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Singapore Investment


MISC, S P Setia, Gas Malaysia, Mega First, Dayang Enterprise, Sunway REIT, Magnum, Dialog, Kobay, AME Elite Consortium, Lambo

KUALA LUMPUR (Aug 18): Here is a brief look at some corporate announcements and news flow on Thursday (Aug 18), which include MISC Bhd, S P Setia Bhd, Gas Malaysia Bhd, Mega First Corp Bhd, Dayang Enterprise Holdings Bhd, Sunway Real Estate Investment Trust, Magnum Bhd, Dialog Group Bhd, Kobay Technology Bhd, AME Elite Consortium Bhd, and Lambo Group Bhd.

MISC Bhd slipped into the red, with a net loss of RM19.1 million, for the second quarter ended June 30, 2022 (2QFY22), against a net profit of RM538.8 million for the same quarter last year, amid higher impairment losses on non-current assets and finance costs, as well as its share of losses from joint ventures. Quarterly revenue, in contrast, grew 36.47% to RM3.21 billion from RM2.35 billion a year ago. MISC declared a second tax-exempt dividend of seven sen per share.

S P Setia Bhd's net profit for 2QFY22 rose 6.95% to RM80.09 million from RM74.81 million a year earlier, mainly due to higher volume of project development phases. Revenue, meanwhile, slipped to RM1.02 billion from RM1.08 billion, no thanks to its construction and property development segments.

Gas Malaysia Bhd registered a 72.19% jump in its net profit for 2QFY22 to RM107.34 million from RM62.34 million a year ago on higher gross profit and finance income, lower finance cost and higher contributions from the group's joint venture companies. Revenue grew 29.22% to RM1.78 billion from RM1.38 billion on higher average natural gas selling price and higher firm capacity reservations by shippers for the utilisation of the Natural Gas Distribution System.

Mega First Corp Bhd's net profit for 2QFY22 rose 15.49% to RM100.84 million from RM87.32 million in 2QFY21, driven by stronger contributions from its renewable energy and packaging segments. The earnings improvement was also boosted by its share of profits from joint ventures and associates. Revenue jumped 59.67% to RM331.865 million from RM207.84 million, underpinned by higher sales from all three core divisions of renewable energy, packaging and resources.

Dayang Enterprise Holdings Bhd returned to the black in 2QFY22, with a net profit of RM42.02 million versus a net loss of RM21.89 million a year earlier. This was due to a reversal of impairment loss on trade receivables of RM1.4 million, as well as lower depreciation charges by RM4.1 million, compared to additional impairment loss on property, plant and equipment of RM27.9 million previously. Quarterly revenue jumped 64.95% to RM263.41 million, from RM159.69 million a year earlier, mainly attributable to the economic recovery after the Covid-19 lockdown, as well as rising oil prices.

Sunway Real Estate Investment Trust's (REIT) net profit widened to RM74.51 million in 2QFY22 from RM33.52 million in 2QFY21, contributed mainly by the sharp improvement in the retail segment. Revenue increased to RM144.51 million from RM103.39 million previously. For the first half of FY22 (1HFY22), the REIT's net profit grew to RM180.83 million from RM70.34 million, as revenue increased to RM298.45 million from RM207.66 million.

Magnum Bhd's net profit for 2QFY22 jumped to RM26.4 million, over 12 times the RM2.05 million it made in the same period last year, as it recorded better sales under its gaming division. Revenue rose 47.68% to RM482.14 million from RM326.49 million, as gaming sales more than tripled to RM482 million from RM155.5 million. For 1HFY22, Magnum's net profit rose to RM43.06 million, over four times the RM9.57 million it made in the corresponding six months in FY21, as revenue climbed 38.4% to RM983.19 million from RM710.37 million.

Dialog Group Bhd's net profit fell 14.65% to RM118.25 million for 4QFY22, from RM138.54 million a year earlier, on higher project cost and losses in some of the projects under both its local downstream and international businesses. Quarterly revenue however rose 29.4% to RM675.65 million from RM522.14 million following increased business activities in both local and international operations.

Kobay Technology Bhd's earnings rose in 4QFY22, supported by a better performance by its property development and property letting segments, and boosted by contributions from its newly acquired pharmaceuticals business. Net profit rose 40.34% to RM11.94 million from RM8.51 million in 4QFY21, while revenue climbed 103% to RM95.23 million from RM46.87 million.

Industrial space solutions provider AME Elite Consortium Bhd and Majestic Builders will jointly develop a RM1 billion gross development value integrated industrial park in Seberang Perai Tengah, Penang. To undertake the development, AME Elite's wholly owned subsidiary, Northern Industrial Park Sdn Bhd, and Majestic Builders have established Suling Hill Development Sdn Bhd as their special-purpose vehicle.

Lambo Group Bhd said it was unaware of any wrongdoing related to its indirect wholly owned subsidiary Fujian Accsoft Technology Development, after China's finance ministry imposed a penalty on the subsidiary's auditor last month.


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