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Singapore Investment


Boustead Plantations, Hextar Technologies, Sports Toto, Dayang, Pertama Digital, Kerjaya Prospek, Coastal Contracts, Uchi, Star Media, Wah Seong, Alrich, Pelikan, Pecca, MISC, Deleum

KUALA LUMPUR (May 23): Here is a brief recap of some corporate announcements that made the news on Tuesday (May 23): Boustead Plantations Bhd, Hextar Technologies Solutions Bhd, Sports Toto Bhd, Dayang Enterprise Holdings Bhd, Pertama Digital Bhd, Kerjaya Prospek Group Bhd, Coastal Contracts Bhd, Uchi Technologies Bhd, Star Media Group Bhd, Wah Seong Corp Bhd, Aldrich Resources Bhd, Pelikan International Corp Bhd, Pecca Group Bhd, MISC Bhd, and Deleum Bhd.

Boustead Plantations Bhd’s net profit tumbled 98.8% to RM5.22 million or 0.23 sen per share for the first quarter ended March 31, 2023 (1QFY2023), due to a significant drop in palm product prices and the adverse impact of fresh fruit bunches valuation. In comparison, the group posted a net profit of RM435.16 million or 19.43 sen per share for 1QFY2022, on the back of a RM364.1 million gain from the disposal of 664ha of plantation land in Johor. Boustead Plantations declared a first interim dividend of one sen per share. Quarterly revenue fell 38.38% to RM199.74 million from RM324.16 million on lower average crude palm oil and palm kernel prices.

Hextar Technologies Solutions Bhd, formerly known as Complete Logistics Services Bhd, posted a  net loss of RM884,000 in the fourth quarter ended March 31, 2023 (4QFY2023) against a net profit of RM1.06 million in the same quarter last year. The company attributed the loss to lower rental income from a tenancy agreement expiration for one of its warehouses and an impairment loss on trade receivables of RM1.2 million. This was despite the offset of a one-off gain on the disposal of subsidiaries of RM11.2 million in FY2022. Quarterly revenue improved 67.62% to RM56.02 million from RM33.42 million, attributed to its logistics and e-trading of building material businesses.

Sports Toto Bhd saw its net profit tumble 70.8% to RM23.22 million for the third quarter ended March 31, 2023 (3QFY2023) from RM79.56 million a year earlier, mainly due to a lesser number of draws and higher prize payout. Quarterly revenue fell 4.2% to RM1.66 billion from RM1.73 billion. “The higher revenue reported in the previous year corresponding quarter was attributable to the Toto Supreme 6/58 lotto game reaching a record accumulated jackpot prize,” the group said in a statement. The group declared a third interim dividend of two sen per share, amounting to a total of RM27 million. For the cumulative nine-month period, Sports Toto’s net earnings expanded 38.6% to RM159.58 million from RM115.16 million in the same period last year, on the back of an 18.9% rise in revenue to RM4.48 billion from RM3.77 billion.

Dayang Enterprise Holdings Bhd fell into the red in the first quarter ended March 31, 2023 (1QFY2023), posting a net loss of RM15.95 million compared with a net profit of RM13.76 million a year ago. Losses per share stood at 1.38 sen, compared with earnings per share of 1.19 sen. Revenue slumped 29.80% or RM47.72 million to RM112.42 million, from RM160.14 million in 1QFY2022, due to fewer work contracts being awarded, and lower vessel utilisation, which is typical during the monsoon season.

Pertama Digital Bhd slipped into a net loss of RM1.78 million in the first quarter ended March 31, 2023 (1QFY2023), from a net profit of RM5.08 million a year ago, weighed down by higher operating expenses. Quarterly revenue declined 73.57% to RM1.35 million from RM5.11 million a year ago on higher operating expenses. On a quarter-on-quarter basis, Pertama’s net loss narrowed from RM41.55 million in 4QFY2022, while revenue rose 21.42% from RM1.11 million on the back of higher commission earned from the eJamin bail collection, a digital bail payment solution used in criminal courts throughout Malaysia.

Kerjaya Prospek Group Bhd reported a RM29.41 million net profit for the first quarter ended March 31, 2023 (1QFY2023), a slight increase from RM28.86 million a year earlier. The rise in net profit was due to higher interest income of RM1.71 million during the quarter under review, compared with RM872,000 in the prior year. This was despite revenue decreasing by 1.11% to RM297.25 million from RM300.59 million, mainly due to the progress of construction work activities, as well as an absence of the property development contribution. The group has proposed to declare an interim dividend of two sen per share, payable on July 6.

Coastal Contracts Bhd’s net profit jumped more than threefold to RM153.66 million for the third quarter ended March 31, 2023 (3QFY2023) against RM44.32 million in the previous corresponding period, mainly buoyed by a higher share of profit of joint venture (JV) amounting to RM129.87 million. This was on the back of higher interest income earned from a loan granted to a JV and greater profit shared from its JV in the gas processing division. The oil and gas outfit’s revenue rose 3.5% to RM55.74 million from RM53.84 million previously.

Uchi Technologies Bhd’s net profit rose 41.2% to RM37.80 million in the first quarter ended March 31, 2023 (1QFY2023) from RM26.77 million in the same quarter a year earlier due to higher demand for its products and services, coupled with gains of RM11.3 million from its disposal of assets. Earnings per share increased to 8.29 sen from 5.91 sen. Quarterly revenue improved 19.8% to RM57.43 million in 1QFY2023 from RM47.94 million.

Star Media Group Bhd’s net profit dropped 54.86% to RM1.14 million for the first quarter ended March 31, 2023 (1QFY2023), from RM2.52 million a year earlier, as its main business segments reported lower earnings. Earnings per share fell to 0.16 sen from 0.35 sen in 1QFY2022. Quarterly revenue decreased slightly by 1% to RM51.99 million from RM52.67 million.

Wah Seong Corp Bhd’s net profit jumped by more than fourfold to RM21.76 million in the first quarter ended March 31, 2023 (1QFY2023), from RM4.94 million a year earlier, on the back of a higher revenue contribution from all business segments. Earnings per share swelled to 2.81 sen from 0.64 sen. This is the strongest quarterly earnings recorded by Wah Seong over the past two years since 4QFY2020, when it posted a net profit of RM37.74 million on a revenue of RM385.95 million.

Technology and business solution provider Aldrich Resources Bhd has proposed to diversify into the exploration of minerals, mining and mining-related businesses, as well as money lending business. The group is presently involved in providing computerised maintenance management systems and fintech solutions, as well as corporate secretarial and share registration services.  In February, Aldrich had subscribed for a 96.15% stake of the enlarged issued share capital of a money lending company, Proficient Premium Sdn Bhd, for RM250,000. Aldrich said it acknowledges the declining revenue and profitability of the group’s businesses in recent years and expects the proposed diversification to help expand its revenue base and improve its financial performance.

Pelikan International Corp Bhd, which supplies paper, office and stationery under the Pelikan, herlitz, Geha and Susycard brands, said it is currently in negotiations with prospective strategic buyers to dispose of "substantially" all its assets and business interest. Pelikan said the company is appointing an investment bank as the principal adviser to advise the board of directors on the said disposal and negotiate terms of the transaction. Pelikan also announced that it had returned to the black in the first quarter ended March 31, 2023 (1QFY2023), posting a net profit of RM4.65 million, compared with a net loss of RM6.12 million a year earlier. Revenue rose 18.1% to RM236.66 million from RM200.37 million. The group attributed the better performance to strong sales development in the Latin American region, which recorded an increase in revenue of over 75% year-on-year.

Automotive upholstery supplier Pecca Group Bhd plans to work with privately-held Global Component Asia Sdn Bhd (GCA) to provide cabin interior solution and seat cover products and services in Southeast Asia, including Malaysia and Australasia. Pecca said its wholly-owned subsidiary Pecca Aviation Services Sdn Bhd (PASSB) has entered into a memorandum of understanding with GCA to explore opportunities for collaboration in this area.

MISC Bhd’s wholly owned subsidiary Gas Asia Terminal (L) Pte Ltd has entered into an agreement with Regas Terminal (Sg Udang) Sdn Bhd (RGTSU) for a one-off prepayment of US$233.6 million as early settlement of the capex hire fees payable for the remaining charter period of its two floating storage units (FSUs) at LNG Regas Terminal Sungai Udang in Melaka. MISC said the amount will be paid fully in cash, and the FSUs will continue to be employed by RGTSU until August 2032 as agreed upon. RGTSU is a wholly owned subsidiary of Petronas Gas Bhd, a listed subsidiary of Petroliam Nasional Bhd (Petronas). Petronas is also a substantial shareholder of MISC, as it holds a 51% stake in the energy-related maritime services and solutions provider, according to MISC’s 2022 annual report.

Oil and gas service provider Deleum Bhd has appointed Tan Sri Shamsul Azhar Abbas, who was president and chief executive officer of Petroliam Nasional Bhd from 2010 to 2015, as its chairman effective June 1, succeeding Datuk Izham Mahmud. Shamsul Azhar joined Deleum's board of directors in June last year, bringing with him more than 40 years in the oil and gas industry. Deleum said Izham, 82, will continue to remain on Deleum’s board as non-independent non-executive director.


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