Comintel Corp intraday shares up 14% after 2Q net profit jumps 5 fold

The stock price of construction company Comintel Corporation Bhd surged 14% to RM1.47 in intra trading after announcing that its latest quarter net profit jumped five fold to RM8.42 million.

At 4.30pm today (Sept 22) it was trading at RM1.46, with more than 4.2 million shares exchanging hands. It hit an intra-day high of RM1.47, a new 52-week high.

For its second quarter ended July 31, 2023 (2Q23), Comintel’s revenue was up four-fold to RM92.30 million. For the first half, it posted a net profit of RM14.16 million on the back of revenue of RM151.84 million.

The 2Q23 revenue increase was mainly due to the construction segment, contributed entirely by its wholly-owned subsidiary Binastra Builders Sdn Bhd, formerly known as Total Package Work Sdn Bhd, from the commencement of new projects and improvement in progress of construction work activities during the current quarter.

In a filing on Sept 4, Comintel said Bursa Securities has approved the upliftment of the company from being classified as a PN17 company.

Its top shareholders are JT Conglomerate Sdn Bhd with a 56.49% stake, ED, Lee Seng Yong (9.62%) and Yankong Stain Sdn Bhd (4.90%). It has a market capitalisation of RM554.6 million. –TMR