LPI Capital, Leong Hup, Chin Hin Property, Icon Offshore, Hong Seng, Widad and Asdion

LPI Capital, Leong Hup, Chin Hin Property, Icon Offshore, Hong Seng, Widad and Asdion
-A +A

KUALA LUMPUR (Feb 3): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Feb 4) include: LPI Capital Bhd, Leong Hup International Bhd, Chin Hin Group Property Bhd, Icon Offshore Bhd, Hong Seng Consolidated Bhd, Widad Group Bhd and Asdion Bhd.

LPI Capital Bhd’s net profit for the fourth quarter ended Dec 31, 2020 rose 9.97% to RM95.23 million or 23.9 sen per share from RM86.6 million or 21.74 sen per share last year, thanks to an improved claims ratio and higher gross premium income by its insurance unit Lonpac Insurance Bhd. Revenue grew 5.79% to RM422.38 million from RM399.26 million, mainly driven by a 6.7% growth in gross earned premium of RM25.4 million from its general insurance segment.

LPI declared a second interim dividend of 44 sen per share, payable on March 1.

For the full year, net profit rose 4.46% to RM336.73 million from RM322.36 million in FY19 while revenue inched up 1.18% to RM1.62 billion from RM1.6 billion.

Leong Hup International Bhd aims to expand its Baker's Cottage brand within its established Southeast Asian market. The group has ramped up Baker's Cottage's outlet expansion with an additional 67 outlets by end-2020 from 28 in January last year.

Chin Hin Group Property Bhd is eyeing to acquire a piece of land in Kuala Lumpur for RM85 million, and it has signed an offer letter with Frazel Luxe Sdn Bhd today to acquire the 3.33ha freehold land situated on Jalan Kuchai.

The purchase of the land will be conditional upon the obtaining of relevant approvals, including from the State authority, its board of directors and shareholders and the Economic Planning Unit.

Icon Offshore Bhd has secured a US$13.3 million (RM53.85 million) order to supply a jack-up drilling rig to Petrofac (Malaysia-PM304) Ltd, raising the group’s order book to RM768.8 million.

The award for the provision of the Perisai Pacific 101 rig was received by its newly acquired subsidiary Perisai Offshore Sdn Bhd.

Hong Seng Consolidated Bhd’s unit has bagged an RM34.25 million contract to supply polymerase chain reaction (PCR) test kits for Covid-19 to the Institute for Medical Research (IMR). The contract to supply the test kits to the Health Ministry’s institute is to be completed by March 1.

The unit, Pantasniaga Sdn Bhd, is an authorised representative and distributor for BGI Genomics Co Ltd, which is a 51%-owned subsidiary of HS Bio Supplies Sdn Bhd, which in turn is a wholly-owned unit of Hong Seng.

Widad Group Bhd is partnering Motion Ventures Sdn Bhd, via a memorandum of collaboration, to provide facilities management to community solar projects and large-scale photovoltaic plants with a total capacity of 1,000MW in peninsular Malaysia.

Asdion Bhd’s external auditor has issued an unmodified audit opinion with a material uncertainty related to the group’s ability to operate as a going concern.

CAS Malaysia PLT drew attention to the group’s net loss of RM4.02 million for the financial year ended Sept 30, 2020 and its net current liabilities position of RM5.64 million as at the end of the financial year.

S Kanagaraju