KUALA LUMPUR: HENGYUAN REFINING Co Bhd, which has been uptrend, hit an all-time high on Monday, reaching RM10.62 as crude prices hover near two-year high.
The refiner gained 62 sen, or 6.2% to RM10.62 at midday with over 1.78 million shares traded. It hit an intra-day high of RM10.64 at 10.54 am. The stock rose 26% in the past month.
On a year-to-date basis, the stock is up a whopping 423.15% and trading at a historical price earnings ratio of 6.49 times.
Hengyuan is the new name of Shell Refining Company (Federation of Malaya) Bhd after a Chinese conglomerate bought out Shell.
For those who haven’t even heard of this stock, it is essentially the new name of Shell Refining Company (Federation of Malaya) Bhd. Hengyuan is the Chinese conglomerate which bought out Shell.
Analysts said margins of refiners, petrochemical companies seen improving on the back of higher oil prices. They added that the ongoing tensions in Middle East could raise risk of supply disruptions.
Brent crude futures were at US$63.58 per barrel, up 6 cents from their last close while U.S. West Texas Intermediate (WTI) crude was at US$56.81 per barrel, up 7 cents from its last settlement.
For the second quarter ended June 30, Hengyuan posted a net profit of RM84.4mil compared with RM106.6mil in the sane period a year ago. Its revenue for the period rose to RM2.5bil against RM2bil last year.
In the first six months to June 30, Hengyuan posted a net profit of RM363.8mil on revenue of RM5.52bil. The company is expected to announce its third quarter results on Nov 29.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?