Quick take: JAG shares soar 11% on profit jump

KUALA LUMPUR: JAG Bhd’s shares soared this morning as the waste management company posted a jump in its fourth quarter earnings.

The counter, of one of most actively traded, advanced 11.11%, or 0.5 sen to five sen with 32 million shares traded.

JAG’s net profit jumped six-fold to RM2.53mil in the fourth quarter ended Dec 31,2019 from RM415,000 a year earlier, due to high margin products such as high purity commodity products.

Its revenue for the quarter fell 19.88% to RM35.96mil from RM44.89mil.

For the full financial year ended Dec 31, JAG posted net loss RM11.90mil against net profit RM1.69mil, on the back of revenue RM139.52mil against RM154.41mil a year earlier.

JAG executive director Datuk Ng Meow Giak said commodity prices for precious metals such gold, silver, platinum and palladium has been on an uptrend in 2019.

“Prices are still growing from strength-to-strength, and we foresee this trend to continue moving forward, indicating a positive year ahead.

“We expect the long-term prospects of our e-waste management business to remain bright. In addition, we are continuously on the lookout for any M&A opportunities across all our divisions to grow our performance, ” he said.

Source: TheStar