Allianz, ELK-Desa, IOI, Sarawak Plantation, Pharmaniaga, MHB, Sime Darby Plantation, Caely, Zelan, YB Ventures, Gets Global, CAP, SCBuild and MPay

Allianz, ELK-Desa, IOI, Sarawak Plantation, Pharmaniaga, MHB, Sime Darby Plantation, Caely, Zelan, YB Ventures, Gets Global, CAP, SCBuild and MPay
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KUALA LUMPUR (May 20): Here is a brief look at some corporate announcements and news flow on Friday (May 20) involving Allianz Malaysia Bhd, ELK-Desa Resources Bhd, IOI Corp Bhd, Sarawak Plantation Bhd, Pharmaniaga Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Sime Darby Plantation Bhd, Caely Holdings Bhd, Zelan Bhd, YB Ventures Bhd, Gets Global Bhd, China Automobile Parts Holdings Ltd, SC Estate Builder Bhd and ManagePay Systems Bhd.

Allianz Malaysia Bhd posted a higher net profit of RM101.31 million for the first quarter ended March 31, 2022 (1QFY22), up 60.2% from RM63.26 million in the previous year contributed by profit from both of its insurance segments. The insurer saw its revenue in 1QFY22 increase 6.3% to RM1.71 billion from RM1.61 billion a year ago mainly due to higher gross earned premiums and investment income.

ELK-Desa Resources Bhd's net profit for the fourth quarter ended March 31, 2022, dropped 60.9% to RM5.54 million from RM14.16 million a year earlier, due to lower contribution from its hire purchase segment as a result of high impairment allowance. The company said revenue for the quarter declined by 7.2% to RM35.96 million from RM38.75 million in the year-ago period.

IOI Corp Bhd registered a flat growth of RM411.2 million in its net profit for the third quarter ended March 31, 2022 (3QFY22), compared with RM401.3 million in the same quarter last year. This came despite higher revenue of RM4.1 billion for the quarter, increasing 43% compared with RM2.86 billion a year ago, as the group saw higher contribution from its plantation segment.

Sarawak Plantation Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22) surged 82.35% to RM43.31 million from RM23.75 million a year earlier, on the back of higher operating profit and higher gain arising from changes in fair value of biological assets of RM17.59 million. The group said the higher operating profit was driven by its increased quarterly revenue of RM183.89 million in the quarter under review, which was 23.36% higher versus the RM145.53 million it logged in 1QFY21.   

Pharmaniaga Bhd saw its net profit grow 20% to RM27.73 million in the first quarter ended March 31, 2022 (1QFY22) from RM23.14 million a year ago, on higher contribution from its logistics and distribution division, coupled with the Indonesian division returning to the black. Quarterly revenue rose 21.3% to RM962.17 million from RM793.5 million a year ago, on improved performance across the group's concession and Indonesian businesses. The group declared a first interim dividend of 0.8 sen for the financial year ending Dec 31, 2022 (FY22), payable on July 6.

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) posted an RM2.72 million net profit for the first quarter ended March 31, 2022 (1QFY22) compared to a net loss of RM104.35 million a year earlier, on the back of improved earnings from all its divisions. Its quarterly revenue grew to RM417.78 million from RM343.57 million previously. It did not declare any dividend.

Sime Darby Plantation Bhd saw its net profit for the first quarter ended March 31, 2022 (1QFY22) grow 27.8% to RM718 million from RM562 million a year ago, driven by stronger recurring profit before interest and tax (PBIT), which compensated for the lower profits from non-recurring transactions, a result of lower gains from compulsory land acquisition by the government. The plantation group's quarterly revenue increased 19.28% to RM4.38 billion from RM3.67 billion

Caely Holdings Bhd’s net loss for the fourth quarter ended March 31, 2022 (4QFY22) shrank to RM9.29 million from RM23.46 million due to an improvement in property development cost on account of lower provision of impairment amounting to RM7.2 million. Quarterly revenue slipped 17% to RM10.66 million from RM12.85 million, as the group saw buyers' cancellation of sold 2 and 3-storey shoplots amounting to a reduction in revenue of RM4.2 million.

Zelan Bhd has received a notice in writing from Messrs Afrizan Tarmili Khairul Azhar PLT (AFTAAS) of the latter’s decision to resign as its external auditor. This came two days after AFTAAS expressed an unqualified opinion with material uncertainty related to going concern of Zelan’s audited financial statements for the financial year ended Dec 31, 2021 (FY21) — whereby it drew attention to the company’s net loss of RM3.04 million in FY21 and noted that the group’s and the company’s current liabilities exceeded its current assets by RM186.89 million and RM21.67 million respectively.

YB Ventures Bhd appointed Messrs UHY as the company’s external auditor effective Friday, following the resignation of its current external auditor Messrs Grant Thornton Malaysia PLT. The ceramic wall and floor tile manufacturer received a notice in writing from Grant Thornton Malaysia on the latter’s resignation as auditor of the company and received UHY’s consent via a letter to act as the company’s auditor.

Gets Global Bhd has received a notice in writing on the resignation of its external auditor Messrs PKF, which will take effect upon the appointment of a new external auditor. The company’s board had approved the Audit Committee’s recommendation to appoint Messrs Deloitte PLT after assessing their capabilities, independence and proposed audit fees.

Messrs CAS Malaysia PLT has resigned as China Automobile Parts Holdings Ltd’s (CAP) external auditor with immediate effect. CAS Malaysia was first appointed as CAP’s external auditor on July 24, 2020.

SC Estate Builder Bhd (SCBuild) has received a requisition from three shareholders, who collectively hold at least 10% of the company's shares, to call for an extraordinary general meeting (EGM) to remove 11 existing directors and any director appointed between May 13 and the EGM, as well as appoint six new directors.

ManagePay Systems Bhd (MPay) received a letter from Bank Negara Malaysia which denotes that the Central Bank has no objection regarding the company’s unit ManagePay Services Sdn Bhd to cross-sell financial services offered by QuicKash Malaysia Sdn Bhd on MPay's e-money platform.

Kathy Fong