Plenitude Bhd shares showed a drastic increase in the trading session on Bursa Malaysia today as the company announced strong financial results in the second quarter ended June 30, 2021.
At 3.33pm, Plenitude's share price jumped 16% to RM1.16 after reaching the previous level of RM1.25 which was last recorded in January 2020.
To date, the company has secured a market capitalization of RM446.39 million.
Plenitude has recorded a net profit of RM8.15 million compared to a net loss of RM2.57 million achieved in the same period last year.
The company's revenue also recorded an aggressive increase which has increased almost six -fold to RM71.2 million from RM12.1 million.
According to a statement issued, the surge was driven by property sales and higher contributions from ongoing property development in Johor, Selangor and Kedah.
The company’s outstanding acquisition performance was influenced by the early settlement of sales and purchases by buyers prior to the government’s Home Ownership Campaign which ended on 31 May.
Apart from that, the hotel operation also recorded a revenue of RM4.9 million but it was much lower by RM17.1 from the revenue obtained in the previous year of around RM22 million.
