Shares in Australia’s IDP Education surged by as much as 8.5% to A$25.5, setting a potential record for the company’s best day since August 2022, provided current gains hold.

The stock reached its highest level since mid-August, demonstrating a promising financial year for the education services provider.

IDP Education reported a full-year net profit of A$148.5 million, marking a 45% increase from the previous year.

This profit boom was supported by revenues from ordinary activities reaching A$981.9 million, surpassing last year’s markers of A$793.3 million.

The company announced a final dividend of 20 Australian cents per share, a notable rise from its previous dividend of 13 cents per share.

Despite the recent rise, IDP Education’s stocks have fallen 14.3% this year.

IDP Education is an Australian company specializing in international education services.