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Singapore Investment


MyEG, MAHB, Press Metal, Bank Islam, ABMB, KPJ, BCorp, FGV, Panasonic Malaysia, Farm Fresh, IOI Corp, Chin Hin, Shangri-La, CAB, QL, Citaglobal, Propel Global, Axis REIT

KUALA LUMPUR (May 31): Here is a brief recap of some corporate announcements that made news on Tuesday (May 30): MyEG Services Bhd, Malaysia Airports Holdings Bhd, Press Metal Aluminium Holdings Bhd, Bank Islam Malaysia Bhd, Alliance Bank Malaysia Bhd, KPJ Healthcare Bhd, Berjaya Corp Bhd, FGV Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Farm Fresh Bhd, IOI Corp Bhd, Chin Hin Group Bhd, Shangri-La Hotels (M) Bhd, CAB Cakaran Corp Bhd, QL Resources Bhd, Citaglobal Bhd, Propel Global Bhd and Axis Real Estate Investment Trust.

MyEG Services Bhd’s net profit rose 25.18% to RM105.94 million in the first quarter ended March 31, 2023, from RM84.63 million a year ago. Quarterly revenue also increased by 7.08% to RM173.22 million in 1QFY2023, from RM161.77 million a year earlier. The group attributed the better net profit and revenue to an overall increase in revenue from its existing services with higher margins. This has offset the cessation of revenue contributions from Covid-19 health screening and quarantine services.

Malaysia Airports Holdings Bhd (MAHB) posted a second straight quarterly profit of RM58.19 million in the first quarter ended March 31, 2023 (1QFY2023), driven by international passenger traffic that more than tripled compared with 1QFY2022, as Malaysia’s borders reopened from April 2022 onwards. Quarterly revenue rose 81.2% to RM1.03 billion in 1QFY2023, from RM570.85 million a year before, driven by further easing of travel protocols and further resumption of airline services and connectivity. The better profitability was also due to a 19% decline in finance costs to RM147.78 million in 1QFY2023, from RM182.53 million a year before.

Press Metal Aluminium Holdings Bhd's first quarter net profit fell 33% to RM281.97 million, from RM421.02 million a year earlier, on lower revenue and contribution by its associated companies. Earnings per share fell to 3.44 sen from 5.21 sen. Revenue for the quarter ended March 31, 2023 (1QFY2023) fell 21.7% to RM3.07 billion from RM3.92 billion, mainly attributable to the softening of metal prices, said the aluminium smelter. Despite the drop in earnings, Press Metal has declared a first interim dividend of 1.75 sen per share, payable on June 30, representing a payout ratio of 51%.

Bank Islam Malaysia Bhd's net profit rose 11.5% to RM118.09 million for the first quarter ended March 31, 2023 (1QFY2023), from RM105.92 million a year earlier, led by a jump in investment income. Net income rose 14% to RM541.9 million from RM475.19 million, which more than offset higher personnel and overhead expenses. Quarterly earnings per share rose to 5.33 sen, from 4.95 sen previously.

Alliance Bank Malaysia Bhd's (ABMB) net profit for the fourth quarter ended March 31, 2023 (4QFY2023) rose 26.32% to RM130.17 million, from RM103.04 million a year earlier, due to higher net interest income and lower allowances for expected credit losses. Revenue for the quarter was up 3.78% to RM468.61 million, from RM451.54 million a year ago. ABMB also declared a second interim dividend of 10 sen to be paid on June 28. Full-year net profit rose to RM677.85 million from RM572.82 million, on the back of revenue of RM1.92 billion against RM1.87 billion.

KPJ Healthcare Bhd’s net profit rose 134.44% to RM51.9 million in the first quarter ended March 31, 2023 (1QFY2023), from RM22.14 million a year earlier, mainly driven by the performance from the Malaysian segment. Revenue went up 29.2% to RM828.98 million from RM641.64 million in 1QFY2022, with the Malaysian segment's revenue rising to RM800.87 million from RM618.56 million.

Berjaya Corp Bhd (BCorp) returned to profitability with a net profit of RM3.26 million for the third quarter ended March 31, 2023 (3QFY2023), from a net loss of RM35.89 million a year ago. Revenue rose slightly to RM2.50 billion from RM2.42 billion a year earlier, thanks to higher contributions from its food retail, property and hospitality segments. The food retail, non-food retail, and services segments reported lower pre-tax profit. The group did not declare any dividends for the quarter.

FGV Holdings Bhd's net profit fell 96.7% to RM12.09 million in the first quarter ended March 31, 2023 (1QFY2023), from RM369.24 million a year earlier, on the back of a sharp decline in revenue due to normalising prices and lower sales volume of crude palm oil (CPO). Quarterly revenue declined 21.5% to RM4.59 billion from RM5.85 billion in 1QFY2022, as its plantation segment contribution fell 24.6% to RM3.89 billion, from RM51.6 billion.

Panasonic Manufacturing Malaysia Bhd’s net profit shrank 53.42% to RM7.35 million for its fourth quarter ended March 31, 2023 (4QFY2023), from RM15.78 million a year earlier, due to lower revenues, higher operating and utilities costs, as well as lower share of profits from its associated company. It declared a higher final dividend of 107 sen per share, compared with 68 sen a year ago. This raised the total dividend for FY2023 to 122 sen, against 83 sen in FY2022. Quarterly revenue fell 6.34% to RM195.53 million from RM208.77 million in 4QFY2022, due to lower sales as the company's rice cooker and kitchen appliance businesses were discontinued.

Farm Fresh Bhd’s net profit dropped 72.35% in the fourth quarter ended March 31, 2023 (4QFY2023) to RM4.89 million from RM17.68 million a year ago, despite delivering an all-time high revenue, as elevated raw material costs and foreign exchange rate fluctuation ate into its profit. The group's revenue for 4QFY2023 grew 26% to RM161.36 million from RM128.07 million a year ago, led by positive Ramadan sales, school milk programme sales and sales increase from its Australian operations.

IOI Corp Bhd's net profit declined 52% to RM197.40 million for the third quarter ended March 31, 2023 (3QFY2023), from RM411.20 million a year earlier, mainly due to lower contribution from its plantation segment. Quarterly revenue fell 35.08% to RM2.66 billion, from RM4.10 billion in 3QFY2022. The plantation segment's profit for RM221.2 million was 57% lower than its 3QFY2022 profit of RM518.5 million, mainly due to lower crude palm oil (CPO) and palm kernel (PK) prices realised and higher cost of production, mitigated by higher fresh fruit bunch (FFB) production.

Chin Hin Group Bhd’s net profit fell 24% to RM20.05 million for the first quarter ended March 31, 2023 (1QFY2023) compared to RM26.26 million a year earlier (1QFY2022). Revenue was higher by 49.3% at RM523.94 million in 1QFY2023 from RM350.95 million on the back of better revenue contribution from its construction division. The integrated builder conglomerate also saw higher administrative expenses, finance cost and impairment of trade receivables for the quarter. Nevertheless, higher revenue and gross profit managed to offset the effects of higher costs. The group also attributed the increase in revenue to the higher volume of wall panel and autoclaved aerated concrete (ACC) blocks sold to private and government projects in Singapore.

Shangri-La Hotels (M) Bhd posted a net profit of RM8.27 million in the first quarter ended March 31, 2023 (1QFY2023) versus a net loss of RM12.94 million a year earlier, bolstered by stronger results across its hotel operations on the back of more favourable business environment. Quarterly revenue saw a  more than two-fold increase to RM116.31 million, from RM57.12 million in 1QFY2022.

CAB Cakaran Corp Bhd's net profit rose by more than four times to RM28.52 million for the second quarter ended March 31, 2023 (2QFY2023), from RM6.69 million a year earlier, on higher revenue from sales, especially at the integrated poultry division. Revenue rose by 19.97% to RM570.89 million from RM475.86 million in 2QFY2022. The integrated poultry division brought in RM542.05 million in revenue, compared with RM446.19 million previously, amid higher average selling prices for broiler, feed, processed chicken and most of the further processed food products.

QL Resources Bhd closed the financial year ended March 31, 2023 (FY2023) with new record earnings of RM346.8 million on revenue of RM6.26 billion, as the latest quarter saw a rebound in its convenience store business performance. Its 4QFY2023 net profit fell 24.6% quarter-on-quarter (q-o-q) to RM73.32 million from RM97.18 million, ending its run on q-o-q growth in net profit and net margins seen over the last six consecutive quarters, due to some seasonal compression in its marine food business. On a positive note, its convenience store business performance has rebounded from its 3QFY2023 levels.

Citaglobal Bhd’s first quarter net profit fell slightly by1.88% to RM2.07 million, from RM2.11 million a year earlier, as higher earnings from the civil engineering and construction (CEC) segment was offset by weaker results from other business segments. Revenue dropped 16.35% to RM38.24 million from RM45.71 million in 1QFY2022, due to the lower revenue from the CEC, manufacturing and energy segments. It expects a return to growth in the financial year ending Dec 31, 2023 (FY2023) and FY2024, lifted by its energy storage and portability solutions through its one-megawatt battery energy storage system (BESS).

Oil and gas service provider Propel Global Bhd, which took over the listing status of troubled Daya Materials Bhd last year, will no longer be classified as a Practice Note 17 company from Wednesday (May 31). It said that after the completion of the implementation of its regularisation plan in October 2022, it had regularised its financial condition and level of operations, and no longer triggers any of the criteria under PN17 of Bursa's Main Market listing requirements.

Axis Real Estate Investment Trust (Axis REIT) has made a slew of board changes as part of the trust's succession plan. Its executive deputy chairman Datuk Abas Carl Gunnar Abdullah, 64, was promoted to executive chairman effective immediately, while its non-independent director Stephen Tew Peng Hwee@Teoh Peng Hwee, 62, will take over the role of deputy chairman. The trust also announced the departure of three independent and non-executive directors — Tunku Shahabuddin Burhanuddin, 88, Datuk Seri Fateh Iskandar Mohamed Mansor, 55, and Mohd Sharif Yusof, 84 — who are stepping down after serving the board of Axis REIT for more than 12 years.


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