KUALA LUMPUR (Dec 17): Based on corporate announcements and news flow on Friday (Dec 17), companies in focus next Monday (Dec 20) may include: Duopharma Biotech Bhd, Gadang Holdings Bhd, Destini Bhd, Supermax Corp Bhd, Comfort Gloves Bhd, Yinson Holdings Bhd, United Malacca Bhd, NTPM Holdings Bhd, China Automobile Parts Holdings Ltd, Solarvest Holdings Bhd and Malaysia Smelting Corp Bhd.
Duopharma Biotech Bhd has secured a RM375.17 million contract to supply insugen-insulin recombinant human formulations to all Ministry of Health’s (MoH) hospitals, district health offices and clinics. The government has accepted the tender offer from the group’s wholly-owned subsidiary Duopharma Marketing Sdn Bhd to supply the products under the MoH’s procurement by way of direct negotiation.
Gadang Holdings Bhd has been awarded a subcontract worth RM131.37 million from Binary Vista Sdn Bhd to undertake geotechnical, drainage and structural works for Package 2 of the Central Spine Road. Gadang said the new job, secured via its wholly-owned Gadang Engineering (M) Sdn Bhd, will take 30 months and shall be completed by the second quarter of 2024.
Destini Bhd said it has secured its first solar project from Indah Water Konsortium Sdn Bhd (IWK) for the engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems at 1,177 IWK sewerage treatment plants across Malaysia. It will bear the EPCC cost of the solar PV systems. In return, IWK will buy the electricity generated from these systems from Destini, based on a fixed discounted tariff, for the next 20 years. Hence, a power purchase agreement is part of the deal.
Supermax Corp Bhd's US-based subsidiary Maxter Healthcare Inc is planning a major manufacturing facility in Texas to expand glove production. The rubber glove maker said the facility will be built in four phases, with the first one to start in the first quarter of 2022 and production to be possible from this phase by the fourth quarter of the same year. The investment identified for the first phase will total US$350 million and comprise the group's North America manufacturing headquarters, a research and development centre, a training centre and an employee facility centre, said Supermax.
Comfort Gloves Bhd’s net profit shrank 69.2% to RM45.85 million for the three-month period ended Oct 31, 2021, from RM148.82 million in the preceding quarter ended July 31, 2021. Its quarterly revenue declined 56% to RM220.93 million, from RM504.23 million in the preceding quarter. Its net profit was 49% lower against RM90.33 million in the previous corresponding quarter a year ago, while quarterly revenue was down 20% versus RM276.69 million. The earnings contraction was mainly caused by lower sales volume from the group’s two factories and foreign worker hostels that were placed under Enhanced Movement Control Order (EMCO) in the quarter under review. For the nine-month period of Oct 31, it registered a 177% jump in net profit to RM413.81 million, from RM149.46 million a year ago, while revenue surged 102% to RM1.27 billion, from RM627.55 million a year ago.
Yinson Holdings Bhd reported a 22.2% decline in net profit to RM98 million for its third quarter ended Oct 31, 2021 (3QFY22), compared with the RM126 million in 2QFY22, as it registered lower revenue on slower progress in the conversion of the FPSO Anna Nery. The group's revenue was down 22% to RM820 million, from RM1.05 billion. Compared with the same quarter a year ago (3QFY21), Yinson's net profit fell a marginal 3% from RM101 million previously, despite revenue being down by 64% from RM2.26 billion, as significantly lower expenses helped offset the impact of the lower topline. For the nine months ended Oct 31 (9MFY22), the group's net profit climbed 35.5% to RM336 million from RM248 million, while revenue fell 20.4% to RM2.87 billion from RM3.6 billion.
United Malacca Bhd’s net profit for the second quarter ended Oct 31, 2021 (2QFY22) soared 386% year-on-year to RM36.1 million, from RM7.43 million, mainly contributed by the group’s plantation segment in both Malaysia and Indonesia. Its quarterly revenue climbed nearly 47% to RM143.85 million, from RM97.95 million. The plantation group declared a first interim single-tier dividend of five sen per share, to be paid on Jan 21, 2022. On a quarterly basis, the group’s net profit in 2QFY22 jumped 73% from RM20.84 million in 1QFY22, as revenue grew 25.2% from RM114.87 million. For the six months ended Oct 31, it posted a higher net profit of RM56.94 million, a 418% increase from RM10.99 million a year ago. Six-month revenue climbed 40% to RM258.72 million, from RM184.73 million.
Tissue paper maker NTPM Holdings Bhd’s net profit for the second quarter ended Oct 31, 2021 (2QFY22) fell 75.6% to RM3.35 million, from RM13.74 million reported a year ago, underpinned by significant increase in raw materials and freight cost, foreign exchange loss, and higher selling and distribution expenses. Revenue was down 4.2% to RM180.81 million from RM188.67 million, on the back of lower sales of tissue paper and personal care products. The group declared a second interim dividend of 0.8 sen to shareholders, the same sum it declared in 2QFY21, to be paid on Jan 21, 2022. Compared with the immediate preceding quarter of 1QFY22, the group’s net profit dropped 78.8% from RM15.79 million, despite revenue rising 4.05% from RM173.76 million. For the first six months ended Oct 31 (1HFY22), the group’s net profit fell 32.56% to RM19.14 million from RM28.38 million, while revenue slipped 3.64% to RM354.57 million from RM367.96 million.
The external auditor of China Automobile Parts Holdings Ltd (CAP), CAS Malaysia PLT, has issued a disclaimer of opinion on the China-based group’s financial statements for the financial year ended June 30, 2017 (FY17). According to CAP, its auditor said it has not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the group's financial statements. In particular, the auditor said it was unable to satisfy itself that CAP's opening balances do not contain misstatements that may materially impact the group’s financial performance, cash flows and financial position for FY17, as well as insufficient documentary evidence pertaining to the group’s current year transactions.
Chin Hin Group Bhd has raised its stake in Solarvest Holdings Bhd to 27.50%, from 25.48% previously, after it mopped up additional 13.52 million shares or 3.62% for RM16.10 million cash, or RM1.19 per share. Chin Hin said the share purchase was done on the open market from Nov 24 to Dec 9. Chin Hin is the second largest shareholder of Solarvest, after Atlantic Blue Holdings Sdn Bhd, which holds 33.35%.
Malaysia Smelting Corp Bhd said the force majeure that kicked in for the group since June this year due to the national Covid-19 lockdown will be lifted at midnight on Monday (Dec 20). Due to improving Covid-19 situation in the country, the group is now looking forward to returning to normal operation.