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Singapore Investment


CIMB, HLFG, Hong Leong Bank, Hong Leong Capital, Alliance Bank, Boustead, IHH, IOI Corp, PPB, TM, Capital A, MAHB, Tropicana Corp, Sime Darby Property, Mah Sing, S P Setia, Serba Dinamik and Yinson

KUALA LUMPUR (Feb 28): Here is a brief recap of some corporate announcements that made news on Tuesday (Feb 28) involving CIMB Group Holdings Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Hong Leong Capital Bhd, Alliance Bank Bhd, Boustead Holdings Bhd, IHH Healthcare Bhd, IOI Corp Bhd, PPB Group Bhd, Telekom Malaysia Bhd, Capital A Bhd, Malaysia Airports Holdings Bhd, Tropicana Corp Bhd, Sime Darby Property Bhd, Mah Sing Group Bhd, S P Setia Bhd, Serba Dinamik Holdings Bhd and Yinson Holdings Bhd.

CIMB Group Holdings Bhd’s net profit jumped 26.6% to RM5.44 billion for the year ended Dec 31, 2022 (FY2022) versus RM4.29 billion posted a year ago, on the back of stronger operating income from robust loan growth and net interest margin (NIM) expansion. The stronger net profit was also attributed to stringent cost management, lower provisions from prudent risk management, recoveries and portfolio de-risking. Revenue grew 1.6% to RM19.84 billion from RM19.51 billion reported in FY2021. For the fourth quarter, CIMB reported a 55% increase in net profit to RM1.32 billion versus RM854.51 million in 4QFY2021, on the back of strong operating income growth and significantly lower provisions. Quarterly revenue grew 13.8% to RM5.21 billion from RM4.58 billion in 4QFY2021. It proposed an all-cash second interim dividend of 13 sen per share.

Hong Leong Financial Group Bhd’s net profit improved by 37.78% to RM770.84 million or 68 sen per share for the second quarter ended Dec 31, 2022 (2QFY2023), from RM559.49 million or 49.3 sen per share a year earlier, due to higher contributions from its commercial bank, coupled with lower income tax. Quarterly revenue increased 10.39% to RM1.7 billion, from RM1.54 billion previously. It announced an interim dividend of 17 sen per share.

Meanwhile, Hong Leong Bank Bhd — 61.82% owned by HLFG — recorded a higher net profit of RM1.04 billion, up 40.54% from RM738.59 million a year earlier, underpinned by higher revenue of RM1.49 billion, up 8.76% from RM1.37 billion. It declared an interim dividend of 21 sen per share.

Hong Leong Capital Bhd — 70% owned by HLFG — saw its net profit decline 18.4% to RM12.6 million, from RM15.44 million a year earlier, due to lower contributions from investment banking and stockbroking as well as its fund management and unit trust management divisions. Revenue contributions were 3.93% lower at RM73.97 million, from RM77 million for 2QFY2022.

Alliance Bank Bhd’s net profit in the third quarter ended Dec 31, 2022 increased 17.2% to RM177.1 million from RM151.02 million a year earlier, driven by higher net interest income. Revenue increased 3.4% to RM496.54 million from RM480.18 million a year ago.

Boustead Holdings Bhd's 52%-owned subsidiary Pharmaniaga Bhd, once its major income contributor, has dragged the conglomerate into a quarterly net loss of RM402.3 million in the fourth quarter ended Dec 31, 2022. The whopping net loss was due mainly to the RM552.3 million impairment provision for Pharmaniaga's unsold Covid-19 vaccine sitting in the warehouse. This was despite a 25% growth in quarterly revenue to RM3.69 billion from RM2.96 billion. Group chief executive officer Izaddeen Daud, who took over the post in December last year, said the writedown was “indeed deeply concerning”.

IHH Healthcare Bhd reported a 57.8% decline in its net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) to RM191.3 million from RM453.6 million a year ago, due to an impairment loss of RM305.9 million in relation to the group's assets and goodwill in China amid Covid-19 restrictions, and higher net finance costs and adjustments relating to MFRS 129. Meanwhile, revenue rose 8.9% to RM4.9 billion from RM4.5 billion a year ago, thanks to more local and foreign patients returning.

IOI Corp Bhd's net profit rose 43.95% to RM712.1 million for the second quarter ended Dec 31, 2022 (2QFY2023) from RM494.7 million a year earlier, boosted by higher earnings contribution from its resource-based manufacturing segment. It also recognised a higher foreign currency translation gain on borrowings of RM122.4 million from RM29 million previously. It declared a first interim dividend of six sen per share. Quarterly revenue, however, declined 19.66% to RM3.3 billion, from RM4.11 billion in 2QFY2022 on lower contribution from the plantation segment due to higher cost of production, lower crude palm oil and palm kernel prices, and decrease in share of associate results.

PPB Group Bhd’s net profit increased to RM2.2 billion for the financial year ended Dec 31, 2022 (FY2022) compared with RM1.5 billion a year ago. Revenue in FY2022 rose to RM6.15 billion versus RM4.65 billion previously, with all key segments recording improvements in revenue and profitability. For the fourth quarter of FY2022, PBB said net profit was marginally lower at RM415.5 million from RM502.56 million in the previous corresponding quarter, while revenue increased to RM1.61 billion from RM1.36 billion.

Telekom Malaysia Bhd (TM)’s net profit doubled to RM160.18 million in the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM79.94 million a year ago, thanks to a foreign exchange (forex) gain on borrowings and lower finance costs. The forex gain on borrowings surged to RM66.6 million from RM600,000 in 4QFY2021, while finance costs fell 19.19% to RM99.3 million from RM124 million. Quarterly revenue dropped 5.54% to RM2.98 billion from RM3.15 billion previously, mainly due to lower contributions from other telecommunication related services, voice and data, but this was cushioned by revenue growth in internet and non-telecommunication-related services.

Capital A Bhd’s net loss narrowed to RM2.48 billion in the financial year ended Dec 31, 2022 (FY2022) from RM2.99 billion in FY2021, as air travel bounced back strongly in the fourth quarter. Revenue soared to RM6.61 billion compared with RM1.84 billion in FY2021 due to the relaxation of travel restrictions, In the fourth quarter of FY2022, the group returned to the black with a net profit of RM256.2 million against a net loss of RM756.59 million in 4QFY2021, while revenue surged to RM2.37 billion from RM821.04 million previously.

Malaysia Airports Holdings Bhd has returned to the black with a RM359.14 million net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) versus a net loss of RM136.73 million a year earlier, boosted by higher revenue, reduction in utilisation fees and better share of results from joint ventures and associates. The airport operator had been in the red for 11 consecutive quarters since 1QFY2020. The return to profitability was achieved on the back of an 81.89% jump in revenue to RM1 billion from RM551.34 million in 4QFY2021, in tandem with the significant increase in passenger volumes, driven by further easing of travel protocols and further resumption of airline services and connectivity. It declared a final dividend of 3.91 sen per share.

Tropicana Corp Bhd posted a net loss of RM307.92 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) against a net profit of RM7.94 million the year before. Quarterly revenue fell 4.42% to RM258.12 million from RM270.05 million previously. The property developer attributed the loss to the proposed disposals of two parcels of development land for RM244.4 million, which also caused 4QFY2022 results to be weaker year-on-year as the proposed disposals have given rise to provisions for foreseeable losses of RM298.6 million. Lower progress billings across key projects in the Klang Valley and southern region also widened the loss.

Sime Darby Property Bhd's net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) surged 64.34% to RM103.15 million from RM62.77 million a year earlier, on the back of higher revenue. Quarterly revenue grew 29.58% to RM956.9 million from RM738.44 million in 4QFY2021, driven by higher sales and site-progress from the group's property development segment. SDP declared a second dividend of one sen per share, which brought the total dividend for FY2022 to two sen, compared with one sen in FY2021.

Mah Sing Group Bhd ended the financial year ended Dec 31, 2022 (FY2022) on a positive note, with an 11.9% increase in net profit on higher property sales. Full-year net profit rose to RM180.05 million from RM160.86 million for FY2021. The group saw property sales of RM2.12 billion for the year, the highest figure recorded since 2016, up 32.2% from RM1.6 billion achieved in 2021. Revenue grew 32.1% to RM2.32 million, from RM1.75 million for FY2021. For the 4QFY2022, net profit rose 16.9% to RM46.78 million from RM40.01 million a year earlier. Quarterly revenue grew 24.8% to RM670.87 million from RM537.42 million for 4QFY2021.

S P Setia Bhd’s net profit fell 26.7% to RM90.31 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM123.31 million a year ago, mainly dragged by higher finance costs and tax. Its finance costs had swollen to RM82.35 million in 4QFY2022, compared with RM42.9 million a year ago. Taxation also increased to RM91.19 million, up from RM62.14 million. Quarterly revenue, however, was up 65.4% to RM1.71 billion from RM1.03 billion a year ago, driven by significant contributions from the property segment, particularly the handover of Australia's UNO Melbourne (Phase 1), which generated revenue of RM106.2 million, and Sapphire by the Gardens, which contributed RM788.5 million.

Serba Dinamik Holdings Bhd said it is unable to release its quarterly report for the financial period ended Dec 31, 2022, within the timeframe not later than Feb 28, 2023. SDHB said the delay was due to a significant loss of manpower and loss of critical personnel. "The board would like to stress that they are taking serious steps towards identifying suitable replacement candidates to rectify these issues," the filing said. It expects to issue and submit its quarterly report for the fiscal period by March 6, 2023.

Yinson Holdings Bhd has inked a firm contract with Eni Angola SpA, a wholly-owned subsidiary of Azule Energy, to supply a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola. The group said  the contract has an estimated aggregate value of US$5.3 billion and a firm period of 15 years from the date of the final acceptance, with the option to extend for a further five years.


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