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Singapore Investment


PetChem, Axiata, Maxis, Sime Darby, Genting, GENM, Hap Seng Consolidated, AMMB, Carlsberg Malaysia, Sunway, IJM, YTL Corp, Vitrox, Petron and Duopharma

KUALA LUMPUR (Feb 23): Here is a brief recap of some corporate announcements that made news on Thursday (Feb 23) involving Petronas Chemicals Group Bhd, Axiata Group Bhd, Maxis Bhd, Sime Darby Bhd, Genting Bhd, Genting Malaysia Bhd, Hap Seng Consolidated Bhd, AMMB Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Sunway Bhd, IJM Corp Bhd, YTL Corp Bhd, Vitrox Bhd, Petron Malaysia Refining & Marketing Bhd and Duopharma Biotech Bhd,

Petronas Chemicals Group Bhd's (PetChem) net profit fell 76% to RM481 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM2.06 billion a year earlier, in line with lower earnings before interest, tax, depreciation and amortisation (Ebitda), unrealised foreign exchange loss, and lower profit contributions from joint venture and associates. Revenue rose 25% to RM8.7 billion from RM6.98 billion, on the back of improved sales volume, a stronger US dollar and higher revenue contribution from the specialties segment, despite the decline in average prices of products driven by softer demand, particularly for urea, methanol, polymers and glycols. The group declared a second interim dividend payout of 16 sen per share.

Axiata Group Bhd is planning RM7.1 billion worth of capital expenditure in 2023 from RM6.6 billion last year, with the major investment for expansion of its Indonesian venture and its tower business. The group intends to keep both the Digi and Celcom brands in the market for now, with the network integration seen happening over the next two years, following the conclusion of the merger in November 2022. In the fourth quarter ended Dec 31, 2022 (4QFY2022), the group recorded a core net profit of RM219.5 million from RM103.9 million a year earlier, but the latest quarter saw a massive RM4.15 billion goodwill impairment across its mobile operations in Nepal, Indonesia and Sri Lanka, compared with RM338.44 million the year before. However, 4QFY2022 net profit came in at RM9.97 billion from RM116.02 million, as it recorded a one-off gain of RM13.5 billion from the Celcom disposal as part of the Celcom-Digi merger.  Quarterly revenue increased 9.34% to RM5.83 billion, from RM5.34 billion a year before. The group declared a second dividend of five sen per share.

Maxis Bhd's net profit fell 16.96% to RM240 million for the fourth quarter ended Dec 31, 2022) from RM289 million a year ago, due to the one-off prosperity tax, which increased the corporate tax rate to 33%. However, quarterly revenue rose 4% to RM2.55 billion from RM2.46 billion a year ago. Maxis declared a fourth interim dividend of five sen per share.

Sime Darby Bhd anticipates a potential earnings catalyst in the form of China's reopening and subsequent recovery in 2023. During the group’s briefing on its financial results for the second quarter ended Dec 31, 2022 (2QFY2023), group chief financial officer Mustamir Muhamad noted that China’s recovery post-reopening serves as a key earnings catalyst for the group’s industrial and motors divisions. Sime Darby posted RM389 million net profit against RM345 million in 1QFY2022. A one-off gain of RM147 million was booked from the disposal of Weifang Port in November 2022. Quarterly revenue increased 7.62% to RM11.29 billion from RM10.49 billion in 2QFY2022. The group declared a first interim dividend of three sen per share.

Genting Bhd’s net loss widened to RM168.72 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM129.8 million a year earlier, mainly due to net impairement loss of RM304.8 million besides higher depreciation charges and net unrealised foreign exchange losses. Nonetheless, the group declared a final dividend of nine sen per share. Quarterly revenue grew 31.5% to RM6.36 billion from RM4.84 billion, boosted by the group’s leisure and hospitality division, especially in the US and Bahamas.  

Genting’s subsidiary Genting Malaysia Bhd (GENM) slipped into the red with a net loss of RM393.97 million in 4QFY2022, compared to a net profit of RM174.12 million a year ago, dragged down by higher finance costs, impairment losses, depreciation charges and net foreign exchange translation losses. Quarterly revenue, however, increased 28.87% to RM2.43 billion from RM1.89 billion. The group declared a final dividend of nine sen per share.

Hap Seng Consolidated Bhd’s net profit dropped 67.4% to RM98.02 million in the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM300.53 million a year earlier, due to lower contribution from its plantation and property divisions. Revenue fell 2.62% to RM1.8 billion from RM1.84 million in 4QFY2021, as the revenue contribution from the plantation, property and credit financing divisions saw a decrease.

AMMB Holdings Bhd’s (AmBank) net profit rose 12% to RM452.6 million for the third quarter ended Dec 31, 2022 (3QFY2023), from RM403.3 million a year earlier, on the back of higher interest income. Revenue rose 4% to RM1.23 billion from RM1.18 billion, due to higher interest income of RM1.33 billion from RM1.01 billion for 3QFY2022. The group did not declare any dividend for the latest quarter.

Carlsberg Brewery Malaysia Bhd (Carlsberg Malaysia) reported a 15.8% net profit drop to RM60.12 million in its fourth quarter ended Dec 31, 2022 (4QFY2022) from RM71.42 million in the same quarter last year, as its operations in Malaysia recorded lower profit, further weighed by its provision for the prosperity tax. The lower quarterly earnings were despite a 13% increase in quarterly revenue to RM612.8 million from RM542.3 million, with both its Malaysian and Singaporean operations showing better overall sales. The group proposed a final dividend of 25 sen per share.

Sunway Bhd posted a net profit of RM202.98 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), with all business segments recording higher profits except construction, trading and manufacturing, and others segments. In 4QFY2021, Sunway booked a net profit of RM2.45 billion, inclusive of a RM2.3 billion net gain arising from the group's partial divestment of Sunway Healthcare Group. Quarterly revenue increased 22.83% to RM1.53 billion from RM1.25 billion in 4QFY2021, carried by higher contributions from its business divisions bar minor dips from its construction and others segments. Sunway declared a second interim dividend of 3.5 sen per share.

IJM Corp Bhd’s net profit fell by 24% to RM74.78 million in the third quarter ended Dec 31, 2022 (3QFY2023) from RM98.44 million a year ago dragged down by the construction sector due to high share of losses from its Singapore associate and unrealised foreign exchange losses. Quarterly revenue fell 13% to RM1.1 billion from RM1.27 billion, mainly due to lower construction activities as some major projects were completed in the previous financial year, while new projects secured are presently in their initial stages of progress.

YTL Corp Bhd’s net profit jumped to RM96.91 million in the second quarter ended Dec 31, 2022 (2QFY23) from RM2.04 million a year ago, after its hotels segment returned to the black with a RM49 million profit from a RM32 million loss, while profit in the utilities segment grew stronger to RM214 million from RM139 million. Revenue, however, went down 3.78% to RM6.59 billion from RM6.85 billion.

Vitrox Bhd says it is bracing for a temporary downturn in the first half of this year, right after closing its financial year ended Dec 31, 2022 (FY2022) with a 5.38% rise in net profit in the final quarter to RM48.6 million from RM46.12 million a year ago, on a more favourable product mix. The temporary downturn is expected to come amid softer global economic growth and uncertainties in general business outlook in the first half of the year.  Quarterly revenue grew marginally by 2.28% to RM190 million, from RM185.76 million.

Petron Malaysia Refining & Marketing Bhd posted a net loss of RM21.37 million in the fourth quarter ended Dec 31,2022, from a net profit of RM60.53 million a year ago, due to a decline in crude oil prices amid expensive importation costs. Quarterly revenue rose 43.9% to RM4.27 billion from RM2.96 billion. Sales volumes increased 22%, reaching 8.8 million barrels during the quarter due to the return of tourism and election-related travel.

Duopharma Biotech Bhd has posted a record net profit of RM70.11 million for the financial year ended Dec 31, 2022 (FY2022), eclipsing its previous milestone of RM65.68 million achieved last year. The 6.74% increase in full-year earnings was on the back of posting a record-high topline, underpinned by higher sales to the prescription pharmaceutical market and public health sector during the FY2022. The group declared a second interim dividend of 1.8 sen per share. Duopharma’s net profit for 4QFY2022 increased 9.19% to RM17.16 million from RM15.72 million a year earlier, thanks to RM1.81 million booked as tax credit versus RM1.4 million incurred as tax expense in 4QFY2021. Quarterly revenue rose 4.48% to RM151.96 million from RM145.44 million in 4QFY2021.


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