Shares of IDT International (HKG:0167) surged 5.31% during Tuesday's trading session following the company's announcement of a return to profitability in 2024. The stock's significant uptick reflects investor optimism about the company's financial turnaround.
According to a filing with the Hong Kong Stock Exchange on Monday, IDT International reported a profit attributable to owners of HK$114.6 million for 2024, or HK$2.645 per share. This marks a substantial improvement from the previous year's loss of HK$13.4 million or HK$0.3267 per share. The international voice and data services provider also saw its revenue skyrocket to HK$173.3 million, up from just HK$1.2 million in the prior year.
The dramatic increase in revenue and the shift from loss to profit appear to be the primary drivers behind the stock's positive movement. Despite the improved financial performance, the company has not recommended any dividend for the period. Investors seem to be focusing on the overall financial health and growth potential of IDT International, as reflected in the strong stock price increase.
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