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Singapore Investment


Pharmaniaga, Maybank, Public Bank, RHB Bank, Affin Bank, TNB, FGV, MyEG, UMW, Velesto, OSK and PT Resources

KUALA LUMPUR (Feb 27): Here is a brief recap of some corporate announcements that made news on Monday (Feb 27) involving Pharmaniaga Bhd, Malayan Banking Bhd, Public Bank Bhd, RHB Bank Bhd, Affin Bank Bhd, Tenaga Nasional Bhd, FGV Holdings Bhd, MyEG Services Bhd, UMW Holdings Bhd, Velesto Energy Bhd, OSK Holdings Bhd and PT Resources Holdings Bhd.  

Pharmaniaga Bhd announced its largest ever quarterly net loss of RM664.39 million, or 49.19 sen per share, in the fourth quarter ended Dec 31, 2022 (4QFY2022) as a result of RM552.3 million of impairment of Covid-19 vaccines. In addition, it has written down the goodwill of the Indonesian manufacturing cash-generating units of RM50.3 million. Meanwhile, its board of directors announced that Pharmaniaga has become an affected listed issuer under Practice Note 17 (PN17) on the basis that Paragraph 2.1(a) of PN17 has been triggered in the company’s audited consolidated financial statements for the period ended Dec 31, 2022. Quarterly revenue, however, grew 21.22% to RM862.72 million from RM711.72 million a year earlier due to “healthy growth” across the group’s concession, non-concession and Indonesian businesses as a result of strong demand from the customers subsequent to the resumption of normal business activities after the Covid-19 pandemic. The increase in revenue was partially offset by the lower revenue from the sale of Covid-19 vaccine, said the group, citing the reason as “the country is entering into the endemic phase”.

Malayan Banking Bhd recorded a 5.4% growth in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022), as growth in net interest income and other operating income more than offset headwinds from higher provisions, impairments and overhead expenses. It declared a second interim cash dividend of 30 sen. Net profit for 4QFY2022 rose to RM2.17 billion or 17.98 sen per share from RM2.06 billion or 17.32 sen per share a year ago, driven by a 15% growth in net interest income to RM3.52 billion from RM3.06 billion.

Public Bank Bhd’s net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) grew 24.1% to RM1.71 billion or 8.83 sen per share from RM1.38 billion or 7.11 sen per share in the same quarter last year, as revenue rose 24.79% to RM6.06 billion from RM4.86 billion. It declared a third interim dividend of five sen per share, payable on March 22.

RHB Bank Bhd, which reported a return on equity (ROE) of 9.7% for the financial year ended Dec 31, 2022 (FY2022), is confident of achieving its target of an 11.5% ROE by FY2024, on the back of higher gross fund-based income. For FY2023, RHB expects to grow its net fund-based income at a measured pace, as funding costs continue to be impacted by deposit competition. The bank recorded a 22% increase in net profit to RM772.11 million for the fourth quarter ended Dec 31, 2022 from RM631.16 million a year earlier, due to the absence of modification loss, as well as significantly lower allowances for credit losses on financial assets. Revenue for the quarter grew 36% to RM3.95 billion from RM2.89 billion previously.

Affin Bank Bhd’s net profit shrank by a third to RM138.26 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) due to a sharp rise in taxation to RM86.69 million versus RM3.45 million a year ago. The bank made a net profit of RM206.85 million in the prior year's corresponding quarter. Quarterly revenue also slipped marginally to RM566.7 million from RM572.1 million in 4QFY2021. Despite lower earnings, the bank has declared a final dividend of 7.77 sen per share.

Tenaga Nasional Bhd’s net profit dropped 7.83% to RM809.1 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM877.8 million a year ago. Its net profit was dragged by higher finance cost and tax expenses, but was offset by the higher foreign currency translation gain in the current quarter. Quarterly revenue, however, increased 3.1% to RM12.92 billion, from RM12.53 billion, thanks to higher sales of electricity. It has declared a final single-tier dividend of 26 sen per share, with the payment date to be announced in due course.

FGV Holdings Bhd expects to resolve the issue of labour shortage at its oil palm plantations by the third quarter of this year, and hopes this will help to boost production and expedite its replanting programme. Its chief executive officer Datuk Nazrul Mansor said the group is recruiting another 5,000 foreign workers this year. Last year, it brought in 10,000 workers which helped to bring down the labour shortage to 13% from 32% in 2021. Nazrul said FGV could see its fresh fruit bunches production rise by between 10% and 15% in FY2023 as it resolved the worker shortages at its estates. Separately, for the fourth quarter of FY2022, FGV reported a 27.4% decline in net profit to RM337.71 million from RM465.09 million in the same quarter a year earlier. It attributed the drop in its profitability to the plantation and logistics sector, and higher losses recorded by its sugar business. Quarterly revenue fell slightly to RM6.1 billion from RM6.17 billion.

MyEG Services Bhd’s net profit decreased 7.25% to RM74.73 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM80.58 million a year earlier, as the e-government service provider's revenue was affected following the government's lifting of health screening and quarantine requirements. Quarterly revenue declined 29.61% to RM165 million from RM234.42 million in 4QFY2021, amid the cessation of the revenue contribution from Covid-19 health screening and quarantine, and an impairment in investment in digital solutions company Agmo Holdings Bhd as a result of mark-to-market practice. It declared a final dividend of 1.17 sen per share.

Industrial conglomerate UMW Holdings Bhd’s net profit sank 55.8% to RM105.95 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM239.96 million in the previous year’s corresponding quarter, owing to a lower share of profit from an associated company.

Velesto Energy Bhd posted a net loss of RM26 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), versus a net profit of RM5.43 million a year ago, as the bottom line was hit by higher operating expenses, finance costs and taxation. This was despite the higher quarterly revenue achieved at RM243.07 million, 53% higher than the RM158.48 million reported for 4QFY2021, driven by higher utilisation of the group’s jack-up drilling rigs.

OSK Holdings Bhd's net profit for the fourth quarter ended Dec 31, 2022 rose 23.4% to RM121.32 million, supported by its property and financial services and investment holding divisions. Revenue rose 5.77% to RM332.71 million from RM314.57 million a year ago. It declared a final dividend of four sen per share.

PT Resources Holdings Bhd has inked a deal to jointly develop the Malaysia East Coast International Supply Chain Intelligent Park. It said the project involves the establishment of an international supply chain intelligent park in Kuantan, Pahang, which is intended to drive the development of food and light industries’ supply-chain between Malaysia and Fuzhou. It had entered into a Memorandum of Understanding with Ocean Exchange (Fujian) Foreign Trade Services Co Ltd (Ocean Exchange) to set up the park, inspired by the Marché International Cold Logistics and Cross-border E-commerce project located in Fujian province, China.


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