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Singapore Investment


TNB, Boustead Holdings, PetChem, AMMB, Allianz, Mah Sing, BAT Malaysia, Tropicana, IJM, DNeX, KLCCP, Padini, IGB, D&O, MRCB, Tiong Nam, GDEX, Hengyuan, Cloudpoint, S P Setia

KUALA LUMPUR (May 29): Here is a brief recap of some corporate announcements that made news on Monday (May 29): Tenaga Nasional Bhd, Boustead Holdings Bhd, Petronas Chemicals Group Bhd, AMMB Holdings Bhd, Allianz Malaysia Bhd, Mah Sing Group Bhd, British American Tobacco (Malaysia) Bhd, Tropicana Corp Bhd,  IJM Corp Bhd, Dagang NeXchange Bhd, KLCCP Stapled Group Bhd, Padini Holdings Bhd, IGB Bhd, D&O Green Technologies Bhd, Malaysian Resources Corp Bhd, Tiong Nam Logistics Holdings Bhd, GDEX Bhd, Hengyuan Refining Co Bhd, Cloudpoint Technology Bhd, and S P Setia Bhd.

Tenaga Nasional Bhd’s (TNB) net profit for the first quarter ended March 31, 2023 (1QFY2023) grew 12.23% to RM1.002 billion from RM893.1 million a year ago, as higher revenue and lower taxes helped offset the higher operating and finance costs incurred. Quarterly revenue was up barely 3.89% to RM12.63 billion from RM12.15 billion, on higher sales of electricity with a demand growth of 0.8%. The strong set of financial results came after the imposition of a higher tariff surcharge on certain non-domestic consumers in the first half of 2023 (1H2023) to recoup the additional generation costs incurred in 2H2022.

Boustead Holdings Bhd reported a net loss of RM62.80 million for the first quarter ended March 31, 2023 (1QFY2023), compared with a net profit of RM290.30 million a year earlier, when there was a one-off gain from the disposal of the group's plantation assets. The loss was also attributed to weaker operational results arising from a decrease in palm product prices and unfavourable impact on the valuation of fresh fruit bunches. Quarterly revenue was down 5.81% year-on-year to RM3.24 billion, from RM3.44 billion in 1QFY2022.

A decline in average product prices, coupled with higher utility and fuel costs, dragged Petronas Chemicals Group Bhd's (PetChem) net profit for the first quarter ended March 31, 2023 (1QFY2023) down 74.37% to RM532 million, from RM2.08 billion a year ago. This was despite a 13.91% rise in quarterly revenue to RM7.56 billion versus RM6.63 billion for 1QFY2022, on the back of the olefins and derivatives segment's higher sales amid the ringgit's weakening versus the US dollar.

AMMB Holdings Bhd (AmBank Group) saw its net profit rise 9.23% to RM427.91 million in its fourth financial quarter ended March 31, 2023 (4QFY2023), from RM391.75 million a year ago, due to increase in the group’s fund-based income from interest bearing assets and increase in the non-interest income. Quarterly revenue was up 3.29% to RM1.16 billion, from RM1.12 billion in 4QFY2022. The group also declared a final dividend of 12.3 sen per share for the financial year ended March 31, 2022 (FY2023), with a payment date to be announced later. The bank is also expecting a 6% loan growth for the current financial year ending March 31, 2024 (FY2024) versus 9% in the prior financial year, amid a high base effect and decelerating economic growth. The group’s gross loan grew to RM130.2 billion in FY2023 from RM120.0 billion in FY2022.

Allianz Malaysia Bhd posted a 14.8% increase in its net profit for the first quarter ended March 31, 2023 (1QFY2023) to RM172.7 million from RM150.5 million a year ago, driven by higher profit contribution from its general insurance segment. Its earnings per share rose to 97.03 sen, compared to 84.68 sen a year earlier. Revenue for the quarter under review was higher by 9.2% to RM1.16 billion from RM1.06 billion in 1QFY2022 due to higher insurance revenue from both the general insurance and life insurance segments. It then proposed a dividend amounting to 31.5 sen per share, with entitlement and payment dates to be announced later.

Mah Sing Group Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) rose 15.9% to RM50.06 million, from RM43.18 million a year earlier, on higher property sales. Mah Sing also said its revenue rose 48.5% to RM643.5 million, from RM433.23 million previously. Mah Sing did not declare any dividend for the quarter. In a separate statement, the company said it achieved RM600.6 million new property sales in 1QFY2023, marking a 33.5% increase compared with RM450 million a year earlier.

British American Tobacco (Malaysia) Bhd (BAT Malaysia) posted a net profit of RM40.32 million for the first quarter ended March 31, 2023 (1QFY2023), a decline of 22.95% from RM52.29 million a year earlier, as a result of a lower volume driven by an increase in vapour usage, the tobacco black market and the start of the Muslim fasting month. Quarterly revenue dropped 25.18% to RM390.23 million, from RM521.56 million a year ago. It then declared a first interim dividend of 13 sen per share — lower than the 17 sen paid in the same period last year — amounting to RM37.1 million, payable on June 26.

Tropicana Corp Bhd saw its net loss for the first quarter ended March 31, 2023 (1QFY2023) narrow by 84.33% to RM5.23 million or 0.26 sen loss per share, from RM33.39 million or 2.23 sen loss per share a year ago. The property developer’s quarterly revenue rose 14.97% to RM256.73 million in 1QFY2023, from RM223.3 million a year ago. This was mainly contributed by the improvement in the group’s property investment, recreation and resort operations, on the back of the reopening of borders, as well as cost rationalisation measures to reduce overall expenses, while adhering to prudent risk management. It did not declare any dividend for the quarter under review.

After seeing better performances in selected segments, IJM Corp Bhd's net profit surged more than 15 times to RM23.05 million for the fourth quarter ended March 31, 2023 (4QFY2023), from RM1.47 million a year ago. The group declared a dividend of four sen a share, and a special dividend of two sen a share, both payable on July 21. Quarterly revenue increased 8.13% to RM1.33 billion, from RM1.23 billion for 4QFY2022, due to higher revenue from the property development segment offset by lower revenue from the construction segment.

Dagang NeXchange Bhd (DNeX) posted a net loss of RM239.77 million in its third quarter ended March 31, 2023 (3QFY2023), from a net profit of RM51.6 million a year ago, hit by a RM252.4 million energy profit levy in the UK for its oil and gas operations under Ping Petroleum Ltd. The weaker performance was compounded by a decline of 27.68% in revenue to RM276.71 million, from RM382.64 million. As a result of the weaker quarter, DNeX saw a net loss of RM166.16 million compared with a net profit of RM388.99 million in 9MFY2022 in the nine-month period ended March 31, 2023 (9MFY2023).

KLCCP Stapled Group Bhd’s net profit expanded 11.85% to RM180.56 million for the first quarter ended March 31, 2023 (1QFY2023) from RM161.45 million a year earlier, on improved performance across all business segments, particularly retail, hotel and management services. The group — comprising KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT) — saw quarterly revenue grow 18.35% to RM380.74 million from RM321.71 million. It declared a dividend of 8.5 sen per stapled security, compared with eight sen a year earlier.

Padini Holdings Bhd saw its net profit rise 33% to RM43.38 million for the third financial quarter ended March 31, 2023 (3QFY2023), from RM32.62 million a year earlier, on higher revenue incurred during the quarter under review. Quarterly revenue increased 38.8% to RM457.23 million, from RM329.34 million for 3QFY2022. It also declared a fourth interim dividend of 2.5 sen per share and a special dividend of 1.5 sen per share for FY2023, payable on June 30.

IGB Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) climbed 31.24% year-on-year to RM56.07 million from RM42.72 million on higher revenue due to improved contributions from the group's operating segments. Its quarterly revenue grew 37.43% year-on-year to RM396.06 million from RM288.19 million.

Hit by the weak Chinese automotive market, D&O Green Technologies Bhd's net profit tumbled 97.17% to RM863,000 for the first quarter ended March 31, 2023 (1QFY2023), from RM30.45 million a year earlier.  Revenue declined 11.13% to RM214.72 million from RM241.6 million in 1QFY2022 primarily as a result of the lower sales of China-manufactured cars, and an overhang of car inventory in China.

Property and infrastructure company Malaysian Resources Corp Bhd’s (MRCB) recorded a net profit of RM8.47 million for the first quarter ended March 31, 2023 (1QFY2023), a decline of 40% year-on-year from RM14.03 million, mainly due to the completion of Package CB2 of the Damansara-Shah Alam Elevated Expressway (DASH) project last year. Revenue for the quarter also fell 8% to RM742.24 million, from RM810.71 million previously.

Tiong Nam Logistics Holdings Bhd’s net profit jumped by over 11 times to RM27.1 million for the fourth quarter ended March 31, 2023 (4QFY2023), from RM2.34 million a year ago, due to a fair value gain on a warehouse investment property, firm demand for logistics and warehousing services and lower share of associate loss. Quarterly revenue rose 4.6% year-on-year to RM184.94 million from RM176.81 million, on higher contributions from the group's logistics and warehousing services segment, as well as property development.

GDEX Bhd remained in the red in the first quarter ended March 31, 2023 (1QFY2023), widening its net loss to RM7.21 million, from RM1.9 million a year ago. This is the fifth consecutive quarterly loss for the group. Quarterly revenue, however, rose 7.18% to RM98.48 million from RM91.89 million last year, mainly contributed by the group’s new information technology segment. It then announced its first and final single-tier dividend of 0.15 sen per share for the financial year ended Dec 31, 2022 (FY2022). The dividend, with an ex-date of June 21, will be paid on July 7.

Hengyuan Refining Co Bhd posted a third quarterly loss of RM120.54 million in the first quarter ended March 31, 2023 (1QFY2023), amid lower sales volume due to scheduled plant maintenance. The increase in stockholding losses due to a reduction in crude and product prices had also impacted its performance in 1QFY2023. Quarterly revenue dropped 11.52% to RM4.38 billion in 1QFY2023, from RM4.95 billion the year before, hit by softer product prices and a drop in sales volume.

Information technology (IT) solutions provider Cloudpoint Technology Bhd’s share price opened at 75 sen on its debut on the Ace Market of Bursa Malaysia, a 97% premium over its initial public offering (IPO) price of 38 sen. Cloudpoint's IPO was oversubscribed 112.94 times after a total of 36,608 applications for 3.03 billion new shares, with a value of RM1.15 billion were received from the Malaysian public.

S P Setia Bhd announces the appointment of Datuk Zaini Yusoff as its new chief operating officer (COO), effective July 1, 2023. He is currently the executive vice-president, a position he has held since July 1, 2020. Zaini will report to chief executive officer Datuk Choong Kai Wai, and be responsible for strengthening the company's operating model to support growth through transformation. Prior to joining S P Setia, Zaini was the COO of I&P Group Sdn Bhd.


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