AMMB, Alliance Bank, CIMB, Mah Sing, IHH Healthcare, MYEG, Boustead, BHIC, Velesto, DRB-Hicom, BAT, MRCB, Supermax, ViTrox
KUALA LUMPUR (May 31): Based on corporate announcements and news flow today, companies in focus tomorrow (June 1) may include AMMB Holdings Bhd, Alliance Bank Malaysia Bhd, CIMB Group Holdings Bhd, Mah Sing Group Bhd, IHH Healthcare Bhd, MY EG Services Bhd, Boustead Holdings Bhd, Boustead Heavy Industries Corp Bhd, Velesto Energy Bhd, DRB-Hicom Bhd, British American Tobacco (Malaysia) Bhd, Malaysian Resources Corp Bhd, Supermax Corp Bhd and ViTrox Corp Bhd.
AMMB Holdings Bhd (AmBank) dipped into the red in the fourth quarter of financial year 2021 (4QFY21) ended March 31, 2021, dragged mainly by one-off exceptional items totalling RM4.77 billion, including the 1Malaysia Development Bhd settlement. Hence, it posted a net loss of RM4.69 billion, or loss per share of 156 sen, compared with a net profit of RM247.54 million, or earnings per share of 8.23 sen, a year ago. Revenue for the quarter dropped 11.06% to RM1.97 billion from RM2.21 billion a year ago.
Alliance Bank Malaysia Bhd‘s net profit for 4QFY21 ended March 31, 2021 fell 48.9% to RM50.07 million, from RM98.06 million a year ago, mainly due to higher operating expenses and credit costs. Its quarterly revenue, meanwhile, grew 2.6% to RM445.81 million, from RM434.41 million a year ago. The group declared a dividend of 5.79 sen per share for FY21 ended March 31, 2021, to be paid on June 30.
CIMB Group Holdings Bhd posted its highest-ever quarterly net profit for 1QFY21 ended March 31, 2021, registering earnings of RM2.46 billion from RM507.93 million a year prior. The group explained that the substantially higher net profit included a one-off revaluation gain of RM1.16 billion from the de-consolidation of TNG Digital, a business jointly founded by CIMB’s wholly-owned subsidiary Touch ‘n Go and Ant Group. Its latest quarterly revenue increased by 43.78% to RM5.96 billion from RM4.14 billion in 1QFY20.
Mah Sing Group Bhd saw its net profit surge by 40.30% year-on-year (y-o-y) to RM40.28 million for 1QFY21 ended March 31, 2021 from RM28.71 million due to a higher contribution from its property development segment. As a result, earnings per share rose to 1.66 sen from 0.42 sen. Quarterly revenue increased by 11.37% to RM413.32 million, compared with RM371.13 million, underpinned by progressive revenue recognition from ongoing construction progress of its existing projects, coupled with the recognition of cost savings from the finalisation of certain construction contracts. On a quarterly basis, the group’s net profit leapt by 43.18% from RM28.13 million for the preceding quarter, while revenue declined by 12.58% from RM472.78 million.
IHH Healthcare Bhd swung back to the black with a net profit of RM375.62 million for 1QFY21 ended March 31, 2021, from a net loss of RM319.79 million in 1QFY20, amid higher earnings before interest, tax, depreciation and amortisation (EBITDA), and higher share of profits from joint ventures and associates. The company’s EBITDA rose 31% to RM960.63 million, from RM734.42 million, while revenue rose 11% to RM3.95 billion from RM3.56 billion — largely due to Covid-19-related services rendered.
MY EG Services Bhd‘s (MYEG) net profit for 1QFY21 ended March 31, 2021 increased by 29.7% year-on-year (y-o-y) to RM76.29 million, from RM58.84 million. Earnings per share rose to two sen, from 1.7 sen. The e-government services company noted that its revenue increased by 40.8% y-o-y to RM171.46 million, from RM121.74 million in 1QFY20. It said the higher bottom line and top line earnings were due to higher contributions from its new concession services, namely the online renewal of motorcycle insurance and road tax, as well as online renewal of Competent Driving License.
Boustead Holdings Bhd returned to the black on a year-on-year basis with a net profit of RM43.1 million in 1QFY21 ended March 31, 2021 versus a net loss of RM73.1 million a year earlier. It posted earnings per share of 2.13 sen compared with loss per share of 3.6 sen previously. Boustead rebounded with a stronger operational performance, achieving higher earnings before interest, tax, depreciation, and amortisation of RM274.2 million. Quarterly revenue, meanwhile, fell 7.7% to RM2.09 billion from RM2.26 billion in the previous year on lower revenues recorded by its property, heavy industries, pharmaceutical, and investment divisions.
Boustead Heavy Industries Corp Bhd (BHIC) saw its losses shrink to RM916,000 in 1QFY21 ended March 31, 2021, from RM74.51 million in 4QFY20. The group said its quarter-on-quarter (q-o-q) losses were on account of milestones achieved for its maintenance, repair and overhaul projects, noting that in 4QFY20 it recorded an allowance of expected credit loss from an associate of RM18.5 million. Quarterly revenue declined by 42% q-o-q to RM18.94 million from RM27.53 million. On a y-o-y basis, the group sank into the red from a net profit of RM20.38 million, while revenue contracted 57% y-o-y from RM44.05 million.
Velesto Energy Bhd sank into the red in 1QFY21 ended March 31, 2021 with a net loss of RM60.47 million from a net profit of RM16.33 million in the corresponding quarter a year ago, as its drilling rig utilisation slumped. Quarterly revenue fell 75.08% to RM43.93 million from RM176.27 million, as the drilling segment dragged, mainly due to lower average jack-up rig utilisation of 28% under its drilling services segment, as compared with 84% in 1QFY20 and 50% in 4QFY20.
DRB-Hicom Bhd reported a smaller net loss of RM16.96 million for 1QFY21 ended March 31, 2021, compared with RM173.27 million a year earlier, on the back of a better performance by its automotive and services sectors. Quarterly revenue rose 28% to RM3.51 billion, from RM2.74 billion, due to rising automobile demand, improved showing by operating subsidiaries, and a higher share of results from joint ventures and associated companies.
British American Tobacco (Malaysia) Bhd‘s (BAT) net profit grew 24.32% to RM63.11 million in 1QFY21 ended March 31, 2021, from RM50.77 million a year earlier, supported by growth in the group’s domestic volume. Earnings per share rose to 22.1 sen from 17.8 sen. The group said revenue increased 17.75% to RM566.55 million from RM481.15 million, as the group’s total market share rose to 52.3%, underpinned by the strength of its strategic brands such as Dunhill, Rothmans and KYO. On a q-o-q basis, net profit fell 13.21% from RM72.72 million, while revenue declined 14.19% from RM660.23 million. The group declared a first interim dividend of 21 sen per share, to be paid on June 30.
Malaysian Resources Corp Bhd‘s (MRCB) net profit for 1QFY21 ended March 31, 2021 fell 67.68% to RM5.2 million from RM16.09 million a year ago, due to the suspension of work on several projects following the detection of Covid-19 infections at construction sites. Group revenue fell 46.75% to RM226.71 million from RM425.75 million. On a q-o-q basis, the group’s net profit was down 80.52% from RM26.9 million in 4QFY20, while revenue fell 26.61% from RM308.92 million.
Supermax Corp Bhd said it adhered to labour laws on treatment of migrant workers, after a report that the United States was investigating a unit over forced labour allegations. Supermax said it and its subsidiaries are committed to combating forced labour and adhering to labour law regulations, adding that it followed laws on recruitment of migrant workers.
ViTrox Corp Bhd said its unit is buying land worth RM48.33 million in Penang to execute its 10-year expansion master plan, which will be fully completed by 2030. Its wholly-owned subsidiary ViTrox Technologies Sdn Bhd entered into a sale and purchase agreement today with Penang Development Corp. TheEdge