KUALA LUMPUR (Dec 13): Here is a brief recap of some corporate announcements that made news on Wednesday involving Sapura Energy Bhd, Eco World International Bhd (EWI), AWC Bhd, Al-‘Aqar Healthcare REIT, Scientex Packaging (Ayer Keroh) Bhd, Cuscapi Bhd and UMW Holdings Bhd.

Practice Note 17 (PN17)-classified Sapura Energy Bhd has secured requisite approval-in-principle and written confirmation from the Corporate Debt Restructuring Committee for a proposed debt restructuring scheme from at least 75% of its financiers of approximately RM10.3 billion multi-currency financing facilities. Separately, its net profit more than doubled to RM30.89 million in its third quarter ended Oct 31, 2023 (3QFY2024) from RM10.18 million a year earlier on higher profits from associates and forex gains. Revenue was down 13.42% to RM1.1 billion from RM1.28 billion in 3QFY2023, mainly due to a 17% decline in contribution from its engineering and construction (E&C) segment. For 9MFY2024, net profit more than doubled to RM219.78 million from RM99.52 million in 9MFY2023, although revenue slipped 4.06% to RM3.2 billion from RM3.33 billion.

Eco World International Bhd's (EWI) net loss narrowed to RM37.69 million for the fourth quarter ended Oct 31, 2023 (4QFY2023) from RM95.73 million the year before. The improvement is due to a forex gain of RM15.53 million, compared to a forex loss of RM5.33 million in 4QFY2022 because of the stronger British pound against the ringgit. Quarterly revenue dropped 33.82% to RM28.55 million from RM43.14 million mainly due to the lower number of units sold. For FY2023, EWI's net loss was lower at RM85.37 million from RM234.42 million a year ago, despite revenue declining 34.49% to RM104.8 million from RM159.96 million.

Engineering services provider AWC Bhd has obtained shareholders’ approval to buy the remaining 49% equity interest in automated waste collection systems specialist Stream Group Sdn Bhd not already owned by AWC from Premium NXL Sdn Bhd (PNSB). Shareholders have also agreed to its acquisition of a 51% equity interest in Premium Patents Sdn Bhd, which owns the patent to ‘WasteStream Shuttle’ system. AWC will be paying a collective RM110 million cash for the acquisitions.

Johor Corp-linked Al-‘Aqar Healthcare REIT is disposing of its land and buildings of Jeta Gardens Aged Care Facility in Australia for A$24.2 million (RM74.9 million) cash to Principal Healthcare Finance Pty Ltd. The divestment, it said, is driven by the shift from residential aged care to home care since 2019, which has resulted in its facility market value declining by one-third to A$27.3 million as at December 2023. It anticipates “acquisition of several local mature healthcare assets in the near term” as part of its capital recycling following the disposal, with a long-term view to raise its portfolio value to RM3 billion by 2028 from RM1.7 billion.

Scientex Packaging (Ayer Keroh) Bhd’s net profit shrank by 37.2% to RM7.71 million in the first quarter ended Oct 31, 2023 (1QFY2024) from RM12.28 million a year ago due to lower revenue and higher electricity costs. Quarterly revenue declined by 19% to RM172.97 million from RM213.92 million because of lower export sales. On a quarterly basis, the group’s net profit came in higher than the RM149,000 registered in the immediate preceding quarter (4QFY2023). However, its revenue was lower quarter-on-quarter against RM185.32 million in 4QFY2023.

Point-of-sale systems provider Cuscapi Bhd, in which MyEG Services Bhd founder Wong Thean Soon has a shareholding of close to 31%, has sold off the entire 12.08 million shares it holds in MyEG for RM11.11 million cash. The disposal netted Cuscapi a gain of RM22,232, which will go towards its working capital. Its original cost of investment in the stake was RM11.09 million.

UMW Holdings Bhd’s automotive sales increased by 8% to 42,315 units in November compared with 39,034 units a year earlier, lifted by sales from its associate company Perusahaan Otomobil Kedua Sdn Bhd (Perodua). Accordingly, the group’s year-to-date (YTD) sales performance rose 16% to 396,820 units from 341,390 units registered the prior year. UMW Toyota Motor (UMWT) sold 10,263 units in November, 1.71% lower than the 10,442 units delivered last year. However, YTD sales expanded 8% to 97,705 units from 90,595 units registered in the previous year. Separately, Mustamir Mohamad has resigned as Sime Darby Bhd group CFO to take on the role of president and group CEO of UMW from Datuk Seri Ahmad Fuaad Mohd Kenali, whose tenure expired on Oct 31. UMW is part of Sime Darby group following a stake buy that was completed on Wednesday.