Hot stock: iFast spikes to over 2-year high on Q4 profit surge 

SHARES of iFast hit a record high on Thursday (Feb 22) morning after the financial services company reported a 917.1 per cent rise in fourth quarter net profit.

A pre-market trade of 169,000 securities pushed the counter up by S$0.26 or 3.3 per cent to S$8.19 prior to the opening bell.

By 9.19 am it had gained S$0.42 or 5.3 per cent to S$8.35 – its highest level in over two years since it last opened at the same price on Jan 7, 2022.

Shares of iFast later eased to S$8.27, up S$0.34 or 4.3 per cent after some 1.4 million securities changed hands, almost double the counter’s average volume of 613,433.

No married deals were recorded in early trade, according to ShareInvestor data.

iFast on Wednesday reported net profit of S$13.2 million for the fourth quarter ended Dec 31, 2023, as initial contributions from its ePension division streamed in.

Total revenue for the quarter climbed 69.3 per cent on the year to S$82.2 million amid an increase in assets under administration, which rose 13.8 per cent to a record S$19.8 billion as at end-2023.

The group said its ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while its overall wealth management platform is expected to “continue to show healthy progress”.