KLK, Batu Kawan, Maybulk, AEON, Dialog, Malakoff, Magnum, Allianz, Wah Seong, Hup Seng Industries, Sunway REIT, Tropicana, TSH Resources, Bumi Armada, UCrest Bhd and NWP
KUALA LUMPUR (May 19): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (May 20) include Kuala Lumpur Kepong Bhd, Batu Kawan Bhd, Malaysian Bulk Carriers Bhd, AEON Co (M) Bhd, Dialog Group Bhd, Malakoff Corp Bhd, Magnum Bhd, Allianz Malaysia Bhd, Wah Seong Corp Bhd, Hup Seng Industries Bhd, Sunway Real Estate Investment Trust, Tropicana Corp Bhd, TSH Resources Bhd, Bumi Armada Bhd, UCrest Bhd and NWP Holdings Bhd.
Kuala Lumpur Kepong Bhd's (KLK) latest quarterly net profit surged nearly 18 times to RM490.44 million from RM27.89 million in the corresponding quarter last year, thanks to higher commodity prices, and stronger earnings from its manufacturing and property segments. Revenue for its second quarter ended March 31, 2021 (2QFY21) grew 18.5% to RM4.51 billion from RM3.81 billion previously. The group declared an interim dividend of 20 sen per share — up from 15 sen in 2QFY20 — to be paid on Aug 3.
Meanwhile, KLK's parent company Batu Kawan Bhd’s net profit surged more than sixteenfold to RM261.08 million in the second quarter ended March 31, 2021, compared with RM16.02 million in the corresponding period last year. This positive result was underpinned by higher profits from all segments, coupled with unrealised foreign currency exchange translation gain and an RM154.6 million surplus from the sale of plantation land and government acquisition. Revenue rose 20.2% to RM4.73 billion from RM3.93 billion previously,
Malaysian Bulk Carriers Bhd (Maybulk) net profit for the first quarter ended March 31, 2021 (FY21) fell 68.51% to RM15 million from RM47.65 million in the corresponding quarter last year, when it recorded a one-off gain on the liquidation of a subsidiary. Operating profit, however, jumped over 400% to RM18.61 million from RM3.17 million, on the back of higher charter rates, lower vessel operating expenses, and redelivery of two loss-making chartered-in vessels, it said. Quarterly revenue fell 10.82% to RM46.62 million from RM52.27 million but the group benefited from a 65% decline in lower voyage expenses to RM4.91 million from RM14.03 million.
AEON Co (M) Bhd's net profit for the first quarter (1Q) ended March 31, 2021 jumped by nearly threefold to RM22.03 million from RM7.47 million a year ago due to an improvement in merchandise gross margin, changes in marketing mechanics, and stringent cost control measures. Its retail business revenue fell 14% to RM879 million, from RM1.02 billion a year earlier, due to a decline in revenue, especially from food line and soft line categories. Overall, its quarterly revenue fell 14.89% to RM1.01 billion from RM1.19 billion previously.
Dialog Group Bhd saw its net profit for the third quarter ended March 31, 2021 (3QFY21) fall 9.85% to RM 136.17 million from RM151.04 million a year ago due to lower revenue generated by downstream activities. Revenue dropped by 19.84% to RM405.18 million from RM505.43 million as the focus on the development of the group’s own internal midstream terminal assets resulted in lower revenue for Malaysian operations. Despite lower earnings, Dialog declared an interim dividend of 1.2 sen per share to its shareholders, to be paid on June 29.
Malakoff Corp Bhd's net profit for the first quarter ended March 31, 2021 fell 32.22% year-on-year to RM60.44 million from RM89.18 million, on lower applicable coal price and lower despatch factor. The lower earnings were also due to higher operational and maintenance costs, as well as lower contributions from foreign investments in associates. Concurrently, group revenue fell 23.8% to RM1.35 billion from RM1.77 billion a year earlier.
Magnum Bhd's net profit for the quarter ended March 31, 2021 (1QFY21) fell 86.48% year-on-year to RM7.52 million from RM55.59 million, on higher number of cancelled draws due to the Movement Control Order 2.0 (MCO 2.0), which also coincided with its peak period — the Chinese New Year. Some 18 out of 45 draws were affected due to MCO 2.0, which was enforced from Jan 13 to March 4 for selected States and Federal Territories, as opposed to six out of 36 draws being impacted in 1QFY20 under the nationwide MCO 1.0. Its quarterly revenue sank 37.02% y-o-y to RM383.88 million from RM609.54 million. No dividend was declared, compared with 2.5 sen per share for 1QFY20.
Allianz Malaysia Bhd’s net profit for the first quarter ended March 31, 2021 (1QFY21) fell 20.43% to RM63.26 million from RM79.5 million a year ago, due mainly to lower profit contribution from the life insurance segment. Quarterly revenue, however, grew 8.21% to RM1.61 billion from RM1.48 billion a year ago, due mainly to higher gross earned premiums and investment income. The insurer did not declare any dividend for the quarter under review.
Wah Seong Corp Bhd reported a net profit of RM8.57 million for the first quarter ended March 31, 2021 (1QFY21) against a net loss of RM44.43 million a year earlier, on stronger performance by its business segments. Quarterly revenue rose 2.05% to RM333.44 million from RM326.74 million.
Hup Seng Industries Bhd’s net profit for the first quarter ended March 31, 2021 (1QFY21) rose 1.65% to RM9.87 million from RM9.71 million a year ago, on higher sales and lower operating expenses. In tandem with the higher sales, revenue grew 2.31% to RM82.75 million from RM80.88 million.
Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) for the quarter ended March 31, 2021 (3QFY21) fell 35.3% to RM67.02 million from RM103.51 million a year ago, as footfall and sales in the retail segment was affected by the imposition of the Movement Control Order (MCO 2.0). Quarterly revenue tumbled 26% to RM104.27 million from RM140.8 million, largely due to lower contribution from the retail and hotel segments. The group did not declare any income distributions to its shareholders for the quarter.
Property developer Tropicana Corp Bhd's net profit nearly halved to RM2.34 million in the first quarter ended March 31, 2021 (1QFY21) compared with RM5.16 million a year ago on higher tax expense. Higher sales and progress billings across key projects in the Klang Valley and the southern region, however, managed to lift its quarterly revenue by 68.5% year-on-year to RM240.53 million from RM142.73 million.
TSH Resources Bhd's net profit rose ninefold to RM20.78 million in the first quarter ended March 31, 2021 (1QFY21) from RM2.25 million a year earlier, thanks to higher crude palm oil and palm kernel prices, partially offset by lower sales contribution from the cocoa segment due to the pandemic as well as the higher export levy and duty of RM52.6 million imposed by Indonesia compared with RM10.29 million in 1QFY20. Quarterly revenue sank 5% to RM198.72 million from RM209.14 million a year ago,
Bumi Armada Bhd's 49%-owned joint venture company (JV Co) today entered into a licence agreement with the Board of Trustees for the Port of Mumbai (MbPT) for a floating storage and regasification unit (FSRU) project. The JV Co, SP Armada Clean Energy Ventures Pvt Ltd (SPACEVPL), inked the agreement with MbPT to set up, operate and maintain the FSRU in Mumbai harbour for a 30-year period.
UCrest Bhd has inked an agreement with two contract manufacturers in China and secured the capacity to produce Sputnik V vaccines. The agreement is a follow-up to a Memorandum of Understanding inked between UCrest and the Russian Direct Investment Fund (RDIF) in April, wherein it was agreed that UCrest will identify and manage contract manufacturers for the production of the Sputnik V vaccine for RDIF. The agreement with the two Chinese contract manufacturers results in UCrest having secured the capacity to produce between 312 million and 960 million doses in a 24-month period, said the company, which is primarily involved in wireless and digital network products and services.
The police today dispersed NWP Holdings Bhd's directors at the timber products manufacturer’s extraordinary general meeting broadcast venue, as the EGM was adjourned following the notification of a shareholder’s complaint on the integrity of the proxy form. Board members dispersed by the police were Datuk Chu Boon Tiong, Yew Onn Chong, Datuk Seri Kee Soon Ling, Matthew Chan Cheng Han and Hong Chia Seong.