12:15 PM EDT, 04/11/2024 (MT Newswires) -- BioRem ( BIRMF ) shares were last seen up 29% after the company reported its fourth-quarter profit tripled.

The company, which manufactures air emissions control systems, said its profit in the period rose to C$2.36 million, or C$0.14 per share, up from C$789,000, or $0.05, in the year-prior quarter.

Revenue rose 12% to C$12.2 million C$10.9 million a year earlier.

BioRem ( BIRMF ) ended the quarter with C$2.3 million of cash on hand and working capital of C$6.7 million, compared with $3.8 million of cash and $4.9 million of working capital on Dec. 31, 2022. The decrease in cash on hand was largely because of the repayment of $775,000 of the company's operating loan and the repayment of $525,000 of long-term debt during the year, the company said.

"The market has been responsive to our new introductions and we expect the same level of interest with the next offering of complimentary technologies. A number of new initiatives are underway with results expected to begin to be realized within the coming quarters. All in all, a very exciting period for our company," chief executive Derek Webb said in a release.

The company's shares were last seen up C$0.42 to C$1.85 on the TSX Venture Exchange, well above its prior 52-week high of C$1.62.

Price: 1.85, Change: +0.42, Percent Change: +29.37