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Construction contractor CAZ (Thailand) Plc (CAZ) saw its shares advance by 26 per cent on Wednesday after it reported a 200-per-cent increase from a year earlier in its first-quarter earnings of 2022.
As of the morning session, CAZ peaked at 7.70 baht, up 26.23 per cent from its prior closing. In the last five trading days, the stock has risen over 32 per cent.
CAZ is an engineering, procurement and construction contractor in the energy businesses such as oil and gas, petrochemicals, and power plants. The company is located in Rayong, which is home to Thailand’s Eastern Economic Corridor (EEC).
According to the earnings report, CAZ secured a net profit of 62 million baht in the first quarter, up from 42 million baht a year earlier. The profit jump was driven by higher revenue from construction contracts.
“The main reason was that some new construction projects signed in late 2021 have higher gross profit margins than previous ones,” chief executive Chung Sik Hong said in a statement.
CAZ is a subsidiary of liquefied petroleum gas (LPG) distributor Takuni Group Plc (TAKUNI), which is also listed on the Thai bourse. Shares in Takuni also surged by 8 per cent as it booked a first-quarter net profit of 28 million baht, up from 4 million a year earlier.
Meanwhile, the Stock Exchange of Thailand (SET) index fell by 9.56 points or 0.59 per cent in the morning session, as uncertainties on global inflation, Russia-Ukraine war, the Covid-19 outbreak in China weighed on equities markets.