Shares of automotive parts maker, GUD Holdings (ASX:GUD), surged as much as 14.9% to A$11.74, marking their biggest intraday gain since December 2008.

The company posted an annual underlying net profit after tax of A$118.7 million, an increase of 33% from A$89.3 million posted a year ago, which is 3% above estimates from UBS and Citi.

Citi predicts that the company would benefit significantly from the ongoing improvement in Original Equipment Manufacturer supply constraints into FY24.

GUD announced a final dividend of 22 Australian cents a share, consistent with the previous year.

GUD’s AutoPacific Group business is expected to see further revenue and EBITA growth in FY24.

The company’s stock reached its highest level since June 1, 2022 and is amongst the top gainers on the benchmark ASX 200, which is up 0.6%.

During the trading session, more than 620,000 shares were transacted, comparing to the 30-day average volume of around 316,000 shares.

As of the last closing, the stock has increased 34.8% YTD.

GUD Holdings (ASX:GUD) is a manufacturer of automotive parts.