ARB volume spikes after reporting profit jump

ARB volume spikes after reporting profit jump
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KUALA LUMPUR (Nov 16): ARB Bhd’s share trade volume surged past 60 million on Tuesday from 5.96 million on Monday, while its stock price rose more than 10% after the IT-software developer reported on Monday that third quarter net profit jumped to RM33.59 million from RM8.4 million a year earlier.

At Bursa’s 12:30pm break on Tuesday, ARB, which saw 66.91 million shares traded, was Bursa Malaysia’s second most-actively traded security.

ARB’s share price settled up three sen or 18.18% at 19.5 sen after the stock was traded at between 18.5 sen and 21 sen so far on Tuesday.

At 19.5 sen, the counter was valued at about RM118.6 million based on ARB’s 608.22 million issued shares.

Year-to-date, ARB’s share price had fallen to current levels from its closing price of 27 sen on Jan 4, 2021.

On Monday, ARB said in a Bursa filing that revenue grew to RM77.33 million in the third quarter ended Sept 30, 2021 (3QFY21) from RM58.3 million a year earlier.

For 9MFY21, ARB said net profit more than doubled to RM56.69 million from RM23.72 million a year earlier while revenue increased to RM173.58 million from RM146.99 million.

Chong Jin Hun