New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (RM293.4m market cap, or US$71.8m). Buy Or Sell Opportunity • Jul 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to RM0.17. The fair value is estimated to be RM0.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 11%. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Non-Independent Non-Executive Director Kaixuan Chan was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 21
Third quarter 2026 earnings released: EPS: RM0.002 (vs RM0.005 in 3Q 2025) Third quarter 2026 results: EPS: RM0.002 (down from RM0.005 in 3Q 2025). Revenue: RM148.1m (up 37% from 3Q 2025). Net income: RM3.34m (down 55% from 3Q 2025). Profit margin: 2.3% (down from 6.9% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Mar 30
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to RM0.11. The fair value is estimated to be RM0.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 13%. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (RM225.7m market cap, or US$57.7m). Reported Earnings • Nov 23
First quarter 2026 earnings released: EPS: RM0.004 (vs RM0.003 in 1Q 2025) First quarter 2026 results: EPS: RM0.004 (up from RM0.003 in 1Q 2025). Revenue: RM147.7m (down 7.5% from 1Q 2025). Net income: RM6.25m (up 37% from 1Q 2025). Profit margin: 4.2% (up from 2.8% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 15% per year. Annonce • Oct 29
P.A. Resources Berhad, Annual General Meeting, Dec 18, 2025 P.A. Resources Berhad, Annual General Meeting, Dec 18, 2025, at 10:00 Singapore Standard Time. Location: kelab rahman putra malaysia, jalan brp 2/1, bukit rahman putra, selangor darul ehsan, 47000 sungai buloh, Malaysia Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: RM0.019 (vs RM0.031 in FY 2024) Full year 2025 results: EPS: RM0.019 (down from RM0.031 in FY 2024). Revenue: RM541.1m (down 4.2% from FY 2024). Net income: RM28.0m (down 39% from FY 2024). Profit margin: 5.2% (down from 8.1% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 16% per year. Annonce • Jun 24
P.A. Resources Berhad Announces the Appointment of Chan Kaixuan as Non Independent and Non Executive Director, Effective July 1, 2025 P.A. Resources Berhad announced the appointment of Miss Chan Kaixuan as Non Independent and Non Executive Director, effective July 1, 2025. Ms. Chan Kaixuan ("Ms. Chan") possesses over 15 years of extensive experience in various sectors, primarily in the wellness, healthcare services, and hospitality industries. She began her career in the hospitality industry, having as guest services executive at Mandarin Oriental Hong Kong and served as team leader at Grand Hyatt Kuala Lumpur, where she gained substantial experience in managing high-end client services and maintaining service quality standards. She currently serves as the Director of Holistic Asia Sdn. Bhd. in Malaysia. In these capacities, she is responsible for the strategic planning, operational management, business development, team leader, and regulatory compliance of the respective companies. Her professional expertise includes cross-border business management, restructuring of strategic partnerships, and the formulation of long-term sustainability initiatives. Presently, Ms. Chan remains actively involved in overseeing the overall operations and continued expansion of her group's wellness-related business ventures. Miss Chan, aged 40, is a Malaysian national who holds a Master's degree in Business Administration from Imperial College London. She also earned a degree in Interior Design from RMIT University, Australia, and a diploma in Hospitality Administration from Glion Institute of Higher Education, Switzerland. Reported Earnings • May 24
Third quarter 2025 earnings released: EPS: RM0.005 (vs RM0.008 in 3Q 2024) Third quarter 2025 results: EPS: RM0.005 (down from RM0.008 in 3Q 2024). Revenue: RM107.9m (down 22% from 3Q 2024). Net income: RM7.40m (down 41% from 3Q 2024). Profit margin: 6.9% (down from 9.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Feb 22
Second quarter 2025 earnings released: EPS: RM0.007 (vs RM0.008 in 2Q 2024) Second quarter 2025 results: EPS: RM0.007 (down from RM0.008 in 2Q 2024). Revenue: RM110.0m (down 27% from 2Q 2024). Net income: RM10.1m (down 11% from 2Q 2024). Profit margin: 9.1% (up from 7.5% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 18% per year. Annonce • Feb 21
P.A. Resources Berhad Declares Interim Dividend in Respect of the Financial Year Ending 30 June 2025 P.A. Resources Berhad Board of Directors declared an interim dividend of 0.5 sen per ordinary share in respect of the financial year ending 30 June 2025. The entitlement and payment dates will be announced accordingly. Reported Earnings • Nov 23
First quarter 2025 earnings released: EPS: RM0.003 (vs RM0.006 in 1Q 2024) First quarter 2025 results: EPS: RM0.003 (down from RM0.006 in 1Q 2024). Revenue: RM159.7m (up 23% from 1Q 2024). Net income: RM4.55m (down 48% from 1Q 2024). Profit margin: 2.8% (down from 6.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • Nov 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RM436.4m (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (RM436.4m market cap, or US$98.9m). Annonce • Oct 31
P.A. Resources Berhad, Annual General Meeting, Dec 17, 2024 P.A. Resources Berhad, Annual General Meeting, Dec 17, 2024, at 10:00 Singapore Standard Time. Location: kelab rahman putra malaysia, jalan brp 2/1, bukit rahman putra, 47000 sungai buloh, selangor darul ehsan, Malaysia Reported Earnings • Aug 29
Full year 2024 earnings released: EPS: RM0.032 (vs RM0.022 in FY 2023) Full year 2024 results: EPS: RM0.032 (up from RM0.022 in FY 2023). Revenue: RM564.6m (up 22% from FY 2023). Net income: RM45.7m (up 46% from FY 2023). Profit margin: 8.1% (up from 6.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Annonce • Aug 28
P.A. Resources Berhad Declares Interim Dividend for the Financial Year Ended 30 June 2024 The Board of Directors of P.A. Resources Berhad declared an interim dividend of 0.5 sen per ordinary share in respect of the financial year ended 30 June 2024. The entitlement and payment dates will be announced accordingly. Reported Earnings • May 14
Third quarter 2024 earnings released: EPS: RM0.008 (vs RM0 in 3Q 2023) Third quarter 2024 results: EPS: RM0.008 (up from RM0 in 3Q 2023). Revenue: RM137.8m (up 62% from 3Q 2023). Net income: RM12.4m (up RM12.2m from 3Q 2023). Profit margin: 9.0% (up from 0.3% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non Executive Director Siew-Mei Lim was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Second quarter 2024 earnings released: EPS: RM0.008 (vs RM0.01 in 2Q 2023) Second quarter 2024 results: EPS: RM0.008 (down from RM0.01 in 2Q 2023). Revenue: RM150.7m (up 13% from 2Q 2023). Net income: RM11.4m (down 10% from 2Q 2023). Profit margin: 7.5% (down from 9.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Annonce • Feb 28
P.A. Resources Berhad Announces Single Tier Interim Dividend for the Financial Year Ending 30 June 2024 P.A. Resources Berhad declared a single tier interim dividend of 0.5 sen per ordinary share in respect of the financial year ending 30 June 2024. The entitlement and payment dates will be announced accordingly. Reported Earnings • Nov 29
First quarter 2024 earnings released: EPS: RM0.006 (vs RM0.012 in 1Q 2023) First quarter 2024 results: EPS: RM0.006 (down from RM0.012 in 1Q 2023). Revenue: RM129.4m (down 6.4% from 1Q 2023). Net income: RM8.66m (down 43% from 1Q 2023). Profit margin: 6.7% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • Oct 31
P.A. Resources Berhad, Annual General Meeting, Dec 08, 2023 P.A. Resources Berhad, Annual General Meeting, Dec 08, 2023, at 10:00 Singapore Standard Time. Location: KelabRahmanPutraMalaysia,JalanBRP2/1,BukitRahmanPutra 47000SungaiBuloh, SELANGOR DARUL EHSAN Malaysia Agenda: To consider the Audited Financial Statements for the financial year ended 30 June 2023 together with the Directors and Auditors' Reports thereon; to consider and approve the payment of Directors' fees; to consider and approve the benefits payable to the Non-Executive Directors of the Company; to consider and re-elect the Directors; to consider re-elect Dato'Lim Siew Mei who retires in accordance with Clause 102 of the Constitution of the Company and who being eligible; to consider and re-appoint Messrs. Moore Stephens Associates PLT, the retiring auditors, as the auditors of the Company for the upcoming year and to authorize the Board of Directors to fix their remuneration; and to consider other business matters. Reported Earnings • Aug 26
Full year 2023 earnings released: EPS: RM0.022 (vs RM0.035 in FY 2022) Full year 2023 results: EPS: RM0.022 (down from RM0.035 in FY 2022). Revenue: RM461.7m (up 12% from FY 2022). Net income: RM31.3m (down 28% from FY 2022). Profit margin: 6.8% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annonce • Aug 26
P.A. Resources Berhad Declares Single Tier Interim Dividend for the Financial Year Ended 30 June 2023 The Board of Directors of P.A. Resources Berhad declared a single tier interim dividend of 0.5 sen per ordinary share in respect of the financial year ended 30 June 2023. Annonce • Jul 01
P.A. Resources Berhad Announces Redesignation of Tan Sri Chan Kong Choy from Non Executive Chairman to Executive Chairman, Effective 01 July 2023 P.A. Resources Berhad announced redesignation of Tan Sri Chan Kong Choy, aged 68, from Non Executive Chairman to Executive Chairman. Date of change is 01 July 2023. Reported Earnings • Jun 01
Third quarter 2023 earnings released: EPS: RM0 (vs RM0.008 in 3Q 2022) Third quarter 2023 results: EPS: RM0 (down from RM0.008 in 3Q 2022). Revenue: RM84.8m (down 30% from 3Q 2022). Net income: RM239.0k (down 98% from 3Q 2022). Profit margin: 0.3% (down from 8.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Annonce • May 31
P.A. Resources Berhad Appoints LIM SIEW MEI as Independent and Non Executive Director P.A. Resources Berhad announced the appointment of DATO' LIM SIEW MEI, age 41 as independent and Non Executive Director. Date of change is on May 30, 2023. Qualifications: Masters Master of Banking and Finance in Monash University, Australia; Degree Bachelor of Commerce in Accounting and Finance in Deakin University, Australia. Working experience and occupation: Dato' Lim Siew Mei graduated with a Master of Banking and Finance from the Monash University, Australia in 2005. She has more than 16 years of experience in various industry, mainly in the timber and logging industry. Dato' Lim Siew Mei also holds directorships in several other private limited companies in various industry. She is primarily responsible for the day-to-day businesses planning, operations and developments, management decisions, strategic planning and marketing activities in property development and construction industry, plantation sector and timber logging industry. She is also supervise and oversee the operations of hotel and resort, sawmilling and petrol station. Currently, she is a Non-Independent Non-Executive Director of Fajarbaru Builder Group Berhad who is primarily responsible for the day-to-day business operations and management decisions of the timber and logging division. Reported Earnings • Feb 22
Second quarter 2023 earnings released: EPS: RM0.01 (vs RM0.011 in 2Q 2022) Second quarter 2023 results: EPS: RM0.01 (down from RM0.011 in 2Q 2022). Revenue: RM133.8m (up 19% from 2Q 2022). Net income: RM12.6m (down 3.5% from 2Q 2022). Profit margin: 9.4% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Annonce • Dec 15
P.A. Resources Berhad Announces Retirement of Mr. Wong Chee Heng P.A. Resources Berhad announced retirement of Mr. Wong Chee Heng as Executive Director. Age: 64,Male. Date of change is 15 December 2022. Reported Earnings • Nov 23
First quarter 2023 earnings released: EPS: RM0.012 (vs RM0.008 in 1Q 2022) First quarter 2023 results: EPS: RM0.012 (up from RM0.008 in 1Q 2022). Revenue: RM138.3m (up 126% from 1Q 2022). Net income: RM15.2m (up 50% from 1Q 2022). Profit margin: 11% (down from 17% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 02
Full year 2022 earnings released: EPS: RM0.035 (vs RM0.027 in FY 2021) Full year 2022 results: EPS: RM0.035 (up from RM0.027 in FY 2021). Revenue: RM411.3m (up 47% from FY 2021). Net income: RM43.5m (up 39% from FY 2021). Profit margin: 11% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Annonce • Nov 01
P.A. Resources Berhad, Annual General Meeting, Dec 15, 2022 P.A. Resources Berhad, Annual General Meeting, Dec 15, 2022, at 10:00 Singapore Standard Time. Location: Kelab Rahman Putra Malaysia, Jalan BRP 2/1, Bukit Rahman Putra, 47000 Sungai Buloh, Selangor Darul Ehsan SELANGOR DARUL EHSAN Malaysia Agenda: To approve the payment of Directors' fees up to an aggregate amount of RM450,000.00 payable to the Non-Executive Directors of the Company from 16 December 2022 until the next Annual General Meeting of the Company to be held in 2023; to approve the Benefits Payable to the Non-Executive Directors of the Company up to an aggregate amount of RM100,000.00 from 16 December 2022 until the next Annual General Meeting of the Company to be held in 2023; to re-elect Hoe Thiam Soon as Director of the Company who retires by rotation in accordance with Clause 95 of the Constitution of the Company; and to consider other matters. Reported Earnings • Aug 23
Full year 2022 earnings released: EPS: RM0.034 (vs RM0.027 in FY 2021) Full year 2022 results: EPS: RM0.034 (up from RM0.027 in FY 2021). Revenue: RM411.3m (up 47% from FY 2021). Net income: RM43.2m (up 38% from FY 2021). Profit margin: 11% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Annonce • Jun 21
P.A. Resources Berhad Announces Single Tier Interim Dividend for Financial Year Ending 30 June 2023, Payable on September 15, 2022 P.A. Resources Berhad announced single tier interim dividend of 0.50 SEN PER ORDINARY SHARE for Financial Year Ending 30 June 2023. Ex-date is September 8, 2022. Payment date is September 15, 2022. Reported Earnings • May 29
Third quarter 2022 earnings released: EPS: RM0.008 (vs RM0.006 in 3Q 2021) Third quarter 2022 results: EPS: RM0.008 (up from RM0.006 in 3Q 2021). Revenue: RM121.2m (up 70% from 3Q 2021). Net income: RM10.4m (up 44% from 3Q 2021). Profit margin: 8.6% (down from 10% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 27
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: RM0.011 (up from RM0.006 in 2Q 2021). Revenue: RM112.8m (up 54% from 2Q 2021). Net income: RM13.1m (up 100% from 2Q 2021). Profit margin: 12% (up from 8.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Full year 2021 earnings released: EPS RM0.027 (vs RM0.009 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: RM280.3m (up 39% from FY 2020). Net income: RM31.4m (up 238% from FY 2020). Profit margin: 11% (up from 4.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 29
Full year 2021 earnings released: EPS RM0.027 (vs RM0.009 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: RM280.3m (up 39% from FY 2020). Net income: RM31.4m (up 238% from FY 2020). Profit margin: 11% (up from 4.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 29
Third quarter 2021 earnings released: EPS RM0.006 (vs RM0.003 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: RM71.2m (up 38% from 3Q 2020). Net income: RM7.19m (up 124% from 3Q 2020). Profit margin: 10% (up from 6.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 24
Second quarter 2021 earnings released: EPS RM0.006 (vs RM0.002 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RM73.4m (up 36% from 2Q 2020). Net income: RM6.56m (up 190% from 2Q 2020). Profit margin: 8.9% (up from 4.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 21
New 90-day high: RM0.56 The company is up 87% from its price of RM0.30 on 23 November 2020. The Malaysian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 44% over the same period. Is New 90 Day High Low • Feb 20
New 90-day high: RM0.56 The company is up 87% from its price of RM0.30 on 20 November 2020. The Malaysian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 44% over the same period. Is New 90 Day High Low • Feb 18
New 90-day high: RM0.52 The company is up 72% from its price of RM0.30 on 20 November 2020. The Malaysian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 42% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: RM0.21 The company is up 121% from its price of RM0.095 on 30 October 2020. The Malaysian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 52% over the same period.