PETALING JAYA: Grand-Flo Bhd returned to the black for the fourth quarter ended Dec 31,2020 thanks to higher property sales in Kampar, Perak.
Shares in Grand-Flow increased by 23 sen or 68% to 58 sen per share yesterday.
In a filing with Bursa Malaysia, the company posted a net profit of RM4.77mil in the fourth quarter of 2020 compared with losses of RM2.40mil a year earlier on the back of an 80% jump in revenue to RM35.50mil from RM19.70mil previously.
Following the completion of the disposal of its enterprise data collection and collation system segment, the group is focused on its property development division.
Net profit from the property development surged by 176% to RM12.1mil compared with RM4.4mil in the previous year.
For the 2020 financial year, the company’s net profit grew more than double to RM5.63mil from RM2.65mil in 2019 on the back of an 11% increase in revenue to RM76.90mil.