KUALA LUMPUR (March 31): Boustead Heavy Industries Corp Bhd (BHIC) has appointed Feroz Razi Ramli as its new chief executive officer (CEO).

He replaces Sharifuddin Zaini Al-Manaf, 53, who completed his tenure as CEO after holding the post since April 1, 2020, the group said in a bourse filing.

Feroz Razi, 45, served as CEO of Boustead DCNS Naval Corp Sdn Bhd, a joint venture firm between Boustead Heavy Industries Corp Bhd and the Naval Group of France, from January 2018 to March 2023. Prir to that, he was the deputy chief executive in the firm.

He is a member of the Malaysian Institute Accountants (MIA) and a chartered accountant with ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) qualification.

BHIC saw its net loss widen to RM28.10 million in its fourth quarter ended Dec 31, 2022, from RM7.97 million a year earlier, due to allowance made for expected credit loss and right sizing costs, along with higher provision for taxation. Quarterly revenue decreased slightly to RM38.57 million from RM39.76 million.

For the full financial year, BHIC posted a net loss of RM21.55 million versus a net profit of RM15.19 million in FY2021, as revenue fell to RM141.76 million from RM149.19 million

BHIC’s share price closed two sen or 6.06% higher at 35 sen on Friday (March 31), valuing the group at RM86.96 million.