KUALA LUMPUR (Feb 21): Printing and publishing firm Nextgreen Global Bhd was issued an unusual market activity (UMA) query by Bursa Malaysia on Tuesday (Feb 21) due to a sharp rise in its share price and trading volume recently.
The counter opened at RM1.06 on Tuesday and surged as much as 4.7% to hit its intraday high of RM1.11. This was the highest since Feb 23, 2022 when the counter closed at RM1.14.
As at 3.47pm, it was trading at RM1.10 — still up four sen or 3.77% from Monday's closing of RM1.06. Its market capitalisation stood at RM873 million. A total of 3.85 million shares were traded — exceeding the 200-day average volume of 460,587 shares.
Shares of Nextgreen had risen 50.68% over the past two weeks from 73 sen on Feb 9.
Bursa requested that Nextgreen disclose any corporate developments, rumours or reports concerning the business and affairs of the group, and any other possible reasons, which may account for the UMA.
The substantial shareholders in the group are Datuk Gan Kong Hiok with a 19.418% stake, followed by Nextgreen managing director Datuk Lim Thiam Huat (14.092% stake) and executive director Lim Kah Yen (12.447% stake) and the Federal Land Development Authority (5.7% stake).
For the third quarter ended Sept 30, 2022, Nextgreen’s net profit declined 21.7% to RM1.12 million from RM1.43 million a year earlier, as revenue fell 40.42% to RM10.56 million from RM17.73 million, dragged by lower operating revenue and operating expenses as well as higher finance costs.
Net profit for the nine-month period (9MFY2022), however, soared 263% to RM2.6 million from RM718,000, supported by the increase in other income, which was mainly derived from the gain on disposal of property, plant and equipment and rental income.
This was despite 9MFY2022 revenue falling 10.41% to RM33.88 million from RM37.81 million a year earlier, amid a decline in revenue from land sales in Green Technology Park and lower contribution from the printing and publishing division.
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