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Singapore Investment


Maxis, Texchem, PIE Industrial, Hextar Global, Sarawak Oil Palms, Malaysia Smelting Corp, Kumpulan FIMA, SEG International, Borneo Oil, Minda Global, SMRT, Suria Capital and EcoFirst

KUALA LUMPUR (May 19): Here is a brief recap of some corporate announcements that made news on Friday (May 19) involving Maxis Bhd, Texchem Resources Bhd, PIE Industrial Bhd, Hextar Global Bhd, Sarawak Oil Palms Bhd, Malaysia Smelting Corporation Bhd, Kumpulan FIMA Bhd, SEG International Bhd, Borneo Oil Bhd, Minda Global Bhd, SMRT Holdings Bhd, Suria Capital Holdings Bhd and EcoFirst Consolidated Bhd.

Maxis Bhd reported a net profit of RM320 million for the first quarter ended March 31, 2023 (1QFY2023), up 7.38% from RM298 million a year ago, amid higher earnings before interest and taxes (Ebit) as well as discontinuation of prosperity tax (Cukai Makmur). Quarterly revenue rose 4.99% to RM2.53 billion from RM2.41 billion, fuelled by strong growth from both consumer and enterprise businesses. It declared a first interim dividend of four sen per share, to be paid on June 28.

Texchem Resources Bhd posted a net loss of RM242,000 in the first quarter ended March 31, 2023 (1QFY2023), against a net profit of RM13.08 million a year ago, owing to higher input cost and tax expenses, in addition to a weaker contribution from all its business segments. Notably, this is Texchem’s second straight quarterly loss-making quarter. Quarterly revenue also fell 12.68% to RM268.5 million in 1QFY2023, from RM307.49 million a year before, as the industrial and polymer engineering divisions were impacted by softer demand.

PIE Industrial Bhd registered a net profit of RM14 million in the first quarter ended March 31, 2023 (1QFY2023), a 26.67% decline from RM19.1 million a year prior, despite registering higher revenue for the quarter. The decrease was mainly attributable to higher administrative and distribution expenses, provision for slow-moving inventories and impairment of trade receivables in the current quarter. Quarterly revenue rose 24.52% to RM332.45 million from RM266.98 million a year before, mainly attributable to higher demand from new and existing customers for electronics manufacturing, but partly offset by lower revenue from raw wire and cable and wire harness products.

Hextar Global Bhd’s net profit dropped 44.85% to RM8.63 million for the first quarter ended March 31, 2023 (1QFY2023), from RM15.65 million a year ago on lower revenue and margin contribution, coupled with higher operating expenses. Quarterly revenue was down by 6.7% to RM143.33 million from RM153.63 million previously, due to persistent lower selling prices of agrochemicals products.

Lower realised selling prices of palm products, coupled with higher production costs, ate into Sarawak Oil Palms Bhd’s net profit. The plantation group’s net profit plunged 77.35% in 1QFY2023 to RM44.17 million or 4.96 sen per share against RM194.99 million or 22.73 sen per share in 1QFY2022. Revenue declined 15.75% to RM1.21 billion from RM1.43 billion.

Malaysia Smelting Corporation Bhd posted a 45% drop in its net profit for the first quarter of the financial year ended March 31, 2023 (1QFY2023) of RM35.4 million from RM64.34 million in the corresponding quarter a year ago. Revenue dipped RM19.4 million this quarter from RM359.5 million in 1QFY2022. MSC attributed the drop in revenue to lower average tin price per metric ton of RM116,000 during the quarter compared with RM180,000 in the first quarter of 2022, despite higher sales of refined tin.

Diversified group Kumpulan FIMA Bhd saw its net profit for the financial year ended March 31, 2023 declined 38.4% y-o-y to RM63.22 million, dragged by its performance in the final quarter of the year (4QFY2023). In 4QFY2023, its net profit plunged 81.8% y-o-y to RM6.99 million, as the group saw a decline in the profitability of almost all of its business segments. The weaker performance in FY2023 was despite the group’s revenue inched upward by 3.8% to RM709.75 million. The higher revenue compared with FY2022 was mainly driven by an increase in revenue generated by its manufacturing, bulking and food division. It declared an interim, single-tier dividend of 9 sen per share and a special dividend of 3 sen per share, which will go ex-date on Aug 3, 2023.

Private tertiary education provider SEG International Bhd reported that its net profits for the first quarter ended March 31, 2023 (1QFY2023) fell 46.9% to RM4.6 million, as new enrolments are only expected to gradually pick up this year. Quarterly revenue was lower at RM46 million compared with RM55 million a year ago.

Borneo Oil Bhd (BOB) is acquiring a 22% stake, or 27.74 million shares, in Sabah-based clinker and cement products manufacturer Makin Teguh Sdn Bhd (MTSB) for RM40 million cash to expand its revenue stream. This will increase BOB’s stake in MTSB to 51.27%. BOB bought a 29.27% stake in MTSB in May last year for RM73.56 million cash.

Minda Global Bhd (MGB) has received a notice of conditional mandatory takeover offer (MTO) at 7.12 sen from a company controlled by Tan Sri Dr Palaniappan Ramanathan Chettiar, Special Flagship Holdings Sdn Bhd (SFHSB). The takeover offer price of 7.12 sen is less than two-thirds of MGB’s closing price of 11.5 sen on Friday (May 19). This is not a privatisation exercise as the offeror intends to maintain the listing status of the company. SFHSB emerged as the new controlling shareholder of MGB’s largest shareholder SMR Education Sdn Bhd (SMRE) on May 19, following the disposal of the company by SMRT Holdings Bhd to SFHSB for RM49.46 million. Prior to the disposal of SMRE to SFHSB, the former held a 42.08% stake in MGB, being its largest shareholder. Post-disposal, SFHSB is now the largest shareholder of MGB. Palan owns 99.99% of SFHSB, while the remaining shares are held by his wife Puan Sri Kamatchi @ Valliammai Malayandi.

Suria Capital Holdings Bhd saw its net profit for the quarter ended March 31, 2023 (1QFY2023) decline 23.5% year-on-year to RM10.63 million, due to lower interest income and high finance costs. The Sabah ports operator said in a Bursa Malaysia filing that its profit before tax (PBT) during the quarter fell 19% from the corresponding quarter to RM14.05 million, despite revenue increasing by 4% y-o-y to RM59.3 million, due to the decline in volume at its ports, coupled with lower interest income and higher finance costs.

EcoFirst Consolidated Bhd (EcoFirst) launched a RM1 billion serviced apartment project in Chan Sow Lin, Kuala Lumpur, called KL48. Spanning 4.18 acres of freehold land on Jalan Sungai Besi, the two-tower (47-storey each) KL48 has a total of 1,700 units with three different layouts (Type A, Type B1 and Type B2) and built-ups of 650 sq ft and 805 sq ft. Prices start from RM503,000 or RM725 per sq ft. The development also features nine retail units.  EcoFirst also signed a collaboration with AmBank Group for the financing facilities of the project with an allocation of RM151 million for the development of KL48.


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