KUALA LUMPUR (July 28): Here is a brief look at some corporate announcements and the news feed from Thursday July 28, including AMMB Holdings Bhd, Maxis Bhd, Unisem (M) Bhd, Nestle (Malaysia) Bhd, Westports Holdings Bhd, Lotte Chemical Titan Holding Bhd (LCT), Pavilion Real Estate Investment Trust (Pavilion REIT), Bursa Malaysia Bhd, Vitrox Corp Bhd, Frontken Corporation Bhd, MI Technovation Bhd, Samchem Holdings Bhd, KIP Real Estate Investment Trust (KIP REIT) , Bintai Kinden Corp Bhd, Yinson Holdings Bhd, Tasco Bhd, G Capital Bhd, Muda Holdings Bhd, Chin Well Holdings Bhd, Capital A Bhd, Caely Holdings Bhd, Top Builders Capital Bhd, QL Resources Bhd and SDS Group Bhd.
AMMB Holdings Bhdit is (AMMB) AmGeneral Holdings Bhd, a 51% subsidiary, has completed the sale of its wholly owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB) for RM2.29 billion. With the conclusion of the agreement, LIB has now acquired 100% of AGIB, previously owned 51% by AMMB and 49% by Insurance Australia Group.
Maxis Bhd saw its net profit in the second quarter ended June 30 decline by 8.61% to RM329 million from RM360 million a year earlier, due to higher depreciation costs, as well as the single prosperity tax. The group declared a second interim dividend of five sen per share payable on September 30.
Unisem (M) BhdNet profit for the second quarter ended June 30, 2022 jumped 276.7% to RM205.86 million from RM54.64 million a year earlier, driven by higher average selling prices, associated with the appreciation of the US dollar/ringgit exchange rate. It declared an interim dividend of two sen per share to be paid on August 25.
Nestle (Malaysia) BhdNet profit of increased by 26.11% to RM169.65 million for the second quarter ended June 30, 2022, from RM134.53 million a year ago, driven by increased sales. It noted an acceleration in consumption – in line with the removal of travel restrictions – supported by its demand generation activities and excellence in operational execution. The group has declared an interim dividend of 70 sen per share and the payment date is October 6.
Westports Holdings BhdNet profit for the second quarter ended June 30, 2022 fell 8.81% to RM162.29 million from RM177.97 million a year earlier as higher fuel costs more than offset container revenue. The port operator approved a first interim dividend of 6.91 sen or RM235.63 million, up from 8.5 sen per share or RM289.85 million last year.
Lotte Chemical Titan Holding Bhd (LCT) suffered a net loss of RM145.92 million in the second quarter ended June 30, 2022, compared to a net profit of RM382.29 million a year earlier, due to margin compression resulting from the increase the cost of raw materials and lower results of associated companies Lotte Chemical USA Corp.
Pavilion Real Estate Investment Trust (Pavilion REIT) net property income for the second quarter ended June 30, 2022 jumped 74.5% to RM83.11 million from RM47.62 million a year ago as income was higher high, while operating expenses declined after the economy reopened. The REIT declared an interim income distribution of 4.08 sen per unit.
Bursa Malaysia Bhd recorded lower net profit for the second quarter ended June 30, 2022, down 33.16% year-on-year to RM59.47 million from RM88.97 million a year ago due to lower revenue impacted by domestic and global developments, including global inflation pressures.
Vitrox Corp Bhd said its second-quarter net profit rose slightly to RM51.35 million from RM50.64 million a year ago, helped by the strengthening US dollar. Quarterly revenue decreased by 3.46% to RM189.4 million from RM196.19 million last year amid weaker sales demand from the group’s machine vision systems, which offset continued strong demand from the Automated Board Inspection (ABI) industry.
Frontken Corporation BhdNet profit for the second quarter ended June 30, 2022 increased by 30.17% to RM32.2 million from RM24.74 million a year earlier, driven by improved revenue and better profit margins. The surface engineering services provider has declared its first interim dividend of 1.60 sen per share for the financial year, which will be paid on September 20.
MI Technovation BhdNet profit for the second quarter fell 28.5% to RM18.66 million from RM26.11 million a year ago due to expansion spending and higher material and logistics. Revenue for the quarter ended June 30, 2022 fell 20% to RM93.58 million from RM117.29 million, driven by its semiconductor equipment business, due to the slowdown in the smartphone and mobile device industry, which faces weakened end-user demand amid inflationary pressures.
Samchem Holdings BhdNet profit for the second quarter ended June 30, 2022 decreased by 5.4% to RM18.21 million from RM19.24 million a year ago due to a narrower margin resulting from a difficult trading environment. Nevertheless, the group proposed a second interim dividend of one sen per share.
KIP Real Estate Investment Trust (KIP REIT) Net property income for the fourth quarter ended June 30, 2022 (4QFY22) fell 5.8% to RM14.2 million from RM15.08 million a year ago, due to higher utility costs and lower gross revenues. However, the REIT declared a distribution per unit of 2.1 sen, to be paid on August 25. It recorded more than five times its after-tax profit growth to RM49 million in 4QFY22 from RM9.27 million in 4QFY21, derived from changes in the fair value of its seven properties.
Bintai Kinden Corp BhdThe joint venture of Petro Flanges & Fittings Sdn Bhd has been awarded a series of additional subcontracts to supply high quality carbon steel/stainless steel pipes, valves and fittings, valued at 4, RM43 million, to companies in the oil and gas industry.
Yinson Holdings Bhd signed an exclusive agreement with bp Exploration (Angola) Ltd to reserve a floating production, storage and offloading vessel for the latter’s 10 subsea Palas, Astrea and Juno Oil Fields (PAJ project) wells in Angola .
Tasco BhdTasco Yusen Gold Cold (TYGC), a 70% subsidiary of , has received JSA-S1004:2020 certification from the Japanese certification body Nippon Kaiji Kyokai (ClassNK), indicating that TYGC adheres to chain logistics standards business-to-business refrigeration services.
G Capital BhdThe 70% unit of Solarcity Malaysia Sdn Bhd has signed a Solar Power Purchase Agreement (PPA) with Muda Holdings BhdFederal Packages Sdn Bhd, a wholly owned subsidiary of Federal Packages Sdn Bhd, for the sale of solar power to Federal Packages from a 5.5 megawatt (MWp) peak solar asset in Pulau Pinang. The plant is expected to be operational by the first quarter of 2023.
Separately, Solarcity and Chin Well Holdings Bhd Chin Herr Industries (M) Sdn Bhd unit have mutually agreed to reduce the size of a planned rooftop solar asset to 2.47 MWp, from the previously proposed 3 MWp. Both parties have signed a supplemental solar PPA to perform the review.
Capital A BhdThe aviation arm of AirAsia Aviation Group Ltd said Advanced Air Mobility and AirAsia’s Skyports Infrastructure have signed a letter of intent to explore the development of air taxi infrastructure in Malaysia.
Five directors of Caely Holdings Bhd have been appointed to the board of directors of the construction engineering group Top Builders Capital Bhd. They include Caely Datuk Chairman Loh Ming Choon, Executive Vice Chairman Wong Siaw Puie, Executive Director Datuk Seri Sin Hock Min and Independent Directors Datuk Mohammad Hanafiah Zakaria and Ng Mei Choo. A check on Bloomberg indicated that the lingerie manufacturer and Top Builders do not have common major shareholders.
QL Resources Bhd highlighted the cost pressure it faces amid supply chain disruption, and inflationary pressure will further squeeze its margins. He added that the risk of recession had exacerbated the group’s operating conditions, but stressed that QL would live up to its responsibility to provide Malaysians with nutritious and affordable sources of protein.
SDS Group Bhdwhich debuted on Bursa Malaysia’s ACE market in October 2019, offered to transfer its listing to the main market to boost the group’s prestige and reputation.