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Panama Petro shares have their best day in nearly two years, end at a 52-week high

Panama Petro shares have their best day in nearly two years, end at a 52-week high

Panama Petro shares have their best day in nearly two years, end at a 52-week high
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By CNBCTV18.com Nov 25, 2022 5:11:53 PM IST (Published)

The small-cap stock has jumped 63.67 percent year-to-date.

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Shares of Panama Petro ended nearly 14 percent higher on Friday, marking their best single-day performance since April 2021. The stock also ended at a 52-week high.

The small-cap stock has jumped 63.67 percent so far this year. The shares have gained nearly 40 percent in the last month while they surged 57.39 percent in the last year.

The petroleum firm’s stock doubled last year and provided a 45 percent higher returns to its shareholders in 2020.

Earlier this month, the company’s board of directors announced an interim dividend of Rs 3 per share, translating to a 150 percent dividend. The record date for the same was set as November 24.

In the September quarter, Panama Petrochem posted a consolidated net profit of Rs 67.43 crore, up 8.89 percent compared to Rs 61.92 crore in the same quarter a year ago. The company’s net sales grew 8.97 percent to Rs 613.84 crore compared to Rs 563.32 crore in the year-ago period.

The Panama Petrochem stock ended trading at Rs 402, up 13.13 percent.
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