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Singapore Investment


Supermax, PetChem, Hextar, Pos Malaysia, MSM Malaysia, Berjaya Assets, Kerjaya Prospek, Panasonic Manufacturing, TSH Resources, IOI Properties, LBS Bina, Kawan Food, SCGM, Iris and MUI

KUALA LUMPUR (Aug 22): Here is a brief look at some corporate announcements and news flow on Monday (Aug 22), which include Supermax Corp Bhd, Petronas Chemicals Group Bhd (PetChem), Hextar Global Bhd, Pos Malaysia Bhd, MSM Malaysia Holdings Bhd, Berjaya Assets Bhd, Kerjaya Prospek Group Bhd, Panasonic Manufacturing Malaysia Bhd, TSH Resources Bhd, IOI Properties Group Bhd, LBS Bina Group Bhd, Kawan Food Bhd, SCGM Bhd, Iris Corp Bhd and Malayan United Industries Bhd (MUI).

Supermax Corp Bhd’s net profit for the fourth quarter ended June 30, 2022 slumped 96.57% to RM33.05 million from RM962.53 million a year earlier, with revenue dropping 83.99% as the average selling prices and demand for rubber gloves fell from their record highs a year ago, when the Covid-19 pandemic was still rampant. Revenue dropped to RM300.23 million from RM1.88 billion. It proposed a final dividend of three sen per share, to be paid at a date to be fixed if approved by shareholders.

Petronas Chemicals Group Bhd (PetChem)'s net profit inched up 0.48% to RM1.87 billion in the second quarter ended June 30, 2022 from RM1.86 billion a year ago, as higher product prices more than offset the impact of plant turnaround activities in the quarter. Earnings per share was unchanged at 23 sen. Quarterly revenue rose 17.39% to RM6.58 billion, from RM5.61 billion. It declared a single-tier interim dividend of 25 sen per share, up from 23 sen per share last year.

Chemicals group Hextar Global Bhd's net profit in the second quarter ended June 30, 2022 more than doubled to RM15.3 million from RM7.44 million a year prior, continuing its strong performance for two quarters, following the inclusion of its specialty chemicals business. Revenue rose 64.79% to RM162.66 million from RM98.7 million. It has maintained a dividend payout of one sen per share, for a total of RM13.2 million.

Pos Malaysia Bhd narrowed its net loss to RM5.25 million or 0.67 sen per share for the second quarter ended June 30, 2022, from RM121.84 million or 15.57 sen per share a year ago. Apart from the impairment of property, plant and equipment of RM46.7 million, the group said the lower loss was due to lower staff cost pursuant to its recent mutual separation scheme and continuous effective cost management. Quarterly revenue slipped 3.11% to RM517.26 million, from RM533.89 million.

Sugar refinery operator MSM Malaysia Holdings Bhd posted its third straight quarterly net loss due to high input costs. Net loss widened by 23% quarter-on-quarter to RM34.07 million for the second quarter ended June 30, 2022, while it fell into the red after posting a net profit of RM13.47 million a year ago. This is despite revenue growing 13% to RM624.2 million in 2QFY22, from RM554.1 million a year ago, due to higher overall average selling price.

Berjaya Assets Bhd’s net loss narrowed to RM30.38 million for the fourth quarter ended June 30, 2022, from RM83.94 million a year earlier, on lower impairment in fair value of investment properties and higher revenue by the gaming and hotel, property investment and recreation business segments. Revenue jumped 60.11% to RM61.21 million from RM38.23 million in 4QFY21, due to higher revenue from the hotel, recreation, gaming and property investment business segments, amid higher sales of theme park tickets, higher number of draws and higher occupancy rates.

Kerjaya Prospek Group Bhd is on track to achieve RM1 billion in revenue this year as construction activities normalise, but any further upside is capped by ongoing labour shortages, said non-independent non-executive chairman Datuk Tee Eng Ho. In terms of the bottom line, Tee said net profit may reach the RM100 million mark, assuming the group manages to maintain its “high-single-digit or low-double-digit” margin, and subject to the effect of Cukai Makmur, a one-off prosperity tax on earnings above the RM100 million threshold. Tee expects Cukai Makmur for Kerjaya Prospek to be around RM1 million this year. Its net profit grew 78% year-on-year to RM28.54 million for the second quarter ended June 30, 2022, from RM16 million previously, as revenue strengthened 46% to RM276.92 million from RM189.89 million, amid improved progress of construction work activities.

Panasonic Manufacturing Malaysia Bhd's net profit for the first quarter ended June 30, 2022 fell 35.88% to RM11.45 million from RM17.86 million a year ago, hit by lower revenue, as well as rising material and production costs. Revenue slipped 3.94% to RM243.68 million from RM253.67 million.

TSH Resources Bhd’s net profit for the second quarter ended June 30, 2022 rose 44.37% to RM57.34 million, from RM39.72 million last year, as its palm product segment benefited from higher average selling prices of crude palm oil and palm kernel. Quarterly revenue grew 38.06% to RM424.41 million — its highest to date — from RM307.41 million in the same period a year ago, thanks to higher revenue contribution from the group’s palm products segment.

IOI Properties Group Bhd's net profit surged 147% to RM292.48 million in the fourth quarter ended June 30, 2022, from RM118.37 million a year earlier. Explaining the higher profit, the group said it recognised RM60.2 million property development costs written down, attributable to the development projects in IOI Palm International Parkhouse in Xiang'An, China, and fair value gain on investment properties of RM147.3 million, mainly attributable to the retail malls in Malaysia. Quarterly revenue rose 8.7% to RM715.94 million from RM658.65 million, contributed by property investment, as well as its hospitality and leisure segment.

LBS Bina Group Bhd’s second quarter net profit jumped 115.77% to RM35.13 million, from RM16.28 million a year earlier, on the back of its property development segment’s strong showing. Revenue for the quarter ended June 30, 2022 stood at RM410.37 million, up 54.32% as compared to RM265.92 million a year earlier.

Kawan Food Bhd’s net profit for the second quarter ended June 30, 2022 rose 72.63% to RM10.84 million, from RM6.28 million in the same period last year, on higher sales from local and export markets. Quarterly revenue grew 46.04% to RM80.37 million from RM55.03 million, as recovery of shipments drove up its export sales.

SCGM Bhd plans to distribute RM2.21 per share to its shareholders from the proceeds of the disposal of its 100% equity interest in Lee Soon Seng Plastic Industries Sdn Bhd to Japan’s Mitsui & Co Ltd and FP Corporation for approximately RM544.38 million cash.

The High Court has dismissed Iris Corp Bhd’s lawsuit against its former chairmen Tan Sri Razali Ismail and Datuk Nik Azman Mohd Zain and former group managing director and chief executive officer Datuk Tan Say Jim, in relation to losses incurred pertaining to the subscription of Border Control Solutions Ltd (BCS) shares. The suit, filed in 2019, had also named as defendants, six former board members, namely Tunku Datuk Seri Shahabuddin Tunku Besar Burhanuddin, Datuk Hamdan Mohd Hassan, Datuk Eow Kwan Hoong, Chan Feoi Chun, Syed Abdullah Syed Abd Kadir and Datuk Noor Ehsanuddin Mohd Harun Narrashid.

Malayan United Industries Bhd (MUI) is disposing of a 6.84-acre freehold land in the United Kingdom, which includes a 62-room four-star hotel, for 15.1 million pounds (RM82.5 million). Proceeds from the sale will be mainly used for the repayment of bank borrowings and related financing costs amounting to RM37.77 million, as well as payment to Jonadith UK Ltd as its entitlement as a partner of Belsfield LLP for RM26.7 million. The remainder would be used for future business expansion (RM10.93 million), working capital requirements (RM4.43 million), and estimated expenses for the exercise (RM2.68 million).


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