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Bursa queries Eversendai following sharp rise in share price

Publish date: Mon, 13 May 2024, 05:16 PM

KUALA LUMPUR: Eversendai Corp Bhd has been issued with an unusual market activity (UMA) query by Bursa Malaysia following a sharp rise in the price of its shares.

At the time of writing, the construction firm's shares rose 6.5 sen or 10.57 per cent to 68 sen.

It rose to a high of 78.5 sen earlier, up 27.64 per cent over its reference price of 61.5 sen, giving it a market capitalisation of RM561.73 million.

Investors were advised to take note of Eversendai's reply to the UMA query, said Bursa. 

In March this year, Eversendai secured four contracts worth RM5.4 billion in Saudi Arabia, the United Arab Emirates, and India, following which its share price went skyrocketing to over 353 per cent. 

The company turned a corner in the fiscal year ended Dec 31, 2023 (FY2023), shifting from three years of losses to profitability. 

Eversendai posted a net profit of RM26.62 million compared to a net loss of RM361.52 million in the previous year, with revenue surging to RM1.45 billion from RM905.31 million.

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