August 30, 2021

Not Ordinary! Achieve Latest ATH, Genetec Market Capital Reaches RM1.5 Billion

 Genetec Technology Bhd's share price 'rocketed' to reach its latest high of RM31.12 during the trading session on Bursa Malaysia today.

The surge has also prompted Genetec to record an increase in the company's market capitalization to RM1.5 billion.

At 3.09pm, Genetec's share price remained up 5.57% to RM30.72 with 508,500 shares changing hands.

Looking at the valuation, the group's shares have jumped 1,657% or RM28.67 to the current price level from RM1.73 achieved at the end of 2020.

So far, the share placement return has exceeded 600% in two months yet it still lacks a clear factor in supporting the increase.

Last month, Genetec earned a net profit of RM8 million for the second quarter ended June 30, 2021 compared to a net loss of RM2.1 million last year.

The company's revenue saw a threefold increase to RM40.3 million from RM12.4 million.

The company said that the profit was contributed by a higher sales volume rate and improved operating efficiency.

Genetec also received a strong order book, especially from the electric vehicle (EV) sector, which has had a positive impact on the current quarter's performance.

In addition, the company remains committed to ensuring the quality and efficiency of its projects and it hopes that the impact will continue in the coming quarters.