Market Mover | Northeast Group Surged Over 6% on Its IPO Debut

Significantly, Northeast Group published its financial report for the third quarter of 2024 on October 10. The report revealed that the company's revenue for the quarter reached RM21.57 million, with a net profit of RM3.2 million and earnings per share (EPS) of 0.43 sen.

Northeast Group Berhad, founded on July 18, 2022, in Malaysia, is an investment holding company focusing on precision engineering components. It owns subsidiaries like NE Components, NE Integrated, NE Solutions, NE Technologies, and Northeast Precision, all with a history dating back to 2004. The Group operates from 3 factories in Juru and Bukit Minyak, Pulau Pinang, totaling 208,468.19 sq ft.

The funds raised, totaling RM84.49 million, will be allocated towards several key areas: construction of the new factory, repayment of bank borrowings, purchase of new CNC machines, working capital and listing expenses.