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ECA Integrated, Maybank, TNB, IOI Properties, Batu Kawan, KLK, Allianz Malaysia, Genting Plantations, Sports Toto, KPJ, MPI, Matrix Concepts, Hap Seng Plantations, Farm Fresh, IJM, Omesti and MNHB

KUALA LUMPUR (Nov 23): Here is a brief recap of some corporate announcements that made news on Wednesday (Nov 23) involving ECA Integrated Solution Bhd, Malayan Banking Bhd, Tenaga Nasional Bhd, IOI Properties Group Bhd, Batu Kawan Bhd, Kuala Lumpur Kepong Bhd, Allianz Malaysia Bhd, Genting Plantations Bhd, Sports Toto Bhd, KPJ Healthcare Bhd, Malaysian Pacific Industries Bhd, Matrix Concepts Holdings Bhd, Hap Seng Plantations Holdings Bhd, Farm Fresh Bhd, IJM Corp Bhd, Omesti Bhd and MN Holdings Bhd.

Automated manufacturing solution provider ECA Integrated Solution Bhd made a strong debut on the ACE Market of Bursa Malaysia Securities Bhd at 65 sen — a 282.4% premium to its initial public offering (IPO) price of 17 sen. At the opening bell, the Penang-based tech company saw trading volume of 10.04 million shares. ECA executive director and chief operating officer Chua Lye Hock said the listing marks a significant milestone in the company’s corporate history, and he was pleased with the strong opening price.

Malayan Banking Bhd's (Maybank) net profit grew 28.5% for the third quarter ended Sept 30, 2022 (3QFY2022) as the group benefited from higher net fund and fee-based income, as well as reduction in net impairment losses. Net profit rose to RM2.17 billion for 3QFY2022 from RM1.68 billion a year ago, as its net operating income increased by 20.6% year-on-year to reach RM7.41 billion. The stronger performance was driven by higher net fee-based income of 48% to RM2.12 billion from RM1.43 billion a year earlier, and a 12.2% rise in net fund-based income to RM5.3 billion from RM4.72 billion.

Tenaga Nasional Bhd (TNB) reported a 14% year-on-year (y-o-y) drop in net profit for its third quarter ended Sept 30, 2022 (3QFY2022), as higher foreign currency translation losses, finance cost and Cukai Makmur (prosperity tax) weighed on its earnings. Hence, net profit for 3QFY2022 fell to RM888.9 million from RM1.03 billion a year ago, despite operating profit increasing by 21.5% to RM7.91 billion from RM6.51 billion following a 47% growth in revenue to RM19.07 billion from RM12.98 billion. Revenue was driven mainly by higher under-recovery of Imbalance Cost Pass-Through (ICPT) of RM6.11 billion compared with the previous corresponding period's RM1.31 billion.

IOI Properties Group Bhd (IOIPG) recorded a stellar performance for the first quarter ended Sept 30, 2022 (1QFY23), recording net profit of RM640.29 million, which was three times higher than 1QFY22's. The property development group attributed the outstanding performance to improvements across all its business segments particularly the hospitality and leisure segment, which saw a sterling recovery of more than 400% in revenue.

Batu Kawan Bhd and its 47.74%-held Kuala Lumpur Kepong Bhd (KLK) reported lower earnings for the fourth quarter ended Sept 30, 2022 (4QFY2022), mainly dragged by significantly lower investment holding and manufacturing profits. KLK's net profit dropped 26% year-on-year to RM462.13 million in 4QFY2022 from RM625.8 million a year ago despite revenue growing 18% to RM6.98 billion from RM5.93 billion. Meanwhile, its parent Batu Kawan reported a 28% drop in net profit to RM222.79 million for 4QFY2022 from RM308.04 million a year ago, despite revenue growing 17% to RM7.22 billion from RM6.16 billion.

Allianz Malaysia Bhd posted a lower net profit of RM108.56 million for the third quarter ended Sept 30, 2022 (3QFY22), down 5.73% from RM115.16 million in the same period a year ago as it registered a higher management expense as well as higher operating and tax expenses. The drop in profit came as tax expense grew to RM57.95 million from RM43.75 million. Revenue rose 7.72% to RM1.71 billion from RM1.58 billion, mainly due to higher gross earned premiums and investment income of RM95.5 million and RM26.9 million, respectively.

Genting Plantations Bhd’s net profit for the third quarter ended Sept 30, 2022 (3QFY22) dropped 26.15% to RM75.49 million from RM102.22 million in the same period last year, on lower contributions from its plantation and downstream manufacturing businesses. This was despite group revenue for 3QFY22 growing 12% to RM822.4 million from RM732.8 million, with increases in all four business segments of plantation, property, agriculture technology and downstream manufacturing.

Sports Toto Bhd started off its financial year ending June 30, 2023 (FY23) on the right foot as it recorded RM71.5 million net profit in the first quarter ending Sept 30, 2022 — a turnaround from the RM17.67 million net loss posted in the same period last year. The good performance was mainly due to the improved results reported by its number forecast operator business STM Lottery Sdn Bhd and supported by the group’s luxury car deal HR Owen plc. STM Lottery was formerly known as Sports Toto Malaysia Sdn Bhd. A first interim dividend of 2 sen per share was declared, with an ex-date on December 29 and entitlement date on December 30.

KPJ Healthcare Bhd posted a four-fold spike in its net profit for the third quarter ended Sept 30, 2022 (3QFY22) to RM54.28 million from RM12.64 million in the previous year’s corresponding quarter, on improved hospital activities. It declared a single tier interim dividend of one sen per share, to be paid on Dec 28. KPJ’s revenue for the quarter under review was RM809.16 million, up 15.77% from RM698.96 million in 3QFY21. This is supported by the improving hospital activities, evidenced by the increase in patient visits (to 910,995 patients from 782,732 patients) and bed occupancy rate (from 43% to 64%).

Lower demand from the consumer electronics market in Asia has dragged down Malaysian Pacific Industries Bhd’s (MPI) net profit for its first financial quarter ended Sept 30, 2022 (1QFY2023) by 35.5% to RM52.7 million from RM81.68 million a year earlier. This was partly offset by the appreciation of the US dollar against the ringgit. Quarterly revenue slipped 3.5% to RM564.02 million from RM584.53 million in 1QFY2022. Revenue from the Asia segment was lower by 15%, while the US and Europe segments were higher by 7% and 25% respectively. Despite weaker quarterly performance, the group declared an interim dividend of 10 sen per share for the financial year ending June 30, 2023 (FY2023), payable on Dec 21.

Matrix Concepts Holdings Bhd's net profit for the second quarter ended Sept 30, 2022 (2QFY2023) eased 2.4% to RM50.57 million from RM51.80 million a year ago as labour shortage weighed on construction activities. The construction group declared a dividend of two sen per share, with the ex-date on Dec 22. Revenue fell 7.2% to RM222.35 million for 2QFY2023 from RM239.48 million a year ago.

Hap Seng Plantations Holdings Bhd registered a net profit of RM22.88 million in the third quarter ended Sept 30, 2022 (3QFY22), a 56.78% decline from RM52.93 million registered in the same quarter last year. The drop in net profit was mainly due to higher production costs as a result of higher fertilizer and diesel costs, as well as an increase in minimum wage. Loss from fair value adjustments of biological assets of RM24.2 million during the quarter compared to a gain of RM2.6 million in the corresponding quarter, also contributed to the lower financial performance. The fall in earnings was despite its quarterly revenue increasing 4.81% to RM181.99 million, from RM173.63 million in 3QFY21. Higher average selling prices (ASP) of crude palm oil during the quarter had pushed the group’s revenue upwards.

Farm Fresh Bhd's net profit for the second quarter ended Sept 30, 2022 (2QFY2023) dropped 64.53% to RM11.19 million from RM31.53 million for the same quarter last year, despite higher revenue, as it recorded significantly lower fair value gain on valuation of biological assets and higher costs. Fair value gain on valuation of biological assets fell to RM200,000 in the current quarter — compared with RM10.5 million in 2QFY2022 — partially offset by higher gross loss, impairment loss and redundancy costs totalling RM7.1 million incurred from the IXL fruit jam business in the corresponding quarter. Apart from that, the group also incurred higher selling and distribution costs, resulting from the higher overall sales and specifically distribution costs incurred for the School Milk Program (SMP) which is performed by stockists and home dealers, and higher marketing spend

IJM Corp Bhd has secured two contracts for the construction of a manufacturing facility and a commercial tower in Penang worth RM422.18 million, sending its construction orderbook to RM4.8 billion. The first contract is for the construction of a new chip assembly and testing facility with a value of RM341.39 million, awarded by ASE Electronics (M) Sdn Bhd (ASEM), while the second contract is for the construction of a 45-storey Maritime Signature commercial tower located at Karpal Singh Drive in Georgetown, valued at RM80.79 million, and awarded by Bionic Develoment Sdn Bhd.

Omesti Bhd’s unit secured a three-year contract worth RM33.85 million from the Federal Court of Malaysia to provide maintenance and support services for phase two of the e-COURTS system. Omesti’s 51%-owned indirect subsidiary Formis Network Services Sdn Bhd accepted the award from the Chief Registrar’s Office of the apex court for a contract period starting Dec 1, 2022 to Nov 30, 2025. The award is subject to a formal contract to be entered into between Formis Network and the government, representing the Chief Registrar’s Office of the Federal Court of Malaysia.

Underground utilities and substation engineering specialist MN Holdings Bhd (MNHB) has proposed a bonus issue of 204.38 million free warrants on the basis of one warrant for every two existing shares held to reward existing shareholders. It said the entitlement date of the warrants will be determined and announced at a later date. Such proceeds will be utilised for future working capital requirements.


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