JAG 4Q earnings jump six-fold to RM2.53m on high margin products

KUALA LUMPUR (Feb 26): Total waste management outfit JAG Bhd nt profit for the fourth quarter ended Dec 31, 2019 jumped six-fold to RM2.53 million from RM415,000 a year earlier, due to high margin product such as high purity commodity products.

In a bourse filing Feb 25, JAG said revenue for the quarter fell 19.88% to RM35.96 million from RM44.89 million, due to lower sales of gold, nickel, platinum, silver, and copper in the quarter under review.

Earnings per share rose to 0.15 sen from 0.03 sen.

For the financial year ended Dec 31, JAG posted net loss RM11.90 million versus net profit RM1.69 million due to the recognition of an impairment loss in the Group’s property development division, on the back of revenue RM139.52 million against RM154.41 million a year earlier.

In a separate statement, JAG executive director Datuk Ng Meow Giak said commodity prices for precious metals such gold, silver, platinum and palladium has been on an uptrend in 2019.

“This, along with the sales of high purity commodity products, contributed positively to our performance especially in the 4th quarter of our financial year.

“Prices are still growing from strength-to-strength, and we foresee this trend to continue moving forward, indicating a positive year ahead.

“We expect the long-term prospects of our e-waste management business to remain bright. In addition, we are continuously on the lookout for any M&A opportunities across all our divisions to grow our performance,” he said.

At 9.22am, JAG jumped 11.11% or 0.5 sen to 5 sen, valuing it at RM90..93 million.

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