KUALA LUMPUR (Feb 24): Total waste management company JAG Bhd's net profit for the fourth quarter ended Dec 31, 2021 rose 55% to RM4.64 million from RM3 million a year earlier.

In a bourse filing Wednesday (Feb 23), the company said revenue for the quarter rose 49.2% to RM66.17 million from RM44.34 million previously.

Earnings per share stood at 0.74 sen versus 0.67 sen previously.

The company declared an interim dividend of 0.5 sen per share, totalling RM3.13 million, to be paid on March 25.

For the financial year ended Dec 31 (FY21), JAG’s net profit surged to RM19.21 million from RM9.16 million a year earlier on revenue of RM223.82 million versus RM159 million previously.

JAG executive director Datuk Ng Meow Giak said the financial performance has soared on the back of strong commodity prices and growing demand for e-waste locally and globally.

“In 2021, 74% of sales in our total waste management division was contributed by the sales of copper, followed by other precious metals.

“In addition to external factors, our sustainable efforts, including the installation of green energy solar panels and the switch to using gas for heating process, have resulted in additional savings,” he said.   

Ng said these savings will be realised year after year and will positively impact JAG in the long run.

He said in FY21, the company successfully increased supplier contracts, which will further sustain the group into the new financial year.

“Overall, we are pleased with our developments, and we are confident this momentum will continue into our 2022 financial year,” he said.

At 11.15am, JAG fell 9.7% or 3.5 sen to 32.5 sen, valuing it at RM206.09 million.