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Singapore Investment


Press Metal, CelcomDigi, Heineken Malaysia, Inari, IOI Properties, Padini, Dutch Lady, Farm Fresh, Karex, BHIC and Boustead

KUALA LUMPUR (Feb 23): Here is a brief recap of some corporate announcements that made news on Friday (Feb 24) involving Press Metal Aluminium Holdings Bhd, Digi.com Bhd (CelcomDigi), Heineken Malaysia Bhd, Inari Amertron Bhd, IOI Properties Group Bhd, Padini Holdings Bhd, Dutch Lady Milk Industries Bhd, Farm Fresh Bhd, Karex Bhd, Boustead Heavy Industries Corp Bhd and Boustead Holdings Bhd.

Press Metal Aluminium Holdings Bhd has achieved a record high revenue and net profit for the second consecutive year. The aluminium smelter posted a net profit of RM1.42 billion and record revenue of RM15.69 billion for the financial year ended Dec 31, 2022 (FY2022), as sales volume soared year-on-year, compared with net profit of RM1 billion and record revenue of RM11 billion in FY2021. The group declared a fourth interim dividend of 1.75 sen per share, bringing its total dividend for FY22 to 6.75 sen. For 4QFY22, the group's net profit grew 5.8% to RM272.2 million from RM257.3 million a year ago, while revenue rose 16.4% to RM3.92 billion from RM3.37 billion.

Digi.com Bhd's (CelcomDigi) net profit stood at RM42.82 million or 0.47 sen per share in the fourth quarter ended Dec 31,2022 (4QFY2022) versus RM304.55 million or 3.92 sen per share a year earlier, marking the first time the company has combined its financial reporting since completion of the merger. Excluding the non-recurring items related to the merger, the quarterly earnings would have been higher at RM368 million, with a margin of 16.9%. Notably, CelcomDigi said the figures of the quarterly report include the results and metrics from Celcom from Dec 1, 2022 onwards. Revenue was RM2.18 billion, up from RM1.58 billion.

Heineken Malaysia Bhd's shareholders can look forward to dividends of 98 sen per share — bringing total dividend for FY2022 to RM1.38 per share — after the brewer posted a 9.17% increase in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022). It posted a net profit of RM104.6 million, from RM95.85 million in 4QFY2021, as it booked a fresh record in quarterly revenue and efficiency gains through cost and value initiatives. Revenue for the quarter grew 14.35% to a record RM791.69 million from RM692.34 million a year ago, mainly driven by a boost in sales volume from increased on-trade consumption and earlier festive sell-in for Chinese New Year 2023.

Inari Amertron Bhd’s net profit fell 12.76% to RM93.61 million for the second quarter ended Dec 31, 2022 (2QFY2023) from RM107.3 million a year earlier, mainly due to lower revenue and unfavourable forex movements. Quarterly revenue decreased 4.24% to RM402.46 million from RM420.26 million in 2QFY2022, amid comparatively lower loading volume in the optoelectronics business segment. Inari declared a second interim dividend of 2.2 sen per share.

IOI Properties Group Bhd saw its net profit surge by more than three folds to RM401.98 million in the second quarter ended Dec 31, 2022 (2QFY2023) from RM125.72 million a year ago, lifted by significant improvement from the results of joint ventures (JVs). Share of results of JVs shot up to RM225.82 million.  Nonetheless, it said its underlying profit before taxation (PBT) dropped 15% to RM280.6 million (excluding reversal of inventories previously written down of RM192.7 million, included in share of results of JVs) in 2QFY2023, from RM331.3 million (excluding fair value loss on an investment property) a year ago. Quarterly revenue, however, declined by 4.88% to RM670.44 million, from RM704.83 million a year prior, due mainly to lower performance from property development.  

Padini Holdings Bhd’s net profit increased 20.1% to RM73.14 million for its second quarter ended Dec 31, 2022 (2QFY2023) from RM60.89 million a year earlier. The clothes retailer attributed the higher earnings to the continued recovery from the pandemic, which also resulted in a 19.3% growth in quarterly revenue to RM509.48 million from RM427.17 million. Padini declared a third interim dividend of 2.5 sen per share.

Dutch Lady Milk Industries Bhd slipped into the red, as it booked a net loss of RM20.23 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), from a net profit of RM183.46 million a year ago. The dairy product maker blamed the quarterly net loss on a RM17.9 million one-off restructuring cost related to the optimisation of its dairy production operations in Petaling Jaya, as well as RM25 million related to the 2018-2021 bilateral advanced pricing arrangement between the authorities of Malaysia and the Netherlands with regard to certain related party transactions, which was finalised in 2022. Quarterly revenue increased 20.4% to RM361.69 million from RM300.4 million a year ago, mainly driven by continued demand for milk and product price increases.

Farm Fresh Bhd’s net profit for the third quarter ended Dec 31, 2022 (3QFY2023) jumped 63.8% to RM18.77 million from RM11.46 million a year before, amid higher revenue. Quarterly revenue grew 39% to RM162.17 million from RM116.67 million a year before, driven by positive sales momentum accompanied by the launching of new products. Its revenue was further boosted by the School Milk Program. The group added that the higher quarterly revenue was also underpinned by higher revenue contribution from its Australia subsidiaries, whose revenue increased to RM29.9 million from RM9.4 million a year ago.

Karex Bhd posted a net profit of RM2.03 million in its second quarter ended Dec 31, 2022 (2QFY2023) in contrast to a net loss of RM2.81 million in the same quarter a year earlier (2QFY2022), due to higher revenue contributions. Quarterly revenue improved 24.15% to RM128.51 million from RM103.51 million on the back of higher commercial market orders and normalization of raw material prices.

Boustead Heavy Industries Corp Bhd, the shipbuilding arm of Boustead Holdings Bhd, slipped back into the red in the fourth quarter ended Dec 31, 2022 (4QFY2022), mainly due to higher allowances on expected credit loss of RM32.2 million and higher finance costs of RM5.05 million. It posted a net loss of RM28.1 million in 4QFY2022 compared to a net profit of RM564,000 in 3QFY2022. On a year-on-year basis, its net loss widened from RM7.97 million in 4QFY2021. Revenue for the quarter fell 3% to RM38.56 million from RM39.76 million a year earlier. 4QFY2022 revenue was largely generated from Royal Malaysian Navy’s submarine contracts and defence-related maintenance, repair and overhaul projects.


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