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DNeX, MISC, Sunway REIT, Mega First, Inari, Gas Malaysia, S P Setia, Dayang Enterprise, Kelington, YNH, Country Heights and Kejuruteraan Asastera

KUALA LUMPUR (Nov 17): Here is a brief recap of some corporate announcements that made news on Thursday (Nov 17), Dagang NeXchange Bhd, MISC Bhd, Sunway Real Estate Investment Trust, Mega First Corp Bhd, Inari Amertron Bhd, Gas Malaysia Bhd, S P Setia Bhd, Dayang Enterprise Holdings Bhd, Kelington Group Bhd, YNH Property Bhd, Country Heights Holdings Bhd and Kejuruteraan Asastera Bhd.

Shares of Dagang NeXchange Bhd (DNeX) hit limit down on Thursday, after its 60% investment in SilTerra Malaysia Sdn Bhd got stuck in limbo. Its share price fell as much 30 sen or nearly 40% in the afternoon trading session, before closing at 50.5 sen, down 25 sen or 33.11%, slashing its market value to RM1.59 billion. The last time it fell below 50 sen was on Feb 11, 2021, when it traded at 43 sen. DNeX said its wholly-owned subsidiary DNeX Semiconductor Sdn Bhd (DNeX Semi) had issued and served a notice of arbitration to commence arbitration proceedings against Mimastronics Technologies Co Ltd (MIMAS). The point of contention is whether prior approval is needed from the Ministry of International Trade and Industry (MITI) for the proposed investment.

MISC Bhd's net profit for the third quarter ended Sept 30, 2022 more than doubled to RM820.6 million, up from RM401 million a year earlier on higher revenue and operating profit. Revenue for the quarter rose to RM3.61 billion from RM2.69 billion, driven by higher revenue from all segments. MISC declared a dividend of seven sen per share, to be paid on Dec 14.

Sunway Real Estate Investment Trust’s (Sunway REIT) net property income (NPI) jumped 81.8% to RM128.24 million in the third quarter ended Sept 30, 2022 (3QFY2022) from RM70.51 million a year earlier, carried by substantially improved revenue contributions from its retail and hotel segments. Quarterly revenue leapt 55.5% to RM166.24 million from RM106.89 million a year prior, on the back of an overall improvement in performance across all segments. The more substantial contributions came from its retail and hotel businesses, with segmental revenues improving by 70.01% and 198.12% year-on-year respectively.

Mega First Corp Bhd’s net profit grew 34.4% to RM119.46 million for the third quarter ended Sept 30, 2022 (3QFY2022) from RM88.86 million for the previous year's corresponding quarter, spurred by higher profit contributions from all business divisions. The stronger profit came as revenue jumped 59.8% to RM371.53 million from RM232.5 million previously.

Inari Amertron Bhd’s net profit eased 0.6% to RM106.25 million for the first quarter ended Sept 30, 2022 (1QFY23) from RM106.93 million a year earlier, amid comparatively lower loading volume offset by favourable movement in foreign exchange. Quarterly revenue dropped 12.5% to RM377 million, from RM431.12 million in 1QFY22. The group is cautious on growth in its recurring radio frequency and optoelectronics business for the rest of FY23, in view of global economic uncertainties arising from inflation, conflicts and supply chain disruption due to Covid lockdowns.

Gas Malaysia Bhd recorded a third-quarter net profit of RM95.66 million, up 53.4% from RM62.36 million a year earlier, on higher gross profit, finance income and contributions from joint-venture companies. Quarterly revenue increased 34.8% to RM1.86 billion from RM1.38 billion on higher average natural gas selling prices, in tandem with global market prices, mitigated by lower volume of natural gas sold during the quarter.

S P Setia Bhd’s net profit surged more than six times to RM70.18 million in the third quarter ended Sept 30, 2022 (3QFY2022) from RM11.01 million in 3QFY2021, underpinned by higher contribution from its property development business. Group revenue grew 44.8% to RM860.94 million from RM594.55 million. S P Setia said it secured total sales of RM2.7 billion in 9MFY2022 mainly from local projects, which contributed RM2.34 billion or about 87% of total sales; the balance RM359 million came from international projects. The group is set to achieve its sales target of RM4 billion set for FY2022 backed by unbilled sales totalling RM8.4 billion, which will provide earnings visibility to the group in the short to mid-term.

Dayang Enterprise Holdings Bhd’s third quarter net profit surged 178.6% to RM52.9 million from RM18.98 million a year earlier, mainly driven by increased work orders and contracts from oil majors. Also contributing to the jump in earnings were higher vessel utilisation rates, and a RM7.4 million insurance claim received for an incident involving Dayang Topaz in 2020. Quarterly revenue climbed 51.16% to RM338.34 million from RM223.84 million, thanks to strong economic recovery from the Covid-19 disruptions in 2021, as well as favourable oil prices. The group also announced an interim dividend of 1.5 sen, payable on Dec 14.

Kelington Group Bhd saw its net profit double to RM15.7 million for the third quarter ended Sept 30, 2022 (3QFY22) from RM7.96 million in the same quarter a year ago, driven by higher contribution from all of its operating segments. Quarterly revenue more than tripled to RM366.39 million, against RM106.37 million previously. On prospects, Kelington said it continues to enjoy a healthy order book replenishment rate in its ultra-high purity, process engineering and general contracting segments. As at Sept 30 2022, it has secured new contracts amounting to RM1.36 billion during the year.

YNH Property Bhd is raising RM422.5 million to pare down bank borrowings and for working capital requirements. This will be done via disposal of its two retail malls to ALX Asset Bhd in a related party transaction. Recall that two months ago, YNH announced an asset-backed securitisation exercise to raise up to RM500 million fresh capital. YNH announced the disposal sum of RM270.5 million for 163 Retail Park shopping centre in Mont Kiara, Kuala Lumpur; and RM152 million for Aeon Seri Manjung in Perak.

Country Heights Holdings Bhd said it was successful in its bid at a public auction to acquire a 10-storey office tower at the Mines Resort City for RM44.1 million. The property, known as The Heritage Tower @ Mines Wellness City, has a gross floor area of 29,886 sq metres and a net lettable area of about 14,167 sq metres, the group said. Country Heights’ wholly-owned subsidiary, Country Heights Sea Resort Sdn Bhd, has signed a Memorandum of Contract with auctioner Ng Chan Mau & Co Sdn Bhd for the acquisition of the property from Mines Resort Sdn Bhd and Work@H Sdn Bhd.

Kejuruteraan Asastera Bhd (KAB) is targeting significant growth in its sustainable energy solutions (SES) segment, with about 50% contribution to its bottom line in the coming years. KAB managing director Datuk Lai Keng Onn said the SES segment's contribution to the group's bottom line will be at least 25% in the financial year ending Dec 31, 2022 (FY2022), before rising to 50%. In addition to the existing SES business, Lai said the group is in discussions with asset owners as well as potential clients for more acquisitions and projects in Malaysia and regionally.

https://www.theedgemarkets.com/article/dnex-misc-sunway-reit-mega-first-inari-gas-malaysia-s-p-setia-dayang-enterprise-kelington

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