KUALA LUMPUR: Vstecs Bhd
surged more than 10% at the opening bell following a stellar performance in the third quarter of the year.
The share opened at RM3.53 a share, a 30 sen increase from yesterday's closing price of RM3.20.
At its intra-morning high, the share hit RM3.60, but subsequently subsided to RM3.45 as at 9.25am after 648,300 shares changed hands.
In a filing with the stock exchange, the ICT services provider said its net profit jumped 53.8% to RM19.6mil in 3QFY24, compared with RM12.7mil a year ago, translating into an earnings per share of 5.5 sen, up from 3.6 sen previously.
Revenue surged to RM841.8mil against RM646.4mil a year prior.
For the first nine months of the year, VSTECS posted an increase in net profit to RM49.1mil from RM43.2mil, while revenue rose 8.5% to RM2.08bil from RM1.92bil previously.
The company declared a single-tier interim dividend of 2.8 sen per share for the financial year ending Dec 31, 2024.
According to Vstecs, it is optimistic about its fourth quarter, due to the growth potential in the consumer sector and year-end enterprise spending.
