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Sapura Energy, Ekovest, TNB, Public Bank, RHB Bank, Press Metal, MAHB, MyEG, Guan Chong, IGB, HLFG, HLB, AAX, Serba Dinamik, BCorp, QL Resources and Comintel

KUALA LUMPUR (May 30): Here is a brief look at some corporate announcements and news flow on Monday (May 30), involving Sapura Energy Bhd, Ekovest Bhd, Tenaga Nasional Bhd (TNB), Public Bank Bhd, RHB Bank Bhd, Press Metal Aluminium Holdings Bhd, Malaysia Airports Holdings Bhd (MAHB), My EG Services Bhd (MyEG), Guan Chong Bhd, IGB Bhd, Hong Leong Financial Group Bhd (HLFG), Hong Leong Bank Bhd (HLB), AirAsia X Bhd (AAX), Serba Dinamik Holdings Bhd, Berjaya Corp Bhd (BCorp), QL Resources Bhd and Comintel Corp Bhd.

Sapura Energy Bhd has entered into a definitive memorandum of agreement with Safeen Feeder Co — Sole Proprietorship Llc, a company in the Abu Dhabi Ports Group of Companies — for the planned disposal of heavy-lift and pipelay vessel Sapura 3000 for US$71.5 million (RM312.85 million). Once the sale is completed by July 15, 2022, Sapura Energy is expected to recognise net disposal gain of RM503,746. According to Sapura Energy, the price tag is based on a willing buyer-willing seller basis after conducting an international request for proposal.

Ekovest Bhd has confirmed that it is currently in ongoing discussions with relevant parties to explore a potential takeover of the Rapid Transit System (RTS) Link project. Ekovest said all negotiations are still ongoing and appropriate announcements will be formalised upon finalisation of the agreed terms and conditions.

Tenaga Nasional Bhd (TNB)’s net profit for the first quarter ended March 31, 2022 (1QFY22) slipped 6.84% to RM893.1 million from RM958.7 million a year earlier on higher tax expenses — due to an increase in deferred tax expense of RM191.8 million and a reduction in current tax expense of RM34.8 million which was due to a lower taxable income, despite an additional tax on Cukai Makmur amounting to RM113.5 million. Revenue for the quarter grew 36.42% to RM15.66 billion from RM11.48 billion, mainly due to the under-recovery position of Imbalance Cost Pass-Through of RM3.5 billion, as compared to the previous corresponding period which was in an over-recovery position of RM327.3 million.

Public Bank Bhd's net profit for 1QFY22 dropped 8.59% to RM1.4 billion from RM1.53 billion a year ago, due to recognition of the prosperity tax. The banking group’s quarterly revenue dropped by 2.84% to RM4.89 billion, compared with RM5.03 billion previously.

RHB Bank Bhd's net profit in 1QFY22 fell 7.69% to RM600.27 million from RM650.63 million last year, no thanks to higher taxes — which was up 35% to RM289.3 million — as well as lower net income — which slipped 1.01% to RM1.9 billion from RM1.92 billion, due to lower Islamic banking income on higher expenses and as net interest margin slipped to 2.11% from 2.17%, which affected net interest income.

Press Metal Aluminium Holdings Bhd's 1QFY22 net profit surged 104.66% to RM421.02 million, from RM205.72 million a year earlier, as revenue grew 86.56% to RM3.92 billion from RM2.1 billion, mainly due to the higher aluminium price, additional production output, as well as higher profit sharing from associated companies. The group declared a first interim dividend of 1.5 sen per share, to be payable on June 27.

Malaysia Airports Holdings Bhd (MAHB) reported a net loss of RM104.76 million for 1QFY22, down 52.66% from RM221.3 million last year, boosted by a 69.44% surge in revenue for the quarter to RM570.85 million as compared to RM336.91 million, in tandem with a significant increase in passenger volumes, which offset an increase in depreciation, in line with traffic and higher finance cost.

My EG Services Bhd (MyEG) posted an 11% rise in its net profit to RM84.63 million for 1QFY22 from RM76.29 million a year earlier, despite a 6% dip in revenue to RM161.77 million from RM171.46 million. The improved net profit came on the back of higher contribution from what the group termed "Covid-19 quarantine collection services" under MySafeTravel and MySafe Quarantine, as the government closed down its quarantine centres and allowed private quarantine arrangements to be made.

Guan Chong Bhd (GCB) posted a 57% increase in its net profit to RM53.27 million for 1QFY22, from RM33.9 million in the previous year’s corresponding quarter, supported by higher grinding margins — due to recovery of key chocolate consuming markets in Europe and the US, as well as the lower production cost per tonne as a result of higher production volume. The group’s revenue for the quarter grew 3.2% to RM990.53 million from RM960.12 million a year prior. It declared a first interim single-tier dividend of 1.5 sen per share, payable on July 12, 2022.

IGB Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22), jumped to RM42.72 million, from a net loss of RM7.95 million recorded in the same period last year. Revenue rose to RM288.19 million from RM234.62 million previously, attributed to higher contributions from the property investment (retail, property investment), commercial, hotel and investment divisions.

Hong Leong Financial Group Bhd's (HLFG) net profit for the third quarter ended March 31, 2022 (3QFY22) was flat at RM577.48 million from RM577.27 million in the same period last year, despite revenue for the quarter dropping 4.88% to RM1.5 billion from RM1.58 billion.

The group’s commercial banking arm Hong Leong Bank Bhd’s (HLB) net profit for the quarter rose 1.73% to RM784.8 million from RM771.47 million a year ago due to lower allowance for impairment losses on loans, advances and financing, as well as higher share of profit from an associated company. Its revenue for 3QFY22, however, fell 2.8% to RM1.35 billion from RM1.39 billion.

AirAsia X Bhd (AAX) has reported a net profit of RM33.62 billion for 3QFY22, after writing a similar amount back to profit as the group completed its debt restructuring. After excluding the provision write-back, AAX booked a loss before interest, tax, depreciation and amortisation of RM6.08 million, while revenue for the quarter totalled RM113.01 million. There is no comparative financial information available for the same quarter last year, as the group changed its financial year end from Dec 31 to June 30.

Serba Dinamik Holdings Bhd posted its third consecutive net loss for 3QFY22, with a net loss of RM434.19 million — its largest to date. The troubled oil and gas services provider posted a quarterly revenue of RM205.48 million. Prior to this, it posted a net loss of RM290.33 million for 2QFY22 and a net loss of RM42.11 million for 1QFY22. The group had changed its financial year end to June 30, from Dec 31 last year.

Berjaya Corp Bhd’s (BCorp) net loss for 3QFY22 narrowed to RM35.89 million from RM87.56 million in 3QFY21, amid better contributions from its services, retail and hospitality businesses, coupled with higher net investment-related income. Revenue was up 32.98% to RM2.42 billion from RM1.82 billion a year prior, driven mainly by its services and retail segments.

QL Resources Bhd’s net profit dropped 39.43% to RM69.39 million for the fourth quarter ended March 31 (4QFY22), from RM114.57 million a year earlier, amid sharply higher raw material price, rising fuel cost and disrupted operations. This was despite a 12.62% rise in revenue to RM1.37 billion from RM1.22 billion, on the back of higher revenue contribution from most of the business segments. The group declared a final dividend of 3.50 sen per share.    

Comintel Corp Bhd’s (Comintel) unit Total Package Work Sdn Bhd has accepted two revised letters of award with regards to two sub-contract jobs worth RM275.44 million from Binastra Construction (M) Sdn Bhd. The sub-contracts are worth RM152.84 million and RM122.6 million respectively.

https://www.theedgemarkets.com/article/sapura-energy-ekovest-tnb-public-bank-rhb-bank-press-metal-mahb-myeg-guan-chong-igb-hlb-hlfg

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