As of the midday break, a total of 11.2 million shares changed hands, reaching an intraday high of 52.5 sen.

The company, which is mainly involved in apparel manufacturing for global brands, announced that net profit rose to RM22.81 million in the second quarter ended Jan 31, 2023 (Q2 FY2023), up 22 times from RM1 million posted in the corresponding quarter a year ago.

Prolexus’ strong performance was backed by higher revenues from its textile and advertising divisions, and gains on other investments. Revenue grew RM1.2 million to RM63.2 million from the quarter a year earlier.

For the six months ended Jan 31, 2023, the group posted a net profit of RM33.32 million from RM1.49 million in the corresponding period a year ago. No dividend was declared for the quarter.

The group expects 2023 to remain a challenging year, compounded by the rising cost of doing business and higher interest rates that have affected consumer confidence.

“Nevertheless, the group continues to seek avenues to enhance financial performance,” the company said in a filing with Bursa Malaysia on Friday.

The company had in September 2022, signed a memorandum of understanding (MoU) with the Standards and Industrial Research Institute of Malaysia (Sirim) to explore research and development for waste materials from textile production.

In its filing, Prolexus said there had been no material development pertaining to the MoU between themselves and Sirim since the announcement was made last September.

The company stated that “any material and significant development will be updated accordingly”.

Prolexus continues to collaborate with some of the largest global brands in the apparel sector, listing Nike, Air Jordan, Under Armour and Converse among present and former partners.