Swift, F&N, Hup Seng, AME REIT, Duopharma, UEM Sunrise

TheEdge Thu, Nov 09, 2023 12:18am - 3 months View Original

KUALA LUMPUR (Nov 8): Here is a brief recap of some corporate announcements that made the news on Wednesday, involving: Swift Haulage Bhd, Fraser & Neave Holdings Bhd (F&N), Hup Seng Industries Bhd, AME Real Estate Investment Trust (AME REIT), Duopharma Biotech Bhd and UEM Sunrise Bhd.

Swift Haulage Bhd’s net profit more than doubled to RM28.39 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM11.72 million a year earlier. Earnings per share rose to 3.22 sen from 1.32 sen. The country’s largest haulage operator said its improved earnings were due to higher other income earned from gain from bargain purchase through the acquisition of a 17.5% stake in Global Vision Logistics Sdn Bhd (GVL). Revenue increased 5.52% to RM168.04 million, from RM159.25 million, contributed by all its business segments, mainly from container haulage and land transportation segments.

Fraser & Neave Holdings Bhd's (F&N) shares rose to a six-month high of RM27.02 in Wednesday morning trade, after it declared a dividend of 50 sen per share after reporting its highest full-year profit in 13 years. On Tuesday, F&N declared a final dividend of 33 sen per share and a special dividend of 17 sen per share, after it reported a 40.11% jump in its net profit to RM536.9 million, and an 11.8% increase in revenue, to reach a record-breaking RM5 billion for the financial year ended Sept 30, 2023.
Meanwhile, the group's CEO Lim Yew Hoe told reporters during results briefing on Wednesday that F&N is on track to begin the initial milking for its fresh milk project by early 2025, following the recent groundbreaking of its integrated dairy farm in Gemas, Negeri Sembilan. "In the beginning, we will most likely focus on manufacturing plain milk first, then we will go into flavoured milk, and as we get better, we can go on to making cream," he said.

Hup Seng Industries Bhd’s net profit in the third quarter ended Sept 30, 2023 (3QFY2023) jumped threefold to RM13.02 million, from RM3.84 million in the same period last year. Quarterly revenue expanded by 34.19% to RM94.19 million, against RM70.19 million, driven by higher contribution from its export markets, mainly from Thailand and Singapore. With better profit, its earnings per share increased to 1.63 sen from 0.48 sen.

AME Real Estate Investment Trust (AME REIT) reported a net income of RM8.72 million for the second quarter ended Sept 30, 2023 (2QFY2024) on the back of a net property income of RM10.78 million. It continued to maintain 100% occupancy rates across its industrial properties. The industrial REIT proposed an interim distribution of 1.8 sen per unit, payable on Dec 18 to unitholders at the close of business on Nov 24. As the REIT was only listed on Bursa Malaysia in September last year, financial results for 2QFY2023 were not comparable.

Duopharma Biotech Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell by 45.13% to RM8.97 million from RM16.35 million due to higher finance costs, among others. The group’s quarterly revenue fell by 4.43% to RM169.24 million compared to RM177.07 million, underpinned by a decrease in demand from the consumer healthcare sector and the prolonged impact of increased operational costs. In comparison with the immediate preceding quarter, the group’s net profit came in lower than the RM12.54 million reported in 2QFY2023 while revenue edged higher from RM167.52 million.

The Kuala Lumpur High Court has ordered UEM Sunrise Bhd’s wholly owned Symphony Hills Sdn Bhd (SHSB) to pay RM2,500 as costs to the Minister of Finance and Director General of Inland Revenue Board respectively in relation to notices for additional tax assessments totalling RM82.18 million in May 2021, after it denied SHSB's leave for a judicial review of the minister's decision.

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Related Stocks

BURSA 7.430
F&N 29.520
REIT 813.580
SWIFT 0.550
UEMS 1.010


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