KUALA LUMPUR (May 23): Here is a brief look at some corporate announcements and news flow on Monday (May 23) involving Boustead Plantations Bhd, Sarawak Oil Palms Bhd, Ta Ann Holdings Bhd, Innoprise Plantations Bhd, Sports Toto Bhd, S P Setia Bhd, Serba Dinamik Holdings Bhd, Hextar Global Bhd, KPower Bhd, Destini Bhd, Sarawak Consolidated Industries Bhd (SCIB), EUPE Corp Bhd, Hock Seng Lee Bhd, Petron M Refining & Marketing Bhd, Nestle (Malaysia) Bhd (Nestle Malaysia), and Lien Hoe Corporation Bhd.

Plantation companies Boustead Plantations Bhd, Sarawak Oil Palms Bhd, Ta Ann Holdings Bhd and Innoprise Plantations Bhd saw their profits soaring amid higher palm product prices.

Boustead Plantations' net profit for the first quarter ended March 31, 2022 (1QFY22) surged to RM435 million from RM12 million a year prior, with quarterly revenue climbing 88.53% to RM324 million from RM172 million. It declared a first interim dividend of 7.3 sen per share, to be paid on June 24. Besides stronger palm product prices, it saw improved fresh fruit bunch (FFB) production.

Sarawak Oil Palms' net profit for the first quarter ended March 31, 2022 (1QFY22) more than doubled to RM194.99 million from RM79.06 million in the same period last year, as revenue increased 81.98% to RM1.43 billion from RM788.32 million a year ago.

Ta Ann’s net profit for the first quarter ended March 31, 2022 (1QFY22) more than doubled to RM104.62 million from RM40.97 million a year ago. Revenue for the quarter also climbed 43.2% to RM487.75 million from RM340.62 million in 1QFY21. Besides higher average selling prices of crude palm oil (CPO) and fresh fruit bunches (FFB), it also saw better prices for plywood products.

Innoprise Plantations' net profit for the first quarter ended March 31, 2022 (1QFY22) soared 228% to RM29.53 million, from RM9.01 million in 1QFY21. The Sabah-based plantation company's quarterly revenue rose 82.7% to RM74.46 million, from RM40.75 million. 

Sports Toto Bhd's (formerly known as Berjaya Sports Toto Bhd) net profit in the third quarter ended March 31, 2022 (3QFY22) surged more than four-fold to RM79.56 million from RM18.68 million reported in the previous year, underpinned by higher contributions from HR Owen plc and STM Lottery Sdn Bhd. Quarterly revenue jumped 54.01% to RM1.73 billion from RM1.12 billion, largely driven by better sales from its lotto games and higher accumulated jackpot prizes, coupled with stronger sales during the festive period in February 2022. It declared a third interim dividend of two sen per share, to be paid on July 22.

S P Setia Bhd recorded a net profit of RM67.5 million for the first quarter ended March 31, 2022 (1QFY22), down 10.27% from RM75.23 million in 1QFY21, as its revenue dropped 17.64% to RM867.1 million from RM1.05 billion due to lower contributions from its property development and construction segments.

Serba Dinamik Holdings Bhd group managing director (MD) Datuk Dr Mohd Abdul Karim Abdullah's stake in the oil and gas service provider has slipped to 20.826% — 772.57 million shares — after the forced selling of 5.15 million shares. A bourse filing on Monday (May 23) showed that Mohd Abdul Karim was forced to sell 5.15 million shares — 0.139% equity interest — at 15 sen a share on May 20.

Hextar Global Bhd reported its highest net profit ever in the first quarter ended March 31, 2022 (1QFY22) at RM15.65 million from RM10.75 million a year ago, driven by higher revenue, margins and growth from its specialty chemicals businesses. The group also recorded its highest quarterly revenue ever of RM153.63 million in 1QFY22, compared with RM114.82 million previously, largely due to higher revenue contribution from its specialty chemicals business.

KPower Bhd’s net profit for the third quarter ended March 31, 2022 (3QFY22) dropped by 52.8% to RM6.68 million from RM14.15 million a year ago, as its quarterly revenue tumbled 63.47% to RM50.29 million from RM137.66 million in 1QFY21, mainly due to lower contribution from its healthcare and construction related activities. 

Destini Bhd's unit M Rail Technics Sdn Bhd (MRail) has secured a four-and-a-half-year Level 4 maintenance, repair and overhaul (MRO) contract for 35 train sets operated by Keretapi Tanah Melayu Bhd (KTMB) worth RM531.39 million from the Ministry of Transport. MRail is a 70-30 joint venture company between Destini and KTMB Technics Sdn Bhd, a wholly-owned subsidiary of KTMB.

Sarawak Consolidated Industries Bhd (SCIB)’s unit SCIB Properties Sdn Bhd has accepted a letter of award and acceptance for a RM38 million engineering, procurement, construction and commissioning contract from Masama Sdn Bhd to undertake a road infrastructure project connecting Baleh Bridge, RH Belaja, Ng Benin, SK Ng Pelagus and Pelagus Resort in Kapit, Sarawak.

EUPE Corp Bhd’s indirect wholly-owned subsidiary EUPE Belfield Sdn Bhd has entered into a conditional sale and purchase agreement with Cahaya Tinggi Sdn Bhd to buy a 4.812-acre parcel of land located along Jalan Damansara and Jalan Belfield within the residential development of Kampung Attap, off Jalan Istana here (Belfield land) for RM125 million cash — through a combination of bank borrowings and internal funds — as part of plans to turn it into a high-rise residential development.

Hock Seng Lee Bhd will be officially removed from Bursa Malaysia effective Thursday (May 26) due to Hong Seng Lee Enterprise Sdn Bhd's (HSLE) plan to take the group private at RM1.35 per share. The takeover offer was first announced on Feb 17 involving HSLE, where the joint ultimate offerors comprised Datuk Yu Chee Hoe, Tang Sing Ngiik, Vincent Yu Yuong Yih and Tony Yu Yuong Wee. 

Petron M Refining & Marketing Bhd has received a notice of arbitration from MTC Engineering Sdn Bhd, seeking RM50.5 million for alleged outstanding additional costs from a project. The claims by MTC Engineering arose from the execution of Pipeline End Manifold (PLEM) Fabrication and Marine Equipment Installation for Marine Import Facilities 2 (MIF2) Project at Petron Port Dickson Refinery, Negeri Sembilan.

Nestle (Malaysia) Bhd (Nestle Malaysia) has appointed Syed Saiful Islam as the food giant's executive director, effective Aug 1. Syed Saiful, 49, joined Nestle Bangladesh in 1999 as a financial accounting manager before taking on various financial roles within Nestle India from 2000 to 2005. Nestle Malaysia said Craig Grant Connolly, who was appointed to the board in February 2019, will resign as the group's executive director on the same date to take over a new role as global head of financial services based in Nestle SA, Switzerland.

Lien Hoe Corporation Bhd announced the demise of its managing director Datuk Yap Sing Hock on Saturday (May 21). The property and investment holding company said Yap, who passed away at 73, had helmed the group since 2002. The management and operations of the group is to be led by its executive director and chief executive officer Christine Yap Tse Yeeng, assisted by its board and management team.