trading activity.

“The company is in compliance with the Main Market Listing Requirements (MMLR) of Bursa Securities, in particular Paragraph 9.03 of the MMLR on immediate disclosure obligations,” it noted. 

The stock, which closed at RM7.35 on Jan 4, has surged a whopping RM13.25 or 180% since.

At its current closing price of RM20.60, it had a market capitalisation of RM2.79 billion. 

In a bourse filing previously, the group reported that net profit increased 66.22% to RM11.98 million in the first quarter ended June 30, 2021 (1QFY22), from RM7.21 million in 1QFY21, while revenue rose 18.6% to RM202.78 million from RM170.98 million a year ago.

The group attributed the better earnings to higher profit contribution from its equipment segment, which saw higher sales on the back of higher demand from semiconductor and data storage customers.

However, its quarterly earnings were partially offset by lower profit contribution from its aerospace segment, due to lower government grants and subsidies.

Quarter-on-quarter, however, SAM Engineering’s net profit more than halved from RM24.59 in 4QFY21, as a result of lower profit contribution from both its aerospace and equipment segments. Revenue, meanwhile, fell from RM276.43 million.

Edited ByLam Jian Wyn
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