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Singapore Investment


PetGas, MPI, Supermax, Kossan, Hong Leong Industries, Hibiscus Petroleum, Dayang, Dialog and Maybulk

KUALA LUMPUR (Feb 16): Here is a brief recap of some corporate announcements that made news on Thursday (Feb 16) involving Petronas Gas Bhd, Malaysian Pacific Industries Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Hong Leong Industries Bhd, Hibiscus Petroleum Bhd, Dayang Enterprise Holdings Bhd, Dialog Group Bhd and Malaysian Bulk Carriers Bhd.

Petronas Gas Bhd's (PetGas) net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) fell 8.86% to RM412.55 million, from RM452.63 million a year ago, dragged by higher operating expenses relating to fuel gas and internal gas consumption expenses. Also contributing to the lower profit was a lower share of profit from joint-venture companies, it said, although foreign exchange and fund investments gains provided some offset.

The weaker profit for the quarter was despite a 9.08% increase in revenue to RM1.63 billion from RM1.5 billion, mainly from the utilities segment, as a result of higher product prices due to higher fuel gas prices, it said. It declared a dividend of 22 sen per share for the quarter, down 10 sen from 32 sen per share for 4QFY2021. Subsequently, its full-year dividend came in at 72 sen per share from 82 sen last year.

Malaysian Pacific Industries Bhd warns that the challenging operating environment it faces will persist in coming quarters as it reports a 78.52% drop in net profit for the second quarter ended Dec 31, 2023 (2QFY2023) to RM18.33 million from RM85.32 million a year before — dragged by lower demand in the consumer electronics market. Revenue declined 13.42% to RM526.42 million from RM608 million previously. No dividend was declared during the quarter.  

The continued fall in the average selling prices (ASPs) of gloves and rising per unit costs has resulted in Supermax Corp Bhd recording a quarterly financial loss for the first time. The glove maker posted a net loss of RM108.07 million or loss per share of 4.07 sen for the second quarter ended Dec 31, 2022 (2QFY2023) compared to a net profit of RM47.84 million or earnings per share of 1.83 sen a year earlier. Quarterly revenue dropped 66.61% year-on-year to RM174.79 million from RM523.54 million previously.

Kossan Rubber Industries Bhd, meanwhile, turned to a loss of RM2.49 million or 0.1 sen per share in the fourth quarter ended Dec 31, 2022 (4QFY2022). The rubber glove maker warns of “severely challenging” times ahead in its result announcement, pointing out that the headwinds, including higher energy and labour costs, will continue through the financial year ending Dec 31, 2023 (FY2023). In view of the harsh operating landscape, Kossan said it has placed its near-term expansion plans on hold subject to the prevailing demand-supply situation. Despite the loss-making quarter, it declared an interim dividend of 2.5 sen per share. Quarterly revenue slumped to a five-year low of RM481.45 million — down almost 48% year-on-year from RM924.56 million.

Hong Leong Industries Bhd reported a marginal decline in its net profit for the second quarter ended Dec 31, 2022 (2QFY2023), despite an increase in revenue, due to higher material costs in its motorcycle business amid an unfavourable exchange rate of the US dollar against the ringgit, as well as significantly higher energy costs. Net profit for 2QFY2023 dipped marginally to RM73.53 million from RM73.78 million last year; revenue rose 8.3% to RM841.61 million from RM777.07 million on higher sales. Hong Leong Industries manufactures ceramic tiles, assembles motorcycles, and markets semiconductor devices and electronic components.

Hibiscus Petroleum Bhd’s net profit for the second quarter ended Dec 31, 2022 (2QFY2023) rose 45% year-on-year to RM70.47 million from RM48.49 million, on the back of high oil and gas prices and as it achieved its highest average quarterly production ever. Quarterly revenue rose 150.74% to RM713.13 million from RM284.4 million.

Dayang Enterprise Holdings Bhd returned to the black with a net profit of RM15.6 million in its fourth quarter of financial year 2022 (4QFY2022) from a loss of RM288.5 million last year due to the reversal of impairment loss and net unrealised and realised foreign exchange gain. Quarterly revenue was higher by 11.07% to RM222.3 million from RM200.15 million in the same quarter last financial year. It declared a single-tier second interim dividend of 1.5 sen per ordinary share, to be paid on March 17.

Dialog Group Bhd is setting up Terminal Langsat 3 at its terminal operations in Tanjung Langsat, Johor for storage of renewable fuel products with a capacity of 24,000 cubic metres. This involves emerging product lines like biodiesel, sustainable aviation fuel and their associated feedstock. Separately, Dialog posted a net profit of RM127.15 million or 2.25 sen per share in its second quarter ended Dec 31, 2022 (2QFY23), down 0.6% year-on-year from RM127.88 million or 2.27 sen per share. The weaker bottom line is due to higher project and operation costs, it said. It also incurred higher finance costs in the period. This is despite quarterly revenue rising 46.4% year-on-year to RM797.01 million from RM544.49 million in 2QFY22, on the back of higher business activities across local and international operations.

Privately-held Tunas Capital Sdn Bhd — the vehicle of Datuk Chin Yoke Kan and Datuk Chin Yoke Choon — has ceased to be a substantial shareholder of Malaysian Bulk Carriers Bhd following the disposal of 60 million shares that represents a 6% stake in the dry bulk operator on Thursday. Following the disposal, Yoke Choon and Yoke Kan have no more shares in Maybulk. The shares were acquired by Datuk Goh Cheng Huat, who bumped up his shareholding to 32%, or 320 million shares. Yoke Kan, Yoke Choon and Goh acquired their respective stakes in Maybulk in April last year from billionaire Robert Kuok Hock Nien.


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