PETALING JAYA: Dialog Group Bhd’s share price rose as much as 11.40% or 35 sen to RM3.42 during early trade today, on news of better earnings and commencement of construction of facilities for Phase 3 of Pengerang Deepwater Terminals.
The stock opened higher at RM3.15 this morning from RM3.07 at yesterday’s close. It traded at a high of RM3.42, making it the third top gainer and one of the top active stocks on the bourse this morning.
The stock ended the first trading session 7.49% or 23 sen higher at RM3.30 with 13.10 million shares traded.
Yesterday, Dialog announced a 20.9% increase in net profit for the third quarter ended March 31, 2019 of RM143.71 million from RM118.84 million a year ago due to cost savings realised on completed projects and profit share in joint ventures and associates.
Its revenue for the quarter fell 26.6% to RM636.61 million from RM867.37 million. The group proposed to declare an interim dividend of 1.5 sen per share.
The group also announced the commencement of the construction of a storage terminal, common tankage facilities (including shared infrastructure) and deepwater marine facilities for Phase 3 of Pengerang Deepwater Terminals.
A long-term storage agreement was entered between Dialog’s indirect wholly owned subsidiary Pengerang Terminals (Five) Sdn Bhd (PT5) and BP Singapore Pte Ltd.
PT5 will develop, construct and operate storage tanks with capacity of 430,000 m3 for clean petroleum products and provide storage services, with completion date expected in mid 2021.
In addition, Dialog’s another indirect wholly owned subsidiary Pengerang CTF Sdn Bhd (PCTF) will undertake the development of Jetty 3 and the common tankage facilities, including shared infrastructure.
Source: The Sun Daily