KUALA LUMPUR (Aug 17): Fima Corp Bhd, which is involved in manufacturing, plantation and property management, announced that its independent non-executive director Datuk Bazlan Osman will be redesignated as the group’s chairman upon the conclusion of the forthcoming annual general meeting. He will be replacing Datuk Adnan Shamsuddin who is retiring.

Adnan has been serving the group for 18 years since 2003.

According to Fima's 2020 Annual Report, Bazlan is also the independent non-executive director for both Glomac Bhd and Citibank Bhd.

In a separate bourse filing today, Fima Corp posted a 19% decline in net profit to RM2.34 million for its first financial quarter ended June 30, 2021 (1QFY22), from RM2.89 million a year ago, due to lower revenue contribution from all divisions. As a result, earnings per share was lower at 0.98 sen, compared with 1.21 sen in 1QFY21.

Quarterly revenue fell 26% to RM33.92 million, from RM45.87 million a year ago.

On prospects, Fima expects future revenue from all divisions to be affected by the Covid-19 pandemic. It also warned that fluctuations in exchange rates and commodity prices may influence the group's financial performance and position.

"To face the challenges ahead, the group will continue to take necessary measures to ride out this challenging time by enhancing our operational efficiencies.

"The production and trading of security and confidential documents segment will continue to put concerted efforts to establish new strategic alliances to develop new products and solutions to complement its existing products and our plantation division will remain focused on improving its efficiency," it added.

Fima shares closed down one sen or 0.52% at RM1.92 today, giving the group a market capitalisation of RM470.9 million.