KUALA LUMPUR (Sept 27): Here is a brief recap of some corporate announcements that made news on Wednesday: Glomac Bhd, Sapura Energy, Capital A, Sunway, Pensonic, Jiankun International Bhd, Gamuda Bhd, Kim Loong Resources Bhd, Hiap Teck Ventures Bhd, Censof Holdings Bhd and Ekovest Bhd.
Glomac Bhd's net profit dropped 21.5% for the first quarter ended July 31, 2023 (1QFY2024) on lower contribution from its property development business after the completion of several projects, coupled with a dearth of new launches. Revenue also declined 8.2% to RM60.11 million for 1QFY2024, from RM65.49 million in the previous corresponding quarter.
Sapura Energy Bhd, which reported its second consecutive profitable quarter on Wednesday, said it has secured a US$300 million (RM1.4 billion) contract from Azule Energy Angola BV for a gas complex in Angola — the Angola Northern Gas Complex (NGC) project. The contract's scope of work comprises engineering services, transportation, installation and related activities for the Quiluma and Maboqueiro Platform of the Angola NGC project, according to Sapura’s stock exchange filing on Wednesday. The works are expected to be completed by the fourth quarter of 2026.
Capital A Bhd has inked three memoranda of understanding (MOUs) to partner long-time rival PT Garuda Indonesia (Persero) Tbk in both parties’ commercial airline, cargo as well as maintenance, repair and overhaul (MRO) businesses. Both parties will explore network expansion in commercial airline through AirAsia Aviation Group Ltd and Garuda’s low cost carrier PT Citilink Indonesia Tbk; logistics services between Teleport Everywhere Pte Ltd and Garuda Indonesia Cargo; aircraft maintenance between Asia Digital Engineering (ADE) and GMF AeroAsia.
Sunway Bhd’s 70%-owned Umech Land Sdn Bhd has signed a joint development agreement with Penang Development Corp (PDC) to develop a 559-acre prime industrial land in Batu Kawan, Penang, in exchange for a land entitlement of RM646.02 million. PDC will receive a land entitlement that consists of a RM64.6 million deposit, with the remaining RM581.42 million to be paid via four installments. Both parties will collaborate on the development of the land, which will be known as "Batu Kawan Industrial Park 2".
Pensonic Holdings Bhd’s managing director Vincent Chew Chuon Ghee is no longer a substantial shareholder of the electrical home appliances maker, having disposed of a 3.18% stake in the company for RM3 million on Sept 25. Vincent disposed of four million shares off-market on Sept 25, trimming his shareholding to 5.18 million shares or a 4.12% stake. On the same day, Pensonic also saw the emergence of a new substantial shareholder, Neo Ching Yuen who acquired 8.3 million shares or a 6.6% stake on Sept 25.
Jiankun International Bhd, a property development and construction firm, plans to raise RM19 million through a placement of 95 million shares to third-party investors at an issue price of 20 sen per share. Proceeds from the proposed placement will be used to facilitate completion of a proposed land acquisition. As at Sept 20, Jiankun’s issued share capital was RM76.18 million, comprising 360.51 million shares.
Gamuda Bhd’s annual net profit crossed the RM1 billion mark for the financial year ended July 31, 2023 (FY2023) after it posted a 128.03% increase to RM1.84 billion from RM806.23 million in the previous year (FY2022), largely fuelled by gains on the divestment of its highways. Annual revenue soared 68% to RM8.23 billion from RM4.9 billion in FY2022, as overseas construction revenue surged fourfold to a record RM3.5 billion from last year’s RM714 million due to a significant pick up in work progress in its Australia and Taiwan projects.
Lower selling prices of crude palm oil (CPO) and fresh fruit bunches (FFB) resulted in Kim Loong Resources Bhd’s net profit for the second quarter ended July 31, 2023 (2QFY2024) falling 12.72% to RM43.35 million, from RM49.67 million a year ago. Likewise, quarterly revenue fell 31.68% to RM385.61 million versus RM564.38 million previously, despite the plantation group noting that it recorded higher FFB production, while CPO output was largely flat in 2QFY2024.
Hiap Teck Ventures Bhd’s net profit for the full year ended July 31, 2023 (FY2023) declined 80% to RM30.91 million from RM156.01 million reported in the previous year (FY2022), due to lower profit from its operations. The steel company’s annual revenue was marginally higher at RM1.59 billion, compared to RM1.58 billion a year earlier, supported by higher sales volume.The group also declared its first and final single-tier dividend of half a sen per share.
Censof Holdings Bhd has secured a contract worth RM872,340.78 from Social Security Organisation (Perkeso). The company said its subsidiary Cognitive Consulting Sdn Bhd had received the letter of acceptance in relation to the renewal of subscription, supply, delivery, maintenance and support services for UiPath software as well as maintenance and support services for systems within Perkeso that utilise UiPath software. Censof said the project is for a period of three years from Oct 1, 2023 to Sept 30, 2026 with no option to extend and/or renew upon its expiry.
Tycoon Tan Sri Lim Kang Hoo wants to group the various but similar business segments of his stable of companies under an enlarged Ekovest Bhd to streamline and rationalise the businesses and assets, consolidate his direct shareholding in the companies and avoid potential conflict of interests. In his letter, Lim said the main proposal is intended to streamline, reorganise, rationalise and merge the businesses and assets currently owned and controlled by himself and persons acting in concert, through the various public listed and non-listed companies, as well as to consolidate his direct shareholdings in the various companies. Furthermore, the proposals are aimed to mitigate any potential conflict of interests and speculations relating to the alignment of interest of Lim as a major shareholder of the companies. It will also eliminate many of the existing recurrent related party transactions and transfer pricing concerns among the companies moving forward.