Day: August 26, 2021

KUALA LUMPUR, Sarawak Oil Palms Bhd’s net profit for the second quarter (Q2) ended June 30, 2021 surged to RM98.32 million from RM38.34 million in the same period last year.

Revenue jumped to RM949.05 million from RM626.06 million, while its basic earnings per share rallied to 17.20 sen from 6.72 sen.

Both increases in revenue and profit were mainly attributed to higher average prices of palm oil products.

“The performance of the group would continue to be driven by the fresh fruit bunches production and palm products price movement which is dependent on the world edible oils market, the movement of the ringgit and the economic situation,” it said in a stock exchange filing with Bursa Malaysia.

At the close, shares of Sarawak Oil Palms advanced 1.35 per cent to RM3.76 with 151,400 shares transacted.

Source: BERNAMA News Agency

KUALA LUMPUR, Affin Bank Bhd posted a firmer net profit of RM117.95 million for the second quarter (Q2) ended June 30, 2021 from RM67.4 million recorded in the same period last year.

In a filing with Bursa Malaysia today, it said revenue also improved to RM578.90 million versus RM462.46 million previously.

For the six-month period ended June 30, 2021, the group recorded a higher profit before tax after zakat (PBT) of RM282.2 million compared with RM267.9 million recorded in the same period of the previous year.

The higher PBT of 5.3 per cent year-on-year (y-o-y) was attributed largely to 26.4 per cent higher net interest income and 7.8 per cent higher income from Islamic banking business.

However six-month net profit was RM186.9 million compared to RM190.97 million for the same period previously.

“The result is expected given the tough operating environments under the Movement Control Order (MCO) conditions.

“We continue to invest in the digitalisation of our business to build a stronger and sustainable business for the long term,” it said.

Net interest income (NII) increased by RM87.4 million or 26.4 per cent to RM418.1 million compared to the same period of the previous year of RM330.7 million attributed to lower interest expense as the bank continued to focus on current account savings account (CASA) which recorded a growth of 24.1 per cent year-on-year.

This core earnings have replaced volatile treasury one-off earnings which has strengthened the bank’s earnings capacity.

NII has improved due to significant reduction in cost of funds from 3.23 per cent in the first half (H1) 2020 to 2.05 per cent in H1 2021.

Operating expenses showed an increase of RM22.2 million or 3.4 per cent to RM681.0 million compared to RM658.7 million a year ago.

The higher operating expenses were contributed by higher personnel expenses of RM37.2 million, offset by lower establishment expenses and general and administration expenses of RM8.9 million and RM7.2 million respectively.

Allowances for impairment losses showed a slight increase of RM3.4 million to RM175.3 million y-o-y.

On prospects for the financial year 2021, the bank said it remained committed to help customers who have been impacted by the COVID-19 pandemic and will continue to offer Financial Assistance and Instalment Relief (FAIR) programme to all customers who require such assistance.

President and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the bank also launched its New Repayment Assistance (NRA) 2.0 programme on July 7, 2021 which aims to provide financial relief to all customers during this difficult time.

Besides, it would continue to build sustainable profit through the implementation of the Affinity in Motion (AIM 22) Transformation Programme, its metamorphosis plan anchored on five key elements of value creation; technology, services, innovation, rewards and people and culture.

Source: BERNAMA News Agency

KUALA LUMPUR, IOI Properties Group Bhd recorded a net profit of RM660.20 million for the financial year ended June 30, 2021 (FY2021), from RM504.69 million in the previous year.

Revenue increased 18 per cent to RM2.48 billion from RM2.11 billion previously, mainly due to better sales performance from Malaysian operations, driven by dynamic sales and marketing campaigns.

For the fourth quarter net profit (Q4), IOI Properties said it surged to RM118.37 million from RM44.06 million a year ago, while revenue climbed to RM658.64 million compared to RM610.47 million previously.

“The increase in revenue is contributed by all the operating segments of the group,” it said in a stock exchange filing.

The group said it would continue to leverage on digital marketing capability, aggressive sales campaigns, and the recently extended Home Ownership Campaign to drive sales of the mid-price range of products in tandem with the market demands.

It said the property developments in China would continue to contribute to the group’s financial performance in the next financial year, while IOI Palm City Mall in Xiamen has secured high levels of occupancy and the mall business is expected to commence operation in the third quarter of this year.

For the retail segment in Malaysia, it said the group would continue to adopt active and pragmatic tenant retention strategies to maintain occupancy rates.

IOI Properties chief executive officer Datuk Voon Tin Yow said the group has achieved sales of RM2.3 billion, surpassing its sales target of RM2 billion for FY21.

“The group anticipates a longer recovery time for the hospitality and leisure segment due to the COVID-19 pandemic and the prolonged travel restrictions,” he said in a separate statement.

Nevertheless, he said the group would continue with its prudent and professional management to manage its operations to deliver satisfactory performance in the coming financial year.

Source: BERNAMA News Agency

KUALA LUMPUR, The Securities Commission Malaysia (SC) and Bursa Malaysia Bhd are extending the temporary suspension of intraday short selling (IDSS) and intraday short selling by proprietary day traders (PDT Short Sale) to Dec 31, 2021.

Accordingly, temporary waivers related to proprietary day trading will also be extended to Dec 31, 2021.

The temporary suspension of IDSS and PDT Short Sale was introduced on March 24, 2020 to mitigate potential risks arising from heightened volatility and global uncertainty as a result of the COVID-19 pandemic, SC and Bursa Malaysia said in a joint statement.

It was extended on Feb 22, 2021 and is due to expire on Aug 29, 2021.

The decision to extend the suspension was made after careful consideration of the various initiatives currently undertaken to strengthen the control measures for intraday short-selling activities in order to promote market stability and strengthen the integrity of the capital market.

These involve the ongoing enhancements to Bursa Malaysia’s trading system to improve the overall capacity and robustness of the Bursa Trade Securities 2 (BTS2) system, including the automated application of the “at-tick rule”.

Under this rule, IDSS and PDT Short Sale orders shall be at the prevailing best selling price or higher.

The SC and Bursa Malaysia said they will continue to monitor developments affecting the capital market and take the necessary measures to ensure a fair and orderly market as well as mitigate potential risks.

Source: BERNAMA News Agency

KUALA LUMPUR, Amanah Saham Nasional Bhd (ASNB) has declared a total income distribution payout of RM921.2 million for its fixed price fund Amanah Saham Malaysia 2 – Wawasan (ASM 2 Wawasan) for the financial year ending Aug 31, 2021.

ASM 2 Wawasan declared an income distribution of 4 sen per unit, benefitting 897,145 unit holders, which was higher than the RM907.3 million distributed in the financial year 2020.

Permodalan Nasional Berhad (PNB) said ASM 2 Wawasan recorded a net realised income of RM909.6 million as of Aug 25, 2021, reflecting an increase of 4.47 per cent from last year.

“The income distribution is 215 basis points above its benchmark Maybank 12-Month fixed deposit during the same period which stood at 1.85 per cent,” it said in a statement today.

According to PNB, the performance of the fund was generally driven by the recovery of global and domestic financial markets amid the resurgence of COVID-19 infections and expectations of rising inflation, besides the positive outcomes of PNB’s continuous asset class diversification initiatives.

“Among others, the fund manager has gradually increased its international investments to 20.8 per cent of the overall portfolio, compared to 14.9 per cent in 2020.

“In the face of a rapidly changing market environment, PNB continues to explore new investment opportunities that would enable its investment portfolio to grow in a more resilient and sustainable manner,” it said, noting that the distribution declared by ASM 2 Wawasan would be automatically reinvested as additional units into unit holders’ accounts on Sept 1.

Transactions at all ASNB branches and agents for ASM 2 Wawasan have been temporarily suspended from Aug 26 to 31, 2021 to facilitate the computation of income distribution.

Unit holders have been advised to update their accounts at the myASNB portal www.myasnb.com.my, mobile application, at any ASNB branches or its agents nationwide when transactions resume on Sept 1, 2021.

Source: BERNAMA News Agency

KUALA LUMPUR, PPB Group Bhd posted a lower net profit of RM183.47 million for the second quarter (Q2) ended June 30, 2021, compared to RM332.73 million in the same quarter last year.

Revenue increased to RM1.08 billion from RM953.34 million recorded in the same period previously, mainly contributed by the grains and agribusiness segment, it said in a filing with Bursa Malaysia today.

The diversified conglomerate also said that for the first half of 2021 (1H 2021), its revenue increased by nine per cent to RM2.2 billion mainly due to higher revenue from the grains and agribusiness segment at RM1.7 billion.

Meanwhile, its environmental engineering and distribution segment and property segment recorded higher revenue, while the consumer product segment remained stable.

On prospects, the group noted that the COVID-19 pandemic is expected to continue weighing down on the film exhibition and distribution and property segments.

“The grains and agribusiness segment, which is in the production and distribution of staple food and services, is expected to ride through the challenging operating environment and deliver a satisfactory set of results for the rest of the year,” it said.

The group also declared an interim dividend for the financial year ending Dec 31, 2021 of 10 sen per share, which will be paid on Sept 28, 2021.

At the close today, PPB’s share price rose by 20 sen to RM18.56 with a total of 823,700 shares changing hands.

Source: BERNAMA News Agency