Hengyuan up 9.2% after reporting net profit tripled quarter-on-quarter

KUALA LUMPUR (Nov 27): Hengyuan Refinery Company Bhd jumped as high as 9.2% or 32 sen to reach RM3.79 in morning trade today after reporting that its net profit for the third quarter ended Sept 30, 2020 (3QFY20) tripled to RM154.91 million quarter-on-quarter (q-o-q) on higher average prices of oil products.

At 9.44am, the counter had pared some gains to settle at RM3.73, still 26 sen or 7.49% higher than its last closing share price of RM3.47, making it the fourth top gainer on Bursa Malaysia so far today.

Around 3.06 million Hengyuan shares were traded. The stock had a market capitalisation of RM1.04 billion.

Hengyuan's revenue for 3QFY20 increased 30.84% q-o-q to RM1.59 billion from RM1.21 billion. It posted a quarterly net loss of RM11.43 million a year earlier. Revenue, meanwhile, was just half of the RM3.23 billion reported for 3QFY19.