Mah Sing, Unisem, Alliance Bank Malaysia, MISC, RHB Bank, Tenaga, PetGas, Nestlé Malaysia, UOA Development, MBSB, UEM Sunrise, Heineken Malaysia

TheEdge Wed, Feb 28, 2024 12:27am - 1 month View Original

KUALA LUMPUR (Feb 27): Here is a brief recap of some corporate announcements that made the news on Tuesday.

Mah Sing Group Bhd said its net profit climbed 38% in the fourth quarter of 2023 from a year earlier, thanks largely to higher margin and lower net finance costs. Net profit for the three months ended Dec 31, 2023 was RM64.74 million compared to RM46.78 million over the same period the prior year. Revenue for the quarter rose marginally year-on-year to RM671.28 million from RM670.87 million. For the full year of 2023, net profit rose nearly 20% to RM215.29 million versus RM180.05 million in 2022, thanks to higher property sales and progressive revenue recognition from ongoing construction progress. Unbilled sales totalled RM2.33 billion. — Mah Sing 4Q net profit climbs 38%, expects stronger earnings ahead

Unisem (M) Bhd's net profit for the financial year ended Dec 31, 2023 (FY2023) fell 79% to RM80.24 million or 4.97 sen per share, from RM385.36 million or 23.89 sen per share a year earlier, due mainly to lower sales volumes in line with softer market demand. The semiconductor assembly and test services provider said revenue for the year dropped to RM1.44 billion, from RM1.78 billion a year ago. Unisem declared a dividend of two sen per share to be paid on April 5, taking the full-year dividend payout to eight sen per share. — Unisem's FY2023 net profit down 79% to RM80m, declares two sen dividend

Alliance Bank Malaysia Bhd's (ABMB) net profit for the third quarter ended Dec 31, 2023 dipped 0.13% from a year earlier, dragged by higher operating expenses that partially offset the gains from higher net interest and other operating income. ABMB's net profit was down to RM176.86 million or 11.42 sen per share, from RM177.1 million or 11.44 sen per share a year earlier. However, revenue for the quarter increased marginally by 2.69% year-on-year (y-o-y) to RM509.92 million from RM496.55 million. For the nine-month period ended Dec 31 (9MFY2024), ABMB's net profit was lower by 6.38% at RM512.73 million or 33.12 sen per share from RM547.68 million or 35.38 sen per share in 3QFY2023. However, its revenue for 9MFY2024 rose 3.66% to RM1.5 billion, compared with RM1.45 billion in the preceding year’s corresponding period. — Alliance Bank's 3Q net profit dips slightly to RM176.8m as operating expenses drag

MISC Bhd said its net profit slipped 2.7% for the fourth quarter ended Dec 31, 2023 (4QFY2023) from a year earlier, dragged by higher vessel operating costs and lower billings for its offshore business. Net profit stood at RM627.30 million, compared with RM645.00 million a year earlier. Revenue for the quarter, however, rose 2.5% y-o-y to RM4.28 billion, from RM4.17 billion. Full-year net profit came in 16% higher at RM2.12 billion, versus RM1.82 billion for FY2022, thanks to better charter and freight rates. Revenue for the year, meanwhile, rose 2.9% to RM14.27 billion from RM13.87 billion. — MISC's 4Q net profit slips 2.7% as vessel costs, lower billings weigh

RHB Bank Bhd said its net profit fell 24% in the fourth quarter from a year earlier due to lower net interest income and higher provisions. Net profit for the three months ended Dec 31, 2023 was RM585.91 million compared to RM770.59 million over the same period the year before. The company declared a second interim dividend of 25 sen per share, bringing the total dividend for FY2023 to 40 sen per share or a 61.1% payout. For the full-year of 2023, net profit was 4.8% higher at RM2.81 billion versus RM2.68 billion in 2022. — RHB Bank 4Q net profit down 24% as provisions drag, declares second interim dividend of 25 sen

Tenaga Nasional Bhd's net profit fell 27.83% to RM583.9 million in the fourth quarter ended Dec 31, 2023 (4QFY2023) from RM809.1 million a year ago, on the back of lower imbalance cost pass-through (ICPT) under-recovery and lower forex gains. Quarterly earnings per share fell to 10.12 sen, from 14.1 sen in 4QFY2022. It declared a dividend of 28 sen per share, bringing FY2023 dividends to 46 sen per share, unchanged from the year before. Revenue rose 5.7% to RM13.65 billion in 4QFY2023 from RM12.92 billion a year ago. For FY2023, Tenaga’s net profit fell 20.01% y-o-y to RM2.77 billion or 48 sen per share, from RM3.46 billion or 60.35 sen per share. — Tenaga posts 28% fall in 4Q profit, declares 28 sen dividend

Petronas Gas Bhd’s (PetGas) net profit rose 7.04% in the fourth quarter ended Dec 31, 2023 (4QFY2023) on lower other expenses, financing costs and higher contribution from joint venture (JV) companies, offset by lower other income and higher tax expenses. PetGas’ 4QFY2023 net profit came in at RM441.59 million versus RM412.55 million in 4QFY2022. Earnings per share rose to 22.32 sen from 20.85 sen previously. The group declared an interim dividend of 22 sen per share, bringing its full-year payout to 72 sen per share, unchanged from FY2022. The improved bottom line was despite a 3.06% dip in revenue to RM1.58 billion from RM1.63 billion previously, weighed down by contribution declines from its gas transportation, regasification and utilities segments. — PetGas records 7% increase in 4Q net profit, declares 22 sen dividend

Nestlé (Malaysia) Bhd closed its financial year ended Dec 31, 2023 (FY2023) on a higher note as its fourth-quarter net profit rose 11.48% y-o-y, thanks mainly to the absence of the prosperity tax or Cukai Makmur that was imposed on its FY2022 earnings. The group announced a third interim dividend payout of RM1.28 per share for shareholders, six sen more than the RM1.22 third interim dividend it announced in FY2022, taking its year-to-date payout to RM2.68, up from RM2.62 in the corresponding period previously. Net profit for the fourth quarter ended Dec 31, 2023 rose to RM148.1 million from RM132.85 million, with revenue climbing 2.26% to RM1.69 billion from RM1.65 billion, contributed by positive domestic growth despite some correction in export sales against a high baseline last year. Separately, the group announced it has appointed Tan Sri Wan Zulkiflee Wan Ariffin, a former Petronas CEO, as its new chairman, effective May 1, as Tan Sri Syed Anwar Jamalullail will be retiring from Nestlé Malaysia after 15 years at its helm. — Nestlé Malaysia pays RM1.28 dividend as it closes FY2023 with higher profit; appoints former Petronas CEO Wan Zulkiflee as chairman

UOA Development Bhd's fourth quarter net profit more than doubled to RM118.72 million from RM53.06 million a year ago, helped by a progressive recognition of its ongoing development projects. Revenue for the quarter ended Dec 31, 2023 was, however, down 3.1% to RM109.01 million from RM112.52 million previously. For the full year, net profit rose 27.1% to RM279.55 million from RM219.94 million in FY2022, despite revenue declining 11.6% to RM399.39 million from RM451.65 million. UOA Development proposed a final dividend of 10 sen per share, bringing total dividend declared for FY2023 to 30 sen per share, compared with 10 sen per share in FY2022. — UOA Development's 4Q profit more than doubles on recognition of ongoing projects

Malaysia Building Society Bhd (MBSB) posted a 50% jump in fourth quarter net profit to RM301.15 million from RM200.73 million a year earlier, after recording a one-off gain of RM354 million from the acquisition of MIDF Group. Besides the gain on acquisition, the group’s net income for the quarter ended Dec 31, 2023 (4QFY2023) remained predominantly from loans, financing, and financial investments. Quarterly revenue rose 4.5% to RM698.05 million from RM668.02 million in 4QFY2022. Full-year net profit stood at RM491.81 million, up 6.9% from RM460.19 million in FY2022, as revenue rose 4.7% to RM2.82 billion from RM2.69 billion. — MBSB's 4Q net profit up 50% on one-off gain from completed acquisition of MIDF

UEM Sunrise Bhd is lifting its dividend payout to 40%-60% of net profit, from 20%-40% currently, as part of its dividend policy revision. UEM Sunrise declared a dividend of 0.75 sen per share for the fourth quarter ended Dec 31, 2023 (4QFY2023), which is higher compared to 0.5 sen a year ago. Its 4QFY2023 net profit rose 33.59% to RM27.34 million from RM20.46 million a year prior, as higher revenue more than offset higher finance costs and a swing to the red by its joint venture and associates. Revenue rose 25.51% y-o-y to RM421.97 million from RM336.22 million, lifted by RM150 million in land sales in the quarter versus RM61 million in 4QFY2022. For the financial year ended Dec 31, 2023 (FY2023), UEM Sunrise's net profit slipped 5.97% to RM75.73 million or 1.50 sen per share, from RM80.54 million or 1.59 sen per share, dragged by impairment in Haute Property Sdn Bhd. Revenue fell 9.12% to RM1.34 billion from RM1.47 billion a year prior, due to higher revenue in FY2022 from the completion of Residensi Solaris Parq in Mont Kiara, and higher settlement from its Australian projects. — UEM Sunrise lifts payout ratio, posts higher 4Q profit on land sales

Heineken Malaysia Bhd's net profit dipped 5.32% to RM99.07 million in its fourth quarter ended Dec 31, 2023 (4QFY2023) from RM104.63 million in 4QFY2022, as it recorded lower sales as consumer sentiment weakens amid rising cost of living and macro-economic concerns. Quarterly revenue dropped 7.97% to RM728.62 million from RM791.69 million. Earnings per share slipped to 32.8 sen from 34.64 sen. The group closed its FY2023 with a 6.3% dip in annual net profit to RM386.8 million from RM412.82 million in FY2022, as revenue fell 7.61% to RM2.64 billion from RM2.86 billion. The brewer proposed a final dividend of 88 sen per share, raising its dividend payout for FY2023 to RM1.28, 10 sen lower than the RM1.38 it paid for FY2022. — Heineken Malaysia's 4Q profit slips 5% amid weaker sales, proposes 88 sen final dividend

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