Syed Mokhtar’s DRB-Hicom surges 17% on earnings rebound
DRB-Hicom Bhd soared to its highest level this year after the conglomerate controlled by tycoon Syed Mokhtar Albukhary posted strong second quarter earnings.
It shares rose as much as 17% or 13.5 sen to 93.5 sen, its highest level since mid-February.
It closed at 92 sen or 15% higher, valuing the group at RM1.78 billion. It is still down nearly 18% year to date.
A total of 23.75 million shares changed hands, a six-fold jump from its average daily volume of 3.83 million shares.
DRB-Hicom’s turnaround comes on the back of a RM58.1 million net profit for its second quarter ended June 30 (Q2 FY2025) from a net loss of RM17.1 million a year ago. This was the group’s second consecutive quarter of profits.
Revenue for the quarter rose 7.9% to RM4.1 billion from RM3.8 billion a year ago while first half FY2025 revenue was up 2.5% to RM8.3 billion.
The rebound was mainly…
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