<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Feb 20): Egg producer Teo Seng Capital Bhd closed its financial year 2023 with a record high annual earnings of RM155.8 million, seven times higher than the RM21.64 million it made in FY2022, as it sold more eggs at better selling prices and received subsidy from the government.</p></div>

<div class=newsTextDataWrapInner><p>Cumulative revenue for its FY2023 that ended on Dec 31, 2023 rose 16.72% to RM760.98 million from RM651.97 million, its bourse filing showed. Earnings per share jumped to 22.8 sen from 4.43 sen.</p></div>

<div class=newsTextDataWrapInner><p>Its net profit for the fourth quarter rose five-fold to RM66.89 million from RM13.03 million in the previous corresponding quarter in FY2022, with revenue rising 10.64% to RM199.86 million from RM180.65 million.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"In view of the improved market conditions, our better productivity and cost effectiveness, the directors are of the opinion that the financial performance is sustainable for the forthcoming financial year," said Teo Seng on its prospects.</p></div>

<div class=newsTextDataWrapInner><p>Shares in Teo Seng closed 12 sen or 5.5% higher at RM2.30 on Tuesday, giving the group a market capitalisation of RM690.02 million.</p></div>


Egg producer Teo Seng Capital Bhd closed its financial year 2023 with a record high annual earnings of RM155.8 million, seven times higher than the RM21.64 million it made in FY2022, as it sold more eggs at better selling prices and received subsidy from the government.

Teo Seng posts five-fold jump in 4Q profit to close FY2023 on record high annual earnings

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Main Market-bound automotive seats manufacturer Feytech Holdings Bhd (KL:FEYTECH), which is slated to float its shares on Bursa Malaysia next Tuesday (May 21), posted a net profit of RM16.88 million in the first quarter ended March 31, 2024 (1QFY2024).

Main Market-bound Feytech posts RM16.88m profit for 1Q

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

Maxis, ITMAX, PIE Industrial, Malayan Flour Mills, PPB, Epicon, NationGate, Ho Hup, Sarawak Cable, GIIB

Destini Bhd (KL:DESTINI) said a Dutch shipbuilding company has commenced arbitration proceedings against the group and its subsidiary, claiming up to €3.03 million (RM15.45 million) over alleged unpaid invoices.

Dutch firm initiates arbitration against Destini over alleged unpaid invoices

Malaysia and Uzbekistan can work together to explore new areas of digitalisation, energy transition and equip their people with new knowledge in the field of Artificial Intelligence (AI), Prime Minister Datuk Seri Anwar Ibrahim said Friday.

Anwar touts partnership with Uzbekistan on digitalisation, energy transition

Every member of Parliament (MP) and state assemblyman in Bersatu has been given 14 days to confirm their adherence to a party directive issued by its supreme council (MPT) on Friday.

Bersatu reps given 14 days to pledge loyalty to party

Communications Minister Fahmi Fadzil believes that there is an organised movement by certain parties to disseminate false information on social media platforms, especially on Facebook, to create unrest among the public.

Fahmi says unearthed concerted effort to spread false info on social media

Wall Street's main indexes were largely flat in early trading on Friday as investors took a breather from the week's rally driven by growing expectations of US interest-rate cuts this year.

Wall Street muted with weekly gains in sight on rate-cut hopes

Economists have maintained their 2024 economic growth forecast for Malaysia at between 3.5% and 4.7% after Bank Negara Malaysia (BNM) announced first quarter gross domestic product (GDP) growth accelerated faster than expected.

Economists keep 2024 GDP forecast after better-than-expected 1Q data

Police will seek a remand order at the Magistrates Court for seven individuals who were detained on Friday morning in connection with the Ulu Tiram police station attack said Johor police chief M Kumar.

Ulu Tiram police station attack: Seven individuals to be remanded on Saturday

<p>Tan Sri Mokhzani Mahathir will step down as the non-executive chairman of Maxis Bhd (KL:MAXIS), effective from June 30, after 15 years sitting on the board of the company.</p>


Mokhzani Mahathir to step down as Maxis chairman after 15 years on board

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<p>PPB Group Bhd (KL:PPB) is planning to invest RM327 million in its film exhibition and distribution segment, which houses Golden Screen Cinemas, over the next five years.</p>


PPB Group to invest RM327 mil in film segment over next five years

<p>(May 17):&nbsp;Suriname’s discovered oil resources now total more than 2.4 billion barrels of crude and liquids, and the nation has more than 12.5 trillion cubic feet of gas, according to Wood Mackenzie.</p>


Petronas-discovered Suriname oil resources seen totalling 2.4 billion barrels

<p>theedgemalaysia.com highlighted three stocks with positive momentum and eight stocks with negative momentum at Bursa Malaysia's afternoon close on Friday. &nbsp;</p>


Datasonic, Fiamma, Wong Engineering, Oppstar, Southern Acid, DKSH, BIG Industries, SKP, Infraharta, Beshom, KYM

<p>Kawan Renergy Bhd’s (KL:KENERGY) said investors have snapped up the 27.5 million shares it made available to the public for its initial public offering (IPO) at 30 sen per share.</p>


Kawan Renergy's 27.5 mil IPO shares for public oversubscribed by 95 times 

<p>KUALA LUMPUR (May 17): Sarawak Cable Bhd (KL:SCABLE) said that the memorandum of agreement (MOA) between the company and Serendib Capital Ltd (Serendib) had been validly terminated.</p>


Sarawak Cable says has found alternative white knight to Serendib

<p>Prime Minister Datuk Seri Anwar Ibrahim stressed that claims that 25% of the remaining shares in Malaysia Airports Holdings Bhd or MAHB (KL:AIRPORT) would be owned by a pro-Zionist company are baseless.</p>


Anwar: Opposition's claims that pro-Israel company will own MAHB shares only to incite hatred

<p>Malayan Flour Mills Bhd (KL:MFLOUR) said its net profit has more than tripled for the first quarter from a year earlier, thanks to higher margins in its flour and grain segment from lower wheat prices.</p>


Malayan Flour Mills more than triples net profit in 1Q, to invest further

<p>Wireless carrier Maxis Bhd (KL:MAXIS) said on Friday its net profit rose 10% year-on-year (y-o-y) in the first quarter, thanks to higher service revenue and cost control, sending its shares to their highest in nearly three months.&nbsp;</p>


Maxis posts 10% rise in 1Q net profit on higher service revenue, declares four sen dividend

<p>Prime Minister Datuk Seri Anwar Ibrahim wants firm action to be taken against anyone attempting to create chaos in Malaysia to the extent of causing deaths.</p>


Firm action will be taken against anyone who resorts to violence, says Anwar

<p>ITMAX System Bhd (KL:ITMAX) said on Friday that it has secured a RM105.3 million variation order (VO) from Kuala Lumpur City Hall (DBKL) for an extension of its contract to provide closed-circuit television (CCTV) and video messaging signages (VMS) integrated transport information system (ITIS) services.</p>


ITMAX secures RM105.3 mil variation order from DBKL 

<p>The Ministry of Transport (MOT) fully supports Khazanah Nasional Bhd and the Employee Provident Fund’s (EPF) move to privatise Malaysia Airports Holdings Bhd (KL:AIRPORT), or MAHB, as it will enable the implementation of strategic decisions more expeditiously, according to its minister Anthony Loke Siew Fook.</p>


MOT supports MAHB privatisation, to enable expeditious strategic decisions — Loke

<p>Ping An Asset Management, HSBC Holdings PLC's largest shareholder, will continue to hold its investment in the Asia-focused lender, a source close to the Chinese fund manager said on Friday, after reports it was considering selling more shares.</p>


Top HSBC shareholder Ping An to retain investment in bank amid sale talk — Reuters

<p>Selangor opposition leader Datuk Seri Mohamed Azmin Ali said on Friday that there was no denial from Agriculture and Food Security Minister Datuk Seri Mohamad Sabu (Mat Sabu) or businessman Deepak Jaikishan regarding their trip to India, or Deepak’s involvement in procuring a direct negotiation contract with the government for his brother’s company, namely J&amp;E Advance Tech Sdn Bhd, to import eggs into Malaysia.</p>


Azmin: Mat Sabu and Deepak did not deny my comments on their trip to India

<p>Action by Bank Negara Malaysia (BNM) and the government to promote consistent inflows into the foreign exchange (forex) market has eased the pressure on the ringgit against the US dollar, the central bank’s governor Datuk Shaik Abdul Rasheed Abdul&nbsp;Ghaffour said.&nbsp;</p>


BNM governor says intervention eased pressure on ringgit

<p>Partial pension fund withdrawals are expected to boost economic activity, while having little impact on inflation, Bank Negara Malaysia (BNM) said on Friday.</p>


BNM expects limited inflation impact from EPF Account 3, civil servant salary rise

<p>Ho Hup Construction Company Bhd (KL:HOHUP) said its 52%-owned unit Golden Wave Sdn Bhd (GWSB) has applied with the High Court to be placed under judicial management.</p>


Ho Hup's property development unit applies for judicial management 

<p>The Construction Research Institute of Malaysia (CREAM), a research institute by the Construction Industry Development Board of Malaysia (CIDB), has entered into a collaboration with fly ash supplier ACE Greencemt Sdn Bhd through a memorandum of agreement (MOA)&nbsp;to conduct a study, specifically on fly ash, to promote green concrete for a sustainable construction industry.</p>
