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Pharmaniaga, Bumi Armada, Oversea, IJM Plantations, Gas Malaysia, Reservoir Link, Sarawak Plantation, Khee San, Muda Holdings and Affin Bank

KUALA LUMPUR (Nov 19): Based on corporate announcements and news flow on Friday, companies in focus on Monday (Nov 22) may include: Pharmaniaga Bhd, Bumi Armada Bhd, Oversea Enterprise Bhd, IJM Plantations Bhd, Gas Malaysia Bhd, Reservoir Link Energy Bhd, Sarawak Plantation Bhd, Khee San Bhd, Muda Holdings Bhd and Affin Bank Bhd.

Pharmaniaga Bhd's net profit for the third quarter ended Sept 30, 2021 surged more than 3,300% to RM49.84 million from RM1.44 million a year earlier, as revenue skyrocketed to RM2.12 billion from RM624.8 million a year ago, driven by growth across its concession, non-concession and Indonesian businesses. A third interim dividend of two sen per share, to be paid on Dec 29, 2021 was declared.

Bumi Armada Bhd's net profit for the third quarter ended Sept 30, 2021 (3QFY21) rose 79% year-on-year to RM153.41 million from RM85.62 million, due mainly to higher operating income. Revenue came in at RM545.7 million versus RM564.44 million a year ago, due to lower revenue from the floating production and operations segment mainly from lower vessel availability.

Oversea Enterprise Bhd said on Friday (Nov 19) Lim Kon Lian, LKL International Bhd's co-founder and managing director, has emerged as a substantial shareholder of the restaurant operator on Thursday after he subscribed to 261.92 million shares representing a 23.077% stake in the company via a private placement.

IJM Plantations Bhd was back in the black for its second quarter ended Sept 30, 2021 (2QFY22) with a net profit of RM101.04 million from a net loss of RM1.04 million a year ago, thanks to higher commodity prices coupled with the increase in fresh fruit bunch (FFB) production. Revenue climbed 41.83% year-on-year (y-o-y) to RM299.78 million against RM211.37 million, mainly due to the recovery of FFB production in its Indonesian operations. IJM Plantations will soon be delisted after being acquired by Kuala Lumpur Kepong Bhd.

Gas Malaysia Bhd's net profit in the third quarter ended Sept 30, 2021 (3QFY21) rose 22.5% to RM62.36 million from RM50.91 million in the previous year (3QFY20), underpinned by higher gross profit, lower administrative expenses and lower finance cost. Revenue, however, fell 19.68% to RM1.38 billion from RM1.72 billion, due to lower average natural gas tariff coupled with lower volume of natural gas sold.

Reservoir Link Energy Bhd's net profit for the third quarter ended Sept 30, 2021 (3QFY21) ballooned more than nine-fold to RM5.84 million from RM630,000 a year earlier, as revenue surged 46.57% to RM38.19 million from RM26.06 million a year prior, mainly due to recognition of mobilisation fees for the Mauritania project and contribution from its solar renewable energy division.

Sarawak Plantation Bhd's net profit for the third quarter ended Sept 30, 2021 (3QFY21) surged 115.95% to RM42.16 million from RM19.52 million a year ago, in line with the increase in operating profit coupled with gain arising from changes in fair value of biological assets of RM12.8 million for the current quarter. Revenue rose 52.15% to RM208.79 million from RM137.22 million in 3QFY20, due to the effect of higher realised average selling prices despite lower sales volume of crude palm oil (CPO) and palm kernel.

Khee San Bhd is now a Practice Note 17 (PN17) company after its wholly-owned subsidiary was placed under judicial management. In a filing, Khee San said Maybank Islamic Bhd via its solicitor Messrs Shook Lin & Bok had filed an application to place its unit Khee San Food Industries Sdn Bhd under court-supervised restructuring. Khee San said the assets of its unit accounted for over half of the total assets employed by the company on a consolidated basis. Khee San said it is taking the necessary steps to formulate a regularisation plan and will make the required announcements on the plan in due course.

Muda Holdings Bhd's net profit for the third quarter ended Sept 30, 2021 (3QFY21) plummeted 93.64% to RM1.59 million from RM24.98 million, on higher production cost, lower output, deficit in revaluation of properties, higher operating expenses, and reduction of wage subsidies. The lower earnings came despite revenue rising 3.5% to RM366.21 million from RM353.81 million on better selling prices for the group's products.

Affin Bank Bhd's net profit for the third quarter ended Sept 30, 2021 (3QFY21) jumped 173.4% to RM133.2 million from RM48.72 million in the corresponding quarter a year ago, amid improved business performance and lower operating expenses and allowance for impairment losses. Net income or revenue for the quarter was little changed at RM552.49 million versus RM556.85 million previously.

https://www.theedgemarkets.com/article/pharmaniaga-bumi-armada-oversea-ijm-plantations-gas-malaysia-reservoir-link-sarawak

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