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AAX, Careplus, PetDag, Malakaoff, Malaysia Smelting, Luxchem, Genetec, AwanBiru, SMTrack, Pimpinan Ehsan and MyEG

KUALA LUMPUR (Feb 19): Based on corporate announcements and news flow today, companies in focus on Monday (Feb 22) may include: AirAsia X Bhd, Careplus Group Bhd, Petronas Dagangan Bhd, Malakoff Corp Bhd, Malaysia Smelting Corp Bhd, Luxchem Corp Bhd, Genetec Technology Bhd, AwanBiru Technology Bhd, SMTrack Bhd, Pimpinan Ehsan Bhd and MY EG Services Bhd.

The High Court here today granted leave for budget airline AirAsia X Bhd (AAX) to hold meetings with its creditors. The court has also separated the 14 creditors into three different classifications — the first being Malaysia Airports Holdings Bhd (MAHB), the second consists of the other creditors, and the third being aircraft maker Airbus.

The decision today was made by Judicial Commissioner Ong Chee Kwan via video proceedings. In his decision, Ong surmised that the case does not involve ‘proprietary claims’ of the creditors nor does it involve alteration of the creditors’ rights with third parties. The court also noted that AAX has failed to demonstrate that they are capable of reviving its financial health.

Careplus Group Bhd’s net profit for the fourth quarter ended Dec 31, 2020 (4QFY20) skyrocketed to RM42.23 million from RM783,000 a year earlier, boosted by higher selling prices and strong demand. Quarterly revenue grew nearly 19% to RM129.33 million from RM108.73 million. The glove maker declared a special dividend of two sen per share to be paid on March 24, 2021. For the full FY20, Careplus returned to the black with a net profit of RM122.51 million from a net loss of RM5.75 million the year ago, as revenue expanded to RM475.63 million from RM365.11 million.

Petronas Dagangan Bhd's (PetDag) net profit dropped 29.5% to RM89.21 million in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM126.59 million previously, as revenue fell 43.6% to RM4.4 billion from RM7.79 billion. PetDag attributed the performance to a decrease in sales volume and lower average prices during the quarter, due to the sharp decline in Means of Platts Singapore (MOPS) prices. Nevertheless, it declared an interim dividend of 17 sen per share, lower than the 40 sen payout a year ago, which will be paid on March 19. This brings its total FY20 dividend payout to 38 sen per share, versus 85 sen in FY19. For FY20, its net profit fell 66.7% to RM275.96 million from RM829.54 million, as revenue declined 38.2% to RM18.71 billion from RM30.29 billion.

Malakoff Corp Bhd posted a net profit of RM41.64 million in the fourth quarter ended Dec 31, 2020 compared with RM106.41 million last year, marking a 61% drop. This was primarily due to the absence of one-off gain from the disposal of the group’s investment in Malakoff Australia Pty Ltd (MAPL) in December 2019. However, this was also partially moderated by the absence of a net impairment loss on the group’s carrying value of investment in 40%-owned Kapar Energy Ventures Sdn Bhd and the absence of KEV’s share of losses in FY2019, said the group. Quarterly revenue dropped 13% to RM1.51 billion from RM1.74 billion previously. For the full FY20, its net profit fell 10% to RM286.58 million from RM320.15 million in FY19, while revenue sank 15% to RM6.28 billion from RM7.42 billion.

Malaysia Smelting Corp Bhd returned to the black in the fourth quarter ended Dec 31, 2020 (4QFY20) with a net profit of RM15.86 million versus a net loss of RM15.95 million in the year-ago quarter. The group attributed the improved earnings to higher tin prices and the reversal of written down inventories worth RM21.1 million. Quarterly revenue grew 27.3% to RM232.57 million in 4QFY20 from RM182.73 million. Annual net profit for FY20, however, sank 48% to RM16.1 million in FY20 from RM30.69 million in FY19, as revenue dropped 17% to RM813.36 million from RM983.57 million. It declared a dividend of one sen per share.

Luxchem Corp Bhd’s net profit jumped 68.5% to RM16.13 million in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM9.57 million a year earlier on the back of an improved manufacturing segment. Revenue grew 17.7% to RM220.23 million from RM187.16 million.  For the full financial year ended Dec 31, 2020 (FY20), Luxchem’s net profit grew 27.2% to RM47.89 million from RM37.65 million a year ago. The company’s annual revenue, however, dropped 5.12% to RM726.26 million from RM765.48 million. The petrochemical distributor declared a single tier interim dividend of two sen per share, payable on May 12, 2021.

Genetec Technology Bhd announced that it had secured RM56 million of new orders — of which RM53.7 million came from customers in the electric vehicle and battery industry while the remaining RM2.3 million orders were from the automotive, electronics, semiconductors and hard disk drive industries.

Prestariang Systems Sdn Bhd, a unit of Main Market-listed AwanBiru Technology Bhd (formerly known as Prestariang Bhd), has been appointed as a managed service provider (MSP) to manage cloud services for the government. During his unveiling of the MyDigital blueprint earlier today, Prime Minister Tan Sri Muhyiddin Yassin said the government had appointed Prestariang Systems, Enfrasys Solutions Sdn Bhd and Cloud Connect Sdn Bhd, which will manage services provided by cloud service providers (CSPs). The CSPs comprise Microsoft, Google, Amazon and Telekom Malaysia Bhd (TM), which have received conditional approvals from the government.

SMTrack Bhd has purchased an aircraft worth US$6.7 million (RM27 million) from a management consultancy firm Cakerawala Solution International Sdn Bhd as the former ventures into cargo carriage services. The radio frequency identification (RFID) solution provider said it funded the acquisition of the used Boeing 737-400F series using proceeds raised from the issuance of redeemable convertible notes that was approved by the shareholders at the company’s extraordinary general meeting (EGM) held on Dec 28, 2020.

The new controlling shareholders of Pimpinan Ehsan Bhd (PEB), formerly known as Triplc Bhd, are planning to turn the cash-rich company into a renewable energy player.

PEB said it has entered into Heads of Agreements (HOAs) with reNIKOLA Sdn Bhd and its owners (vendors) namely Boumhidi Abdelali and Tengku Zaiton Sultan Abu Bakar to acquire reNIKOLA via the issuance of new shares at a price to be revealed later. The proposed acquisition is to regularise its condition as a cash company as well as enabling the existing shareholders to participate in the new business of renewable energy.

MYEG Services Bhd (MyEG) today launched an online portal, SafeQ which offers an array of hotel accommodation and amenity options available to low-risk Covid-19 patients who wish to undergo mandatory quarantine requirements in more comfortable settings. It said the portal provides a selection of hotel accommodation of varying categories, ranging from three- star to five-star facilities to cater to all budgets.


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