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Singapore Investment


AAX, DRB-Hicom, Sports Toto, Nestlé Malaysia, Star Media, George Kent, SunCon, MMAG, Focus Point and Nestcon

KUALA LUMPUR (Feb 21): Here is a brief recap of some corporate announcements that made news on Tuesday (Feb 21) involving AirAsia X Bhd, DRB-Hicom Bhd, Sports Toto Bhd, Nestlé (Malaysia) Bhd, Star Media Group Bhd, George Kent (Malaysia) Bhd, Sunway Construction Group Bhd, MMAG Holdings Bhd, Focus Point Holdings Bhd and Nestcon Bhd.

AirAsia X Bhd's net profit in the sixth quarter for the financial period ended Dec 31, 2022 (6QFP2022) rose by six folds quarter-on-quarter to RM153.48 million from RM25.09 million, on record average fare, higher load factor and a sharp increase in passengers carried. The group sees fare trends to hover above pre-pandemic levels albeit with some rationalisation on the back of high international air travel demand. In the quarter ended Dec 31 — historically AirAsia X’s strongest quarter — revenue rose three folds to RM339.3 million from RM100.1 million in 5QFP2022.

DRB-Hicom Bhd slipped into the red with a net loss of RM100.06 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), against a net profit of RM117.47 million a year ago. The quarterly loss was partly due to impairment loss on assets in certain subsidiary companies, coupled with lower profit from Proton, which was attributable to the product mix and a lower share of profits from joint ventures and associated companies. The last time the group sank into the red was in 1QFY2022, with a net loss of RM25.74 million and revenue of RM3.07 billion. Revenue in 4QFY2022 increased 5.42% to RM4.35 billion from RM4.12 billion previously.

Sports Toto Bhd’s net profit grew 21.77% to RM64.86 million for the second quarter ended Dec 31, 2022 (2QFY2023) from RM53.26 million in the same period last year, primarily due to improved results by its principal subsidiary company STM Lottery Sdn Bhd. Quarterly revenue rose 13.07% to RM1.41 billion from RM1.25 billion. The group declared a second interim dividend of 2.5 sen per share amounting to RM33.74 million. STM Lottery’s earnings growth was driven by strong sales of the 4D Jackpot game and a higher number of draws, as 48 draws were conducted in 2QFY2023 compared with 45 draws in 2QFY2022

Nestlé (Malaysia) Bhd saw an 18.5% rise in net profit to RM132.85 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) against RM112.1 million a year earlier, on the back of an increase in turnover, notwithstanding higher commodity prices, unfavourable exchange rates and the impact of the one-off prosperity tax known as Cukai Makmur. Quarterly revenue increased by 12.24% to RM1.65 billion from RM1.47 billion in 4QFY2021, on the back of higher domestic sales and export sales, underpinned by effective demand-generation efforts and normalisation of post-pandemic economic activities. It announced an interim dividend of RM1.22 per share, payable on May 17.

Star Media Group Bhd posted a net profit of RM388,000 or 0.05 sen per share in the fourth quarter ended Dec 31, 2022 (4QFY2022) from a net loss of RM25.65 million or 3.54 sen a year earlier, on improved performance of its print and digital segments. This is the group’s fourth consecutive quarterly profit. The group commented that growth in economic activities and continuous upbeat consumer spending has resulted in an increase in advertising bookings as businesses are resuming operations to pre-pandemic level. The group posted losses in 4QFY2021 due to the impairment of property, plant and equipment of RM39 million. Meanwhile, revenue in 4QFY2022 rose 12.61% to RM58.01 million from RM51.52 million previously.

Metering and engineering group George Kent (Malaysia) Bhd slipped into the red for its third financial quarter ended Dec 31, 2022 (3QFY2023), mainly due to lower contribution from the metering division and foreign exchange loss. The group posted a net loss of RM2.66 million compared to a net profit of RM4.64 million a year earlier. This was its first quarterly loss in 20 years. Quarterly revenue fell 40.1% to RM56.72 million from RM94.66 million a year earlier.

Sunway Construction Group Bhd's net profit for the fourth quarter ended Dec 31, 2022 declined 29.48% to RM45.65 million from RM64.73 million, dragged down mainly by lower contribution from the construction segment. Revenue for the quarter also fell 19.66% to RM503.43 million from RM626.61 million in the previous year. It also declared a second interim single-tier dividend of 2.5 sen per share.

ACE Market-listed MMAG Holdings Bhd has suspended the executive functions of two directors of its 80%-owned air cargo logistics unit M Jets International Sdn Bhd (MJets), pending the outcome of a Malaysian Anti-Corruption Commission (MACC) investigation. The two MJets directors are Gunasekar Mariappan and Philip Phang Kin Ming. Their suspension came on the heels of MMAG learning that the MACC is conducting an investigation which relates to MJets. MMAG noted that it learnt of the MACC investigation after MJets informed the company that the anti-graft body raided the unit’s office on Feb 13 for information and documents pertaining to a report lodged with the MACC.

Having gained 61.73% in share price over the past year, Focus Point Holdings Bhd has proposed to undertake a bonus issue of up to 132 million shares on the basis of two bonus shares for every five existing shares held on the entitlement date to be fixed later. The group’s net profit rose 12.5% to RM10.45 million in the fourth quarter ended Dec 31, 2022 from RM9.29 million a year ago, driven by higher revenue from its optical and related products segment. Revenue increased 7.46% to RM68.45 million from RM63.7 million

Construction and renewable energy service provider Nestcon Bhd has bagged a RM154 million contract from privately-held property development firm Solaris Ceria Sdn Bhd to build office suites and serviced apartments on Jalan Duta Kiara, Mont Kiara. Separately, the group said Nestcon Builders has aborted plans to undertake the construction of an integrated offsite scheduled wastes recovery facility in Kerteh Biopolymer Park, Kemaman, Terengganu, as the possession of the site for the construction of the work had yet to be granted in view of the increase in the price of construction materials required for the completion of the proposed project.


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