(Updated)

SAM Engineering rises past RM19 for first time to record high

SAM Engineering rises past RM19 for first time to record high
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KUALA LUMPUR (Sept 23): SAM Engineering & Equipment (M) Bhd’s share price jumped as much as RM2.94 and passed the RM19 mark for the first time to a record high on Bursa Malaysia on Thursday.

The stock went up as much as 17.3% to an all-time high of RM19.94. On market close, it pared some gains to settle at RM19.50, after 1.89 million shares were done, for a market capitalisation of RM2.64 billion.

The stock, which closed at RM7.35 on Jan 4, has jumped RM12.15 or 165.3% since. 

Reasons behind the share price rise could not be immediately ascertained.

According to SAM’s latest Bursa filing on Sept 15, the company had temporarily closed two of its factories in Penang as instructed by the Ministry of Health (MoH) upon discovery of several employees and subcontractors being tested positive for Covid-19 during mass testing conducted at the factories. 

The two factories are expected to be closed for a period of up to 14 days for sanitisation based on the ministry’s guidelines, the company said.

"The company does not anticipate any material impact on its revenue and earnings for the financial year ending March 31, 2022 (FY22),” SAM added.

On Aug 25, 2021, the company reported that its net profit for the first quarter ended June 30, 2021 (1QFY22) increased to RM11.98 million from RM7.21 million a year earlier.

Revenue rose to RM202.78 million from RM170.98 million, it added.

According to SAM’s website, the company is a subsidiary of Singapore Aerospace Manufacturing Pte Ltd.

"SAM has manufacturing facilities strategically located in Malaysia and Singapore to provide one-stop solutions to its customers worldwide,” it said.

Chong Jin Hun