Maybank, Hong Leong Bank, HLFG, Public Bank, Farm Fresh, Hap Seng, Press Metal, Capital A, PPB, IJM, MyEG, Pecca, Genting Plantations, Paramount, IOI Prop

TheEdge Thu, Feb 29, 2024 02:32am - 2 months View Original

KUALA LUMPUR (Feb 29): Here is a brief recap of some corporate announcements that made the news on Wednesday.

Malayan Banking Bhd (Maybank) said its net profit rose 8.3% year-on-year (y-o-y) for the fourth quarter ended Dec 31, 2023 (4QFY2023), as strong gains at its insurance segment and non-interest income offset a decline in net interest income. Net profit was RM2.39 billion, compared with RM2.21 billion for 4QFY2022. Net interest income fell 9.4% to RM3.18 billion from a year ago, while non-interest income was up 5.4% at RM1.90 billion. For 2024, Maybank said it is targeting a return-on-equity of 11%. The banking group also declared a full-cash second interim dividend of 31 sen per share, lifting full-year dividends to 60 sen per share, translating into a payout of 77.4%. For the full FY2023, net profit climbed 17% to RM9.35 billion, from RM7.96 billion a year ago. Net interest income fell 7.4% to RM12.79 billion on higher interest expenses on deposits for customers, while non-interest income surged 74% to RM7.98 billion, thanks to higher investment income and paper gains. — Maybank's 4Q net profit rises 8.3%, declares 31 sen dividend

Hong Leong Bank Bhd (HLB) reported a 4.4% growth in net profit for the second quarter ended Dec 31, 2023 (2QFY2024), as higher contributions from associate companies and write-backs from past provisions offset a decline in net interest income. Net profit rose to RM1.09 billion or 53.09 sen per share for 2QFY2024, from RM1.04 billion or 50.87 sen per share a year ago. The group declared an interim dividend of 25 sen, with an ex-date of March 14. Net interest income fell by 0.5% to RM950.03 million for 2QFY2024, from RM954.65 million a year ago.  

Hong Leong Financial Group Bhd (HLFG), which owns 64% of HLB, also eked out a 2.5% growth in net profit to RM831.87 million for 2QFY2024, from RM811.5 million a year ago, driven by higher contributions from its commercial banking, investment banking and stockbroking divisions. This was despite net interest income falling by 0.4% to RM975.86 million for 2QFY2024, from RM979.86 million a year earlier. The group, which is 78%-controlled by tycoon Tan Sri Quek Leng Chan, also declared an interim dividend of 18 sen, with an ex-date of March 14. — HLB's 2Q profit up 4.4%, declares 25 sen dividend as associate contributions, write-backs offset lower net interest income

Public Bank Bhd said its net profit fell 5.73% in the fourth quarter from a year earlier, hit by high allowance for loan impairment and higher operating expenses as well as lower net interest income. Net profit for the three months ended Dec 31, 2023 was RM1.62 billion versus RM1.71 billion in the same period a year earlier. Revenue for the three months, meanwhile, increased by 8% to RM6.55 billion from RM6.06 billion. For the full year ended Dec 31 (FY2023), Public Bank’s net profit expanded 8.66% to RM6.65 billion from RM6.12 billion, while revenue climbed 18.91% to RM25.42 billion from RM21.43 billion. Public Bank declared a dividend of 10 sen per share for the quarter, to be paid on March 22. This brings the total dividends for FY2023 to 19 sen per share — amounting to RM3.69 billion — higher than the total dividends paid in the past three years. — Public Bank’s 4Q profit down 6% to RM1.6 bil, declares 10 sen dividend

Farm Fresh Bhd’s net profit rose 8.91% to RM20.44 million for the third quarter ended Dec 31, 2023 (3QFY2024), from RM18.77 million a year before, on higher sales to hotels, restaurants, and cafes (Horeca), as well as better sales of ultra-high-temperature (UHT) processed products. Recently acquired ice cream units The Inside Scoop Sdn Bhd and Sin Wah Ice Cream Sdn Bhd also contributed to the higher quarterly profit. Segment-wise, the group's Australian operations turned to loss, which was more than offset by improvements in Malaysia. Quarterly revenue increased 30.5% to RM211.62 million, from RM162.17 million a year ago. — Farm Fresh's 3Q profit up 8.9% as sales lift, Aussie ops drag

Hap Seng Consolidated Bhd’s fourth quarter ended Dec 31, 2023 (4QFY2023) net profit fell 61.88% to RM37.36 million, from RM98.02 million a year ago, due to lower operating profit dragged by lower profit contribution from all divisions except building materials division. Quarterly revenue declined 26.91% to RM1.31 billion against RM1.79 billion in the previous year, mainly due to lower revenue from its credit financing, automotive and trading divisions. For the full year, Hap Seng’s net profit fell 15.81% to RM800.33 million as compared to RM950.66 million in FY2022, as revenue slid 14.41% to RM6.09 billion from RM7.11 billion a year ago. — Hap Seng Consolidated's 4Q profit down 62% as key segments drag

Press Metal Aluminium Holdings Bhd's fourth quarter net profit rose 22.89% to RM320.46 million from RM260.78 million a year earlier, due to improved profit margins arising from lower raw material prices and higher profit contribution from associates. Quarterly revenue, however, fell 9.64% to RM3.53 billion from RM3.91 billion in 4QFY2022, due to lower metal prices. The group declared a fourth interim dividend of 1.75 sen per share payable on March 29. This brings the total dividend declared for FY2023 to seven sen per share, up from 6.75 sen per share in FY2022. Full-year profit dropped 13.68% to RM1.21 billion from RM1.41 billion in FY2022 as revenue fell 12% to RM13.8 billion from RM15.68 billion amid a softening of  metal prices. — Press Metal’s 4Q net profit up 23% on better margins, contribution from associates

Capital A Bhd is carving out the manager of its aviation brand AirAsia and injecting it into Nasdaq-listed special purpose acquisition company (SPAC) Aetherium Acquisition Corp for US$1.15 billion (RM5.48 billion) — a move to pave way for its exit from Practice Note 17 (PN17) status, besides selling its aviation business to AirAsia X Bhd. In return, Capital A will get an equity stake worth US$1 billion in the US-listed entity, which will be called Capital A International (CAPI). On top of that, Capital A will also offload a US$150 million loan to CAPI as part of sale consideration settlement. The proposal includes distribution of CAPI shares to Capital A's shareholders. — Capital A to list AirAsia brand manager on Nasdaq via US$1.15 bil SPAC deal

PPB Group Bhd recorded a steep drop in earnings for its financial year ended Dec 31, 2023 (FY2023) mainly on lower contribution from Wilmar International Ltd, which was 38% lower at RM1.3 billion against RM2.1 billion in FY2022. PPB's full-year net profit stood at RM1.39 billion, down 36.53% y-o-y from RM2.2 billion, while revenue dropped 7% to RM5.72 billion from RM6.15 billion during the same period a year prior. The group declared a final dividend of 30 sen per share, payable on June 7, 2024, taking the total declared for FY2023 to 42 sen, from 40 sen in FY2022. — PPB Group posts 37% drop in FY2023 net profit on lower Wilmar contribution

IJM Corp Bhd's net profit rose 34.3% to RM100.43 million for its third quarter ended Dec 31, 2023 (3QFY2024) from RM74.79 million a year earlier on the back of higher revenue across all its business segments. Total revenue for the quarter was up 34% y-o-y at RM1.48 billion from RM1.1 billion. For the nine-month period, net profit surged 118% to RM294.76 million from RM135.23 million in the corresponding period of the previous financial year, while revenue increased 28.2% to RM4.16 billion from RM3.25 billion. — IJM posts 34% rise in 3Q profit, says group well-placed to grow its businesses

MyEG Services Bhd’s net profit for the fourth quarter ended Dec 31, 2023 (4QFY2023) doubled to RM150.16 million from RM74.69 million a year earlier, on the back of 42.4% growth in revenue of RM222.06 million against RM155.99 million a year ago. MyEG said the higher quarterly earnings were mainly contributed by its Zetrix blockchain platform, sale of Zetrix tokens, and the initial exchange offering of Zetrix tokens on three major global digital asset exchanges. The digital service provider proposed a final dividend of 1.68 sen per share, raising its dividend payout for FY2023 to 1.93 sen, which is 0.51 sen higher than 1.42 sen it paid for FY2022. For the full financial year ended Dec 31, 2023 (FY2023), MyEG’s net profit expanded 22.32% to RM487.65 million from RM398.66 million in FY2022, as revenue increased by 20.57% to RM774.28 million against RM642.16 million a year earlier. — Blockchain platform lifts MyEG 4Q net profit by double, proposes 1.68 sen final dividend

Pecca Group Bhd has reported another record-breaking financial quarter with both revenue and net profit at all-time highs. The automotive upholstery maker’s net profit jumped 59.1% to RM13.38 million for the second financial quarter ended Dec 31, 2023 (2QFY2024) from RM8.41 million a year ago, while its quarterly revenue increased by 21.1% y-o-y to RM64.76 million from RM53.48 billion. For the quarter under review, the group declared a dividend of one sen per share, bringing the total dividend for FYE2024 to two sen per share. For the six-month period ended Dec 31, 2023 (6MFY2024), Pecca’s net profit leapt by 57.5% to RM26.39 million from RM16.76 million, while its revenue increased by 18.9% to RM128.8 million from RM108.35 million. — Pecca posts record high profit, banks on aviation segment for next phase of growth

Genting Plantations Bhd's net profit grew 13% for the fourth quarter ended Dec 31, 2023 (4QFY2023) as stronger fresh fruit bunches (FFB) production offset the impact from weaker palm product prices and lower sales at the group’s downstream manufacturing business. Net profit rose to RM63.19 million or 7.04 sen per share for 4QFY2023 from RM55.86 million or 6.23 sen per share in 4QFY2022. Revenue for 4QFY2023 was at RM800.46 million, up 1.2% from RM791.19 million previously. The group declared a final dividend of four sen per share and a special dividend of nine sen per share, with an ex-date of March 14, raising its total payout for FY2023 to 21 sen per share, lower than the 34 sen per share it paid for FY2022. For the full FY2023, however, Genting Plantations’ net profit fell 46% to RM253.49 million from RM471.42 million in FY2022, dragged by weaker palm products prices; revenue dropped 7% to RM2.97 billion from RM3.19 billion. — Genting Plantations pays 13 sen dividend after 4Q profit rises 13%

Paramount Corp Bhd posted a 49.28% jump in net profit for the fourth quarter ended Dec 31, 2023 (4QFY2023) to RM28.2 million from RM18.89 million a year ago, fuelled by improvements in all its business segments. Quarterly revenue rose 26.14% to RM309.36 million from RM245.24 million. The group declared a second interim dividend of four sen per share, to be paid on March 27. This brings its to-date payout for FY2023 to seven sen per share. For the full FY2023, the group’s net profit jumped 37.6% to RM82.84 million from RM60.2 million in FY2022, as revenue rose 19.44% to RM1.01 billion from RM847.46 million. The group also closed its FY2023 with a new record high property sales of RM1.12 billion. — Paramount closes FY2023 with record high property sales; pays four sen dividend as 4Q profit jumps 49%

IOI Properties Group Bhd’s net profit for  its second quarter ended Dec 31, 2023 (2QFY2024) declined 69.78% to RM121.5 million from RM401.98 million a year earlier amid a weaker performance by the group's property development segment as well as its hospitality and leisure business. Quarterly revenue was down 9.48% to RM606.9 million from RM670.44 million in 2QFY2023. Quarter-on-quarter, the group’s net profit fell 30.35% from RM174.45 million, while revenue dropped 6.35% from RM648.05 million. For the first six months of FY2024, IOI Properties’ net profit slumped 71.61% to RM295.94 million from RM1.04 billion in the same period of FY2023, dragged by all business segments except property investment. Half-year revenue fell 7.86% to RM1.25 billion from RM1.36 billion, mainly due to lower sales from the property development segment in Malaysia and China. — IOI Properties' 2Q net profit falls 70% on poor showing by property and hospitality segments

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