Pos Malaysia, Hartalega, Kossan, Hong Seng, Sunway, PetDag, Affin, Bank Islam, Hibiscus, LBS, Sime Darby Property, Lagenda Properties


KUALA LUMPUR (May 22): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Pos Malaysia Bhd (KL:POS) is selling its ship-chartering unit that mainly deals with bulk cargoes for RM123.21 million as part of a move to shed non-core businesses. The proposed sale of PNSL Bhd to SWA Shipping Sdn Bhd will also settle outstanding intra-group trading debts and advances owed to Pos Malaysia. The disposal came at a time when the group announced another quarterly loss of RM19.69 million for the first quarter ended March 31, 2024 (1QFY2024), though narrower by 29% from RM27.66 million a year ago as growth in revenue from its postal services and aviation segments outpaced costs increases. The group has been loss making since FY2019. — Pos Malaysia to sell non-core shipping unit for RM123m Pos Malaysia posts RM27m net loss in 2Q, sees improved full-year results

Hartalega Holdings Bhd (KL:HARTA) notched a turnaround in its final quarter, thanks partly to a provision reversal that also helped to bring the world’s second-largest glovemaker by volume back into the black for the year. Net profit for the three months ended March 31, 2024 (4QFY2024) totalled RM15.12 million compared to a net loss of RM334.97 million over the same period a year earlier.  Revenue for the quarter climbed 2.4% year-on-year (y-o-y) to RM529.83 million from RM517.55 million thanks to higher average selling prices from currency movements. — Hartalega returns to the black for 4QFY2024

Meanwhile, Kossan Rubber Industries Bhd (KL:KOSSAN) has posted its third consecutive quarter of profits in the first quarter, thanks to higher sales volume and lower natural gas prices. Net profit for the three months ended on March 31, 2024 (1QFY2024) was RM31.45 million compared to a net loss of RM24.25 in 1QFY2023. Revenue for the quarter climbed 14.4% year-on-year to RM451.63 million from RM394.71 million. — Kossan logs third straight quarter of profits as volume climbs, gas price falls

Hong Seng Consolidated Bhd‘s (KL:HONGSENG) previously suspended plan to expand its glove business seems to be back on the table as the group eyes an alternate, albeit smaller, site for a synthetic rubber manufacturing plant in Kedah Rubber City. After talks with the dedicated rubber industrial park’s developer, the Northern Corridor Implementation Authority (NCIA), Hong Seng said the diversified group’s prior sublease for a 102.6-acre industrial land for 60 years for RM44.69 million is to be mutually terminated, subject to the group subleasing an alternate land measuring 10.42 acres from NCIA for 60 years for RM4.59 million. — Hong Seng revisits potential glove business expansion, but on smaller scale

Conglomerate Sunway Bhd (KL:SUNWAY) reported a 21.6% year-on-year increase in its first-quarter net profit, driven mainly by stronger performance from the property development and healthcare segments. Its net profit for the quarter ended March 31, 2024 (1QFY2024) rise to RM172.23 million or 2.27 sen per share from RM141.64 million or 1.98 sen per share a year ago, fuelled by higher sales and progress billings from new and ongoing local development projects. Quarterly revenue grew 12.28% to RM1.42 billion from RM1.26 billion in 1QFY2023. — Sunway’s 1Q net profit up 22% amid stronger earnings from property, healthcare segments

Petronas Dagangan Bhd‘s (KL:PETDAG) net profit for the first quarter ended March 31, 2024 (1QFY2024) fell 25% y-o-y to RM226.04 million, from RM301.84 million previously, due mainly to higher product cost and operating expenditure. PetDag said revenue for the quarter rose to RM9.39 billion, from RM8.65 billion a year earlier. PetDag declared an interim dividend of 18 sen per share amounting to RM178.82 million for the latest quarter. — PetDag’s 1Q net profit falls 25% to RM226m, declares dividend of 18 sen

Affin Bank Bhd (KL:AFFIN), the financial services arm of the Armed Forces Fund Board (LTAT), said on Tuesday its net profit down was 26% lower y-o-y in the first quarter, on lower net interest income and other income. Net profit for the three months ended March 31, 2024 (1QFY2024) stood at RM110.21 million, compared with RM148.98 million a year earlier. Net interest income fell 6.6% y-o-y to RM361.98 million, while non-interest income surged 34% to RM142.56 million. —  Affin Bank’s 1Q net profit down 26% as net interest income falls

Bank Islam Malaysia Bhd (KL:BIMB), Malaysia’s largest full-fledged Islamic bank, said its net profit increased 9.4% for the first quarter ended March 31, 2024 (1QFY2024) from a year earlier, mainly driven by higher net fund-based income and lower net allowances for impairment on financing. Net profit for 1QFY2024 stood at RM129.17 million, or 5.70 sen per share, compared with RM118.09 million, or 5.33 sen per share, a year ago, as quarterly revenue inched up 3.7% to RM1.14 billion from RM1.10 billion previously. — Bank Islam posts 9.4% increase in 1Q net profit on higher net fund-based income, lower impairment

Hibiscus Petroleum Bhd‘s [KL:HIBISCS] net profit climbed by 42.37% to RM101.81 million in the third quarter ended March 31, 2024 (3QFY2024), from RM71.51 million a year ago, driven by strong oil and condensate prices of over US$90 (RM421.68) per barrel. Revenue jumped more than 15% year-on-year (y-o-y) to RM603.5 million from RM523.34 million. For the quarter under review, the company declared a dividend of two sen per share, payable on July 19 — raising the total dividend for the nine months ended March 31, 2024 (9MFY2024) to six sen per share. — Hibiscus’ 3Q net profit climbs 42%, driven by strong oil and condensate prices

LBS Bina Group Bhd’s (KL:LBS) net profit rose by a marginal 0.11% to RM30.53 million in the first quarter ended March 31, 2024 (1QFY2024), from RM30.5 million a year earlier, helped by increased contribution from its property development business. Quarterly revenue, however, was down 11.11% to RM342.09 million from RM384.86 million in 1QFY2023 amid lower contributions from both the property development, construction and trading segments. The latest quarterly revenue is the group’s lowest since 3QFY2021, when it posted RM253.96 million. — LBS posts flat 1Q net profit as revenue drops to lowest in nearly three years

Sime Darby Property Bhd (KL:SIMEPROP) reported that its first quarter net profit doubled year-on-year, as the property developer saw its quarterly revenue hit a record high on higher sales and successful project executions. The group’s net profit for the three months ended March 31, 2024 (1QFY2024) jumped 103.7% to RM123.58 million from RM60.67 million in 1QFY2023, while revenue rose 42.81% to RM978.69 million from RM685.33 million. — Sime Darby Property’s 1Q profit doubles on higher sales

Lagenda Properties Bhd (KL:LAGENDA) said it is buying 855 acres of freehold land in Kuala Muda, Kedah for RM148.98 million to capitalise on the demand for affordable housing. The group entered into a deal on Tuesday to buy the three plots of land from plantation company Hock Lean Rubber Estate Sdn Bhd to expand its land holdings and solidify the group’s position as a developer of affordable townships in Kedah. — Lagenda Properties buys land in Kedah for affordable housing development


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