KUALA LUMPUR (Dec 26): Mercury Securities Group Bhd has declared its maiden dividend of 0.5 sen per share or RM4.47 million, after revenue for the three months ended Oct 31, 2023 (3QFY2024) rose 19.9% quarter-on-quarter (q-o-q) on higher brokerage fees, underwriting and placement fees.

Quarterly revenue rose to RM8.71 million, from RM7.26 million in 2QFY2024.

Profit before tax prior to one-off listing expenses stood at RM4.6 million, down from RM4.91 million q-o-q, due to credit loss provisions and higher headcounts as part of efforts to enhance capacity.

Including listing expenses of RM3.93 million, Mercury Securities booked a net loss of RM422,000 or 0.15 sen per share in 3QFY2024, compared with a net profit of RM3.73 million or 0.51 sen per share in 2QFY2024.

For the nine-month period ended October (9MFY2024), Mercury Securities booked a net profit of RM8.38 million or 3.06 sen per share, from revenue of RM27.41 million.

“Our credible performance this quarter, evidenced by a meaningful increase in revenue and a healthy gross profit margin, demonstrates the effectiveness of our business strategies,” the company said in a statement.

“Looking ahead, Mercury Securities is steadfast in the group’s commitment to driving revenue growth and optimising operating costs,” it said.

Key initiatives include expanding its share margin financing portfolio, enhancing its online trading platform with algorithmic capabilities to increase market share, enlarging its proprietary trading teams and adding corporate finance personnel to further expand the corporate finance division, it said.

Mercury Securities’ share price fell eight sen or 12.7% to close at 55 sen, giving the group a market capitalisation of RM491.15 million. The counter is still up 120% from its listing price of 25 sen in September this year.