Widad, IOI Corp, Pharmaniaga, Pecca, Inari, Alam Maritim, JAKS Resources and ATA IMS

Widad, IOI Corp, Pharmaniaga, Pecca, Inari, Alam Maritim, JAKS Resources and ATA IMS
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KUALA LUMPUR (May 21) : Based on corporate announcements and news flow today, companies that may be in focus on Monday (May 24) include Widad Group Bhd, IOI Corp Bhd, Pharmaniaga Bhd, Pecca Group Bhd, Inari Amerton Bhd, Alam Maritim Resources Bhd, JAKS Resources Bhd and ATA IMS Bhd.

Widad Group Bhd’s wholly-owned subsidiary Widad Builders Sdn Bhd has secured an RM129.4 million contract from the Kedah State government to upgrade the Bukit Selambau water treatment plant in Kuala Muda, Kedah. Widad Group said the project is expected to contribute positively to the earnings and net assets of Widad Group and its subsidiaries over the duration of the project.

IOI Corp Bhd's net profit skyrocketed to RM401.3 million in its latest financial quarter ended March 31, 2021, from RM100,000 in the corresponding financial quarter last year. Its quarterly revenue grew by 41% to RM2.86 billion from RM2.03 billion last year.

Pharmaniaga Bhd’s net profit for the first quarter ended March 31, 2021 rose 3.3% to RM23.14 million from RM22.4 million a year earlier, on the back of lower finance cost. Earnings per share increased to 8.84 sen from 8.57 sen. Revenue, however, declined 3.22% to RM793.5 million from RM819.92 million prevously, due to lower demand from the Indonesian business amid the Covid-19 pandemic. The pharmaceutical company declared an interim dividend of four sen per share, to be paid on July 6.

Pecca Group Bhd's net profit for the third quarter ended March 31, 2021 leapt nearly 24 times to RM8.05 million, from RM341,0000 a year earlier, on stronger contributions from automotive leather car seat cover sales and a growing healthcare segment. Earnings per share swelled to 4.39 sen from 0.19 sen. Quarterly revenue jumped to a record RM42.5 million, up 83.22% year-on-year from RM23.2 million,

Inari Amerton Bhd saw its net profit for the third quarter ended March 31, 2021 leap 33.72% to RM81.95 million from RM35.06 million a year earlier, on higher revenue and recognition of deferred tax assets. The semiconductor maker said quarterly revenue increased 41.38% to RM342.93 million from RM242.57 million previously, largely due to higher contribution from its radio frequency (RF) business segment. The group declared a third interim dividend of 2.2 sen per share, and a special dividend of 1.8 sen per share, to be paid on July 8.

Alam Maritim Resources Bhd and its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd today secured the required court orders to facilitate the group's restructuring plan by way of a scheme of arrangement with its creditors. The orders were granted pursuant to Section 366 of the Companies Act 2016, which is a statutory mechanism that provides relief for companies to propose a compromise with its creditors instead of being wound up.

JAKS Resources Bhd posted a net profit of RM19.75 million for its first quarter ended March 31, 2021 versus a net loss of RM6.22 million in the corresponding quarter a year ago. Quarterly revenue, however, plunged 76.8% to RM17.45 million from RM75.22 million a year before due to the absence of revenue contribution from the Vietnam engineering, procurement and construction construction work, as it reached the tail end of the project, as well as the reimposition of the Movement Control Order in January 2021, which resulted in work delays and supply chain disruptions.

ATA IMS Bhd today reiterated its claim that it does not practise any form of forced labour in its operations, after a prominent migrant worker rights specialist said the US authorities would investigate the company regarding the matter. The electronic manufacturing services provider said that as of today, it has not received any communication from the US Customs and Border Protection, or any other similar government authority, on the forced labour allegation.

S Kanagaraju