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TNB, Brahim’s, Petronas, Serba Dinamik, FGV, PPB, CIMB, BIMB, Kenanga Investment, AMMB, Alliance Bank, ATA IMS and Panasonic Manufacturing

KUALA LUMPUR (May 31): Here is a brief look at some corporate announcements and news flow on Tuesday (May 31) involving Tenaga Nasional Bhd (TNB), Brahim’s Holdings Bhd, Petroliam Nasional Bhd (Petronas), Serba Dinamik Holdings Bhd, FGV Holdings Bhd, PPB Group Bhd, CIMB Group Holdings Bhd, Bank Islam Malaysia Bhd (BIMB), Kenanga Investment Bank Bhd, AMMB Holdings Bhd, Alliance Bank Malaysia Bhd, ATA IMS Bhd and Panasonic Manufacturing Malaysia Bhd.

Tenaga Nasional Bhd (TNB) has inked a coal import agreement with Indonesia’s coal exporters, involving imports worth US$3 billion (RM13.14 billion) for three years — up from US$2.3 billion last year due to a sharp increase in the price of coal. Energy and Natural Resources Minister Datuk Seri Takiyuddin Hassan said the agreement is aimed at ensuring sufficient coal supply, so that TNB’s electricity supply to the country is not disrupted.

Practice Note 17 company Brahim’s Holdings Bhd will be delisted on June 3 — 28 years after the company was listed in 1994 — following Bursa Malaysia’s rejection of the group’s appeal for more time to submit its regularisation plan. Securities of the group that are currently deposited with Bursa Malaysia Depository Sdn Bhd may remain deposited, notwithstanding the delisting of the securities.

Petroliam Nasional Bhd (Petronas) reported a 154.15% jump in profit after tax for the first quarter ended March 31, 2022 (1QFY22) to RM23.44 billion, from RM9.22 billion in the corresponding quarter the year before, as operating profit more than doubled following upward trend in prices offset by higher product costs and taxation. Quarterly revenue rose 49.87% to RM78.75 billion, from RM52.55 billion, which it said was predominantly due to price impact for major products, in line with higher benchmark prices.

Petronas has renewed Serba Dinamik Sdn Bhd’s (a unit of Serba Dinamik Holdings Bhd) licence to continue offering supply and services to the national oil and gas company and its contractors, effective May 30, 2022 for a one-year term. The licence stipulates that Serba Dinamik shall, within one year from the effective date, submit its audited financial statements for the financial year-end June 30, 2022, duly accompanied by the auditor’s unqualified opinion.

FGV Holdings Bhd returned to the black and posted a net profit of RM369.24 million for 1QFY22, from a net loss of RM35.42 million a year ago, mainly contributed by higher margins of palm products, the downstream segment, fertilisers and the logistics business. The plantation giant said quarterly revenue surged by 72.5% to RM5.85 billion, compared with RM3.39 billion previously, backed by higher average crude palm oil (CPO) prices, strong volumes and higher prices of consumer and fertiliser products.

PPB Group Bhd’s first quarter net profit fell 24.62% to RM303.16 million from RM402.18 million in the same period last year, mainly due to losses totaling RM138 million recorded by its grains and agribusiness segment — partially offset by 14% rise in contribution from Wilmar International Ltd of RM394 million. Revenue grew 23.61% to RM1.38 billion from RM1.12 billion a year earlier, as all key segments contributed positively to the increase in group revenue.

CIMB Group Holdings Bhd’s net profit for 1QFY22 tumbled 41.93% to RM1.43 billion from RM2.46 billion a year ago, mainly due to one-off non-recurring items booked a year ago and the recognition of the prosperity tax. Its quarterly revenue shrank 19.84% to RM4.74 billion, from RM5.91 billion a year before.

Bank Islam Malaysia Bhd’s (BIMB) net profit for 1QFY22 fell 33.26% to RM105.92 million from RM158.71 million in the same period last year, mainly due to higher net allowance for impairment on financing and advances. Quarterly revenue, however, was up marginally at RM773.97 million from RM770.92 million a year prior, with net fund based income increased by RM17.4 million or 3.8%, mainly driven by higher income from financing.

Kenanga Investment Bank Bhd’s net profit for 1QFY22 dropped 51.13% to RM16.70 million from RM34.16 million a year earlier, due to lower contribution from brokerage fee income, as well as trading and investment income. Quarterly revenue declined 26.07% to RM184.90 million from RM250.12 million, underpinned by higher contribution from the group’s investment and wealth management business.

AMMB Holdings Bhd’s earnings for the fourth quarter ended March 31, 2022 (4QFY22) returned to the black with a net profit of RM391.75 million, compared with a net loss of RM4.69 billion in the same period a year ago, when it was dragged mainly by one-off exceptional items totalling RM4.77 billion that included the RM2.83 billion 1Malaysia Development Bhd (1MDB) settlement. Quarterly revenue dipped slightly to RM1.12 billion, from RM1.13 billion in the same period last year. AmBank proposed a final dividend of five sen per share for the current financial year ended March 31, 2022.

Alliance Bank Malaysia Bhd’s net profit for 4QFY22 more than doubled, or was 105.78% higher, to RM103.04 million from RM50.07 million in the same period last year, mainly due to higher interest income and lower operating expenses and credit cost. Quarterly revenue was up 1.28% to RM451.54 million from RM445.81 million a year prior, while net interest income was higher by RM8.9 million or 2.5%, mainly due to higher interest income from loans, advances and financing and lower funding cost. Alliance Bank declared a second interim single tier dividend of 10.2 sen per share, due payable June 30, 2022.

ATA IMS Bhd posted a net loss of RM29.22 million for 4QFY22, compared with a net profit of RM26.94 million a year earlier, following the termination of its contracts with Dyson. Revenue dropped 55.47% to RM431.06 million from RM967.98 million, as the termination of contracts by the major customer resulted in under-utilisation of production capacity and impairment of assets.

Panasonic Manufacturing Malaysia Bhd saw its net profit for 4QFY22 tumble 65.37% to RM15.78 million from RM45.57 million last year, arising from the reduction of sales and production amid floods, higher operating expenses due to write-off of damaged inventories and repairs of affected facilities from the flood incident, restructuring costs of RM12.2 million for the termination of the rice and cooker products and lower foreign exchange gain. Revenue was down by 21.39% to RM208.79 million from RM265.56 million a year ago, on lower domestic and export sales by 9% and 28% respectively.


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