Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 21): Here is a brief recap of some corporate announcements that made news on Monday (Nov 21): Malaysia Airports Holdings Bhd (MAHB), Westports Holdings Bhd, MSM Malaysia Holdings Bhd, Lagenda Properties Bhd, LBS Bina Group Bhd, Pos Malaysia Bhd, RCE Capital Bhd, Malaysia Smelting Corp Bhd (MSC), CI Holdings Bhd, Taliworks Corp Bhd, Sand Nisko Capital Bhd, Uzma Bhd and MyEG Services Bhd.

Putrajaya has agreed to carve out the KLIA Aeropolis lands from its existing operating agreement (OA) with Malaysia Airports Holdings Bhd (MAHB), providing a major boost for the airport operator to develop the land surrounding Kuala Lumpur International Airport (KLIA) in Sepang. At the same time, Putrajaya has agreed to extend the expiring land leases in KLIA Aeropolis to 99 years. MAHB said a supplemental agreement between its wholly-owned subsidiary Malaysia Airports (Sepang) Sdn Bhd (MA Sepang) and Federal Lands Commissioner had been entered into on Nov 17 to carve out the lands from the OA for the development of KLIA Aeropolis.

The Ministry of Finance (MOF) has granted Westports Holdings Bhd’s wholly-owned subsidiary Westports Malaysia Sdn Bhd (WMSB) a 10-year investment tax allowance (ITA), commencing from Jan 1, 2022 to Dec 31, 2031. The ITA is to facilitate the capital expenditure to be incurred by WMSB, with respect to existing and future expansion programmes. The ITA was granted to WMSB, following consultations with the MOF and on conditions, among others, that WMSB is required to incur a minimum of RM4 billion in capex to its terminals during the stipulated 10-year period.

MSM Malaysia Holdings Bhd, the country's largest sugar refiner, slipped into the red with a net loss of RM72.8 million for the third quarter ended Sept 30, 2022, compared to a net profit of RM96.86 million a year earlier. This is its fourth straight loss-making quarter. MSM blamed the weak quarterly earnings on high input costs, mainly from raw sugar, freight, natural gas and weakening of the ringgit. Included in the loss for the quarter were certain accounting provisions on operational matters of RM46 million that can potentially be reversed with improved parameters recorded. This was despite quarterly revenue climbing 21.8% to RM668.13 million, from RM548.65 million due to increased average selling price.

Lagenda Properties Bhd saw its third quarter net profit decline 21.54% to RM35.73 million from RM45.54 million a year earlier, mainly due to upfront costs incurred in preparation for future project launches and the provision for prosperity tax. Revenue for the third quarter ended Sept 30, 2022 eased 2.43% to RM180.72 million from RM185.22 million. Lagenda also announced the adoption of a dividend policy to pay out at least 25% of its consolidated profit after tax and minority interest as dividends from the current year onwards, with a review every two years.

LBS Bina Group Bhd’s net profit for the third quarter ended Sept 30, 2022 jumped 94.93% RM35.35 million from RM18.14 million in the same period last year, driven by solid revenue growth from its property development segment. Quarterly revenue more than doubled to RM528.89 million, from RM253.96 million in the same period a year ago. As of Nov 20, the group had secured RM1.83 billion worth of property sales, which accounts for 114% of its financial year 2022 sales target of RM1.6 billion.    

Pos Malaysia Bhd has posted a narrower third quarter net loss of RM33.63 million, compared to RM43.9 million a year earlier, on improved cost of sales and operating expenses and lower loss from operations and finance costs. Revenue for the quarter ended Sept 30, 2022 dropped 8.25% to RM492 million from RM536.26 million previously. Looking ahead, Pos Malaysia said the global and domestic economic uncertainties caused by macroeconomic headwinds are expected to further depress the already-soft post-pandemic e-commerce market.

RCE Capital Bhd’s net profit rose 15.84% to RM36.54 million for the second quarter ended Sept 30, 2022, from RM31.55 million a year earlier, due to higher allowances for impairment loss on receivables. Revenue for the quarter rose 17.09% to RM81.76 million compared to RM69.82 million in 2QFY2022, mainly carried by higher early settlement and fee income arising from increased refinancing activities by customers and sales campaigns launched. The group declared 23 sen in dividends — a five sen first interim dividend and an 18 sen special interim dividend — with a Dec 16 ex-date.

Malaysia Smelting Corp Bhd (MSC) slipped into the red in the third quarter ended Sept 30, 2022 (3QFY2022) with a net loss of RM31.32 million, compared to a net profit of RM28.94 million in the same quarter last year, due to a sharp decline in tin prices. The last time MSC was in the red was in 1QFY2020, with a net loss of RM13.19 million due to a write down of inventories, disruption of supply due to Covid-19, and prolonged trade tensions. Quarterly revenue rose 57.5% to RM344.13 million in 3QFY2022, from RM218.48 million previously, mainly due to higher sales quantity of refined tin.

CI Holdings Bhd’s net profit surged 65.2% to RM20.82 million for the first quarter ended Sept 30, 2022, from RM12.61 million a year earlier, on the back of higher exports and favourable foreign exchange gains. Revenue for the quarter increased 43.72% to RM1.53 billion from RM1.06 billion a year prior, carried by a near 11% rise in full container loads exported, coupled with an almost 8% appreciation of the US dollar against the ringgit. Going forward, CI Holdings said the group will continue with its expansion plans for revenue growth for its edible oil operations and with smart partnership tie-ups with property developers for the tapware and sanitary ware divisions to enhance shareholders' value.

Taliworks Corp Bhd’s net profit fell by 69.7% to RM12.51 million for the third quarter ended Sept 30, 2022, from RM41.36 million a year ago. Quarterly revenue fell by 10.7% to RM91.28 million from RM102.31 million recorded in the previous year, due to lower revenue from its toll segment. However, the lower revenue from the toll segment was mitigated by contributions from water treatment, supply and distribution segment, construction segment, as well as its renewables segment.

Sand Nisko Capital Bhd has inked an agreement with property developer Avongold Valley Sdn Bhd (AVSB) to negotiate a proposed RM34.52 million contract to build light industrial buildings in Bandar Sungai Petani, Kuala Muda, Kedah. Sand Nisko’s wholly-owned subsidiary Len Cheong Industries Sdn Bhd had entered into a memorandum of agreement with AVSB for the proposed award.

Uzma Bhd’s wholly-owned subsidiary Uzma Engineering Sdn Bhd has bagged a contract from Petronas Carigali Sdn Bhd for the leasing, operation and maintenance of a D18 water injection facility. The scope of work comprises continuing the facility's operations, which has been at the exact location since July 2016, under operation and maintenance by Uzma Engineering.

MyEG Services Bhd has inked a four-year collaboration agreement with the Institute of Industrial Internet and Internet of Things of the China Academy of Information and Communications Technology (CAICT). Under the deal, MyEG will own and operate the Xinghuo International Supernode that will provide connectivity from China to the rest of the world. The agreement also entails the cross-border adoption and utilisation of the latest decentralised identifier standard to gradually create the Web3 of China and beyond.

Edited ByS Kanagaraju
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