Shares of Greatech Technology Bhd were listed as among the most profitable counters in today's trading session after the group announced a net profit rate for the second quarter.
Greatech explained that its net profit in the second quarter doubled to RM38.38 million from RM17.63 million in the same period last year.
At 9.50am, Greatech shares jumped 2.84% or 18 sen to RM7.23 with 2.85 million shares changing hands.
To date, the stock has risen 53.4% to its current level from RM14.70 achieved in January 2021 and earned a market capitalization of RM9.09 billion.
Strong revenue for production line systems (PLS) in the versatile electric vehicle (EV) energy storage industry has supported the group's quarterly revenue to double to RM136.36 million from RM56.22 million earned last year.
Apart from that, the company's earnings per share also increased to 3.07 sen to 1.41 sen.
Greatech noted that EV energy storage continued to affect revenue for the current quarter of which 88.93% was derived from total revenue for PLS.
The group's net profit doubled to RM85 million from 36.11 million for the first half ended June 30, 2021.
Meanwhile, its revenue also doubled to RM231.5 million compared to RM108.96 million recorded last year.
The Group remains confident of maintaining market share and remaining strong on the group's second half financial performance.
Meanwhile, Greatech also expects capital expenditure to increase between RM275 million to RM280 million higher than the RM77.37 million announced on February 18.
