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Singapore Investment


PetDag, IGB, KLK, Batu Kawan, AEON Co, Media Prima, DNeX, MR DIY and Gamuda

KUALA LUMPUR (Feb 22): Here is a brief recap of some corporate announcements that made news on Wednesday (Feb 22) involving Petronas Dagangan Bhd, IGB Bhd, Kuala Lumpur Kepong Bhd, Batu Kawan Bhd, AEON Co (M) Bhd, Media Prima Bhd, Dagang NeXchange Bhd, MR DIY Group (M) Bhd and Gamuda Bhd.

Petronas Dagangan Bhd (PetDag), which posted a higher quarterly net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022), saw its receivables shrink substantially to RM4.02 billion from RM13.88 billion in 3QFY2022. It noted that its liquidity position had improved following “full receipts of subsidy receivable in the quarter”. Against this backdrop, the petrol station operator declared a dividend of 40 sen per share, consisting of a special dividend of 14 sen and an interim dividend of 26 sen. This brings the total dividend declared to 76 sen per share for FY2022. The group's net profit for 4QFY2002 grew 5.3% to RM144.46 million from RM137.19 million a year earlier, with all business segments reporting higher earnings on increased demand. Quarterly revenue rose 33.6% to RM9.5 billion from RM7.11 billion.

Property firm IGB Bhd’s net profit came in lower at RM18.77 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), compared with RM233.77 million a year ago, due to the absence of the RM193.4 million one-off gain from the disposal of a joint venture company in 2021. However, It recorded 28% growth in quarterly revenue to RM383.2 million from RM300.4 million. The group did not declare any dividend for 4QFY2022, but the total dividend declared for FY2022 was five sen per share (FY2021: 17 sen per share).

Kuala Lumpur Kepong Bhd (KLK)'s net profit fell 26% year-on-year for the first quarter ended Dec 31, 2022 (1QFY2023) on lower palm oil prices, coupled with higher production cost, as the palm oil producer cautioned that its financial performance this year is expected to be "subdued". Net profit fell to RM443.04 million or 41.1 sen per share, from RM599.32 million or 55.6 sen per share in 1QFY2022, while revenue eased 1.8% to RM6.71 billion from RM6.83 billion.

Meanwhile, KLK's major shareholder Batu Kawan Bhd posted a 28.85% decline in the first quarter net profit to RM235.3 million or 59.8 per share from RM330.73 million or 83.85 sen per share in 1QFY2022, dragged down by lower crude palm oil and palm kernel selling prices and impairment losses. It also attributed the lower earnings to a net loss of RM70.1 million from fair value changes on outstanding derivative contracts (versus RM16.7 million gain a year earlier) and lower fair value gain of RM6.64 million on valuation of unharvested fresh fruit bunches (compared with RM17.69 million gain previously). Revenue in the quarter slipped 1.58% to RM6.99 billion from RM7.1 billion.  

AEON Co (M) Bhd’s net profit for the fourth quarter ended Dec 31 (4QFY2022) plummeted 64.9% to RM24.92 million from RM70.98 million in the same period last year, mainly due to an increase in promotional activities, maintenance costs and lower reversal of impairment of receivables. It declared a final dividend of four sen for FY2022, which is higher than the three sen paid in FY2021. Quarterly revenue rose 7.03% to RM1.06 billion from RM992.1 million in the corresponding period last year, lifted by better performance of its retail and property management services businesses. The retail malls operator which achieved pre-pandemic levels of profitability in FY2022 warned that prospects will continue to be challenging as consumers in Malaysia continue to remain cautious in their spending amidst ongoing inflationary pressures alongside a projected economic slowdown.

Media Prima Bhd's net profit fell by 21% to RM22.85 million or 2.06 sen per share for the period ended Dec 31, 2022, from RM28.94 million or 2.61 sen per share a year ago, as revenue from advertising and home-shopping businesses declined. Revenue was 20% lower at RM252.67 million from RM315.9 million previously.

A lawsuit against two subsidiaries of Dagang NeXchange Bhd (DNeX) in relation to a shareholders agreement signed in July 2021 was struck out on Wednesday (Feb 22) after the parties reached an out-of-court settlement. The High Court also struck out an application for injunction against DNeX Semiconductor Sdn Bhd (DSSB) and SilTerra Malaysia Sdn Bhd. The civil suit and injunction application had been filed by Tethystronics Technologies Company Ltd (TTCL), a special-purpose vehicle ultimately owned by Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center (CGP Fund), which also holds a 40% equity interest in SilTerra. DNeX owns the remaining 60% of SilTerra, via DSSB.

MR DIY Group (M) Bhd’s early investor Creador has ceased to be a substantial shareholder in the home improvement retailer after it offloaded another 65 million shares on Wednesday (Feb 22). Creador's deemed interest in MR DIY fell to 4.93% or 464.55 million shares, after disposing of the 65 million shares, which represented a 0.69% stake. The private equity firm — via Hyptis Ltd — had held a 15.3% stake in MR DIY when the group was listed on Bursa Malaysia in October 2020. Coupled with the 65 million shares disposed of on Wednesday, Hyptis has disposed of a cumulative 354.41 million shares or 3.76% since September last year.

Gamuda Bhd has executed an asset sale agreement to acquire the Australian transport projects business at an enterprise value of A$212 million (RM636 million). Its Australian unit DT Infrastructure Pty Ltd inked the agreement on Wednesday to take over Downer’s Australian transport projects business — which provides civil construction services in delivering transport projects, with specialist rail capability — from Downer EDI Works Pty Ltd and VEC Civil Engineering Pty Ltd. The cash deal, which is expected to be completed by June, will be financed by internally-generated funds as well as borrowings.


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