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News

Kinergy Advancement posts RM42.04mil in revenue for Q1 FY24

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KUALA LUMPUR: Kinergy Advancement Bhd (KAB) posted a revenue of RM42.04 million for the first quarter (Q1) ended March 31, 2024 (FY2) compared to RM42.76 million posted in the same quarter last year. The sustainable energy and engineering solutions provider continues demonstrating strong quarterly financial growth. The company’s net profit for the quarter increased by 98.6 per cent to RM5.12 million in Q1 FY24 compared to RM2.58 million in the same quarter a year ago. This growth underscores the effectiveness of KAB’s strategic focus on its sustainable energy segment (SES), which continues to drive the company’s financial and operational momentum. With strong growth in Q1 FY24, KAB has catalysed a series of consecutive wins and sustained a trajectory of unstoppable growth, demonstrating its capabilities and competencies in leading the charge in sustainable energy solutions. The SES segment, in particular, has shown exceptional performance, generating a revenue of RM19.86 million, more than tripled over the past year. This significant increase can be attributed to the contributions from new projects and acquisitions. The SES segment generated an operating profit of RM5.94 million, significantly higher than RM2.68 million last year. This highlights the strong profitability and bright future of KAB’s skills in creating renewable and sustainable energy projects. Executive deputy chairman and group managing director Datuk Lai Keng Onn said KAB’s consistent progress in embracing its promising business transformation as the first-quarter result for the year is released. “Our alignment with strategic directions and seamless integration of our unique energy solutions ecosystem into our business model has been particularly notable. “The SES segment leads in significant revenue contribution, showcasing the segment’s potential to support national decarbonisation efforts and enterprises’ benefit from sustainable energy conservation alternatives,” he said in a statement. He added that the SES business has significantly contributed to the new record high in earnings, reflecting the company’s upward trajectory since expanding into the SES business segment. Looking ahead, KAB remains cautiously optimistic about its future prospects, which are predominantly driven by the SES business segment. KAB highlighted the success of its profitable projects and new ventures in this sector, showing strong earnings growth in the SES segment in Q1 FY24, driven by the development of a sustainable energy ecosystem. “Our strategic focus on the energy segment with clean energy (CE), renewable energy (RE) and energy efficient (EE) solutions continues to align with expanding recognition of our technical capabilities. This prominent recognition fuels our optimism for a positive outlook in FY24. “We are strategically positioned to meet and exceed our clients’ evolving energy needs. Our innovative solutions stand out, offering significant growth potential and the capability to help clients transition their operational processes with sustainable and innovative energy solutions,” Lai said. KAB continues expanding its SES offerings, focusing on CE, RE and EE, including Southeast Asia’s solar, biogas, and hydroelectric power projects.

News

Abang Johari Calls for Creation of Mechanism to Control Inflation

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KUCHING: Sarawak Premier Tan Sri Abang Johari Openg urges the government to come up with a mechanism to effectively control inflation to ensure that workers can fully benefit from increases in wages. He said that any wage increase announced by the government or the private sector is meaningless if it only leads to a sudden increase in the prices of goods and services as well. “If wages increase, local consumption can also increase. This will stimulate the economy, but it might cause higher inflation. “We don’t want a salary increase while purchasing power remains the same, as this does not give any benefit,” he told reporters. Abang Johari was commenting on Economy Minister Rafizi Ramli’s statement that the federal government would review the United Nations Children’s Fund (Unicef) proposal to set the minimum wage at RM2,102 per month compared with the current RM1,500. Rafizi said the MADANI government’s policies focus on increasing people’s wages to overcome any rise in the cost of living. Abang Johari said that the federal government, especially Bank Negara Malaysia and the Ministry of Finance must consider the impact of a percentage wage increase on the flow of money in the market. “Our economic policy must be balanced and banks should provide their input as inflation results from too much money (in the market chasing) too few goods. If you raise interest (rates), the flow of money in the market will also be reduced and the supply of goods will decrease,” he explained. According to Abang Johari, he has instructed state secretary Datuk Amar Mohamad Abu Bakar Marzuki to conduct a detailed study concerning the wage increase for the state’s civil servants, which the private sector usually follows depending on their financial ability. “For us in Sarawak, we will conduct a study on wage increase based on productivity. The state government emphasises skill and talent development (to create high-skilled jobs). “If you have the skill, then your pay is higher,” he added. — BERNAMA

News

New ACCA Research: 63% of Asia Pacific SMEs and Advisers Fear Standing Up to Corruption Will Cost Business Opportunities

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The new ACCA report, Bribery and Corruption: The Hidden Social Evil on Your Doorstep, investigates the profound impact of bribery and corruption on SMEs worldwide, underscoring the urgent need for greater transparency and stronger regulatory frameworks. The research reveals a high prevalence of bribery and corruption, with 63% of SMEs and their advisers believing that resisting such practices could result in lost business or opportunities. Despite these concerns, there is a strong recognition of the benefits of standing up to corruption: 68% agree that a robust anti-bribery policy enhances customer confidence, and 83% believe it improves their chances of securing lucrative contracts with major corporations and public sector entities. Jason Piper, ACCA’s Head of Tax and Business Law, stated, “Corruption is a poison; it distorts markets, stunts economic growth, and deters investment. Many very small businesses lack the bargaining power to refuse when small bribes are demanded. Entrepreneurs often face the tough choice between paying the bribe or losing their business, a choice that is particularly harsh for those trying to support their families.” “Our report aims to equip businesses and regulators with the insights and tools needed to combat corruption and foster an environment of transparency and trust. This includes leveraging the latest digital tools. Just as technology is used by criminals, regulators and enforcement agencies should adopt it to detect, prevent, and respond to corruption.” Andrew Lim, Portfolio Head, ACCA Maritime Southeast Asia, added, “Bribery and corruption remain significant challenges for SMEs in Malaysia and the Asia Pacific region. It is essential for businesses to maintain their integrity while competing in a challenging market. By promoting transparency and ethical conduct, SMEs can overcome these obstacles and build a more resilient and equitable business environment.” The report draws on extensive global data, expert opinions, and real-world case studies to examine the multifaceted impacts of corrupt practices on SMEs and economic development. It highlights the severe consequences businesses can face, including legal penalties and significant damage to their reputations. Additionally, the report evaluates the effectiveness of current anti-corruption laws and policies across various countries, noting that while progress has been made, much work remains to align international efforts. Piper emphasized, “As global markets become increasingly interconnected, the need for accountability and ethical business practices is more critical than ever.” ACCA hopes this report will act as a catalyst for change, encouraging organizations across all sectors to evaluate their practices and adhere to the highest standards of business conduct. The report is highly recommended for business leaders, policymakers, and regulatory bodies worldwide committed to eradicating corruption and fostering a fairer business environment. Read the report here.

News, Property

Times Square 2 to Sell Out By Year-End With GDV of RM625 Mil

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KUALA LUMPUR: Berjaya Times Square Sdn Bhd (BTS) is confident that its newly launched Times Square 2 residential project will be sold out by year-end. Its executive director Syed Ali Shahul Hameed state that the project, valued at RM625 million, will sell quickly due to its prime location, modern amenities, attractive pricing and exceptional connectivity. Located on Jalan Imbi, adjacent to Berjaya Times Square mall and Bukit Bintang City Centre, the project features 629 services residences on a 41-storey tower. Units range from 488 sq ft 1-bedrooms to 1,356 sq ft 3-bedrooms with prices going from RM688,000 to RM2.65 million. Meanwhile, BTS Executive Director Tan Tee Ming added that Times Square 2 offers facilities designed for urban dwellers seeking capital gains and practical layouts. “Options include hackable walls for combining units, dual-key designs for rental flexibility and ensuite bathrooms to prevent morning rushes,” he explained. Apart from having a GreenRE Gold Rating Certification, the development is also pet-friendly. — BERNAMA

Investment & Market Trends, News

MITI Focuses on Non-Traditional Partners to Diversify Trade, Says Tengku Zafrul

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SAMARKAND: The Investment, Trade and Industry Ministry is diversifying trade efforts by focusing on non-traditional trading partners to address the challenges in the era of globalisation. Minister Tengku Datuk Seri Zafrul Abdul Aziz said that with geopolitical challenges reducing global trade, the ministry is focusing on countries such as those in Africa, South America and West Asia. “This is exactly our strategy. Our largest trading partner is China, followed by the US. We saw that global trade fell last year with the world’s biggest countries. However, (trade with) West Asian, African and South American countries increased. “That’s part of our diversifying policy in trade (focusing on non-traditional countries). We need to focus on diversifying our trade, not on traditional markets but on new ones because that’s (where) the growth will be. We have to plan now for the future,” Tengku Zafrul said at the Sil Road Samarkand Complex in Uzbekistan. The minister is in Uzbekistan to accompany Prime Minister Datuk Seri Anwar Ibrahim, who is on an official visit to 3 Central Asian countries from 14 to 19 May. Tengku Zafrul said the 3 countries (Uzbekistan, Kyrgyz Republic and Kazakhstan) are rapidly developing with faster and stronger gross domestic product (GDP) even though economies are still small compared with Malaysia’s. “Their economic growth is huge. We can also participate in economic growth, not only among large companies but also among SMEs,” he added. According to Tengku Zafrul, the trade commitment for Malaysian exports was about RM3.1 billion including RM700 million in Kyrgyzstan, RM1.7 billion in Kazakhstan and RM710 million in Uzbekistan. Malaysia-Kyrgyzstan trade volume reached US$36.35 million (RM162.3 billion) in 2023, a 312.6% rise from 2022 with Malaysian exports of US$36.09 million (RM161.1 million) in 2023. Malaysia’s total trade with Kazakhstan in 2023 amounted to US$104.2 million (RM474.5 million). Malaysian exports totalled US$102.2 million (RM465.6 million) and imports from Kazakhstan amounted to US$1.9 million (RM8.9 million). Malaysia-Uzbekistan trade volume reached US$94.03 million (RM451.1 million) in 2023, with Malaysian exports at US$93.6 million (RM449 million) and imports at US$414,518 (RM1.99 million). On investment cooperation, Tengku Zafrul said with Malaysia’s GDP 10 times larger than Kazakhstan’s 4 times larger than Uzbekistan’s, the Central Asian Countries are seeking Malaysia to invest in their countries instead of the other way around. — BERNAMA

News

Anwar: Intensify Efforts to Help Small, Medium Companies Expand Overseas

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SAMARKAND: Efforts to assist small and medium-sized Malaysian companies in expanding their overseas market penetration must be enhanced to put them in a more favourable position, Prime Minister Datuk Seri Anwar Ibrahim said. He said it is vital to assist these companies in developing a strong network with their overseas counterparts to market their products.. “Such networks are needed for small companies with capital of perhaps just tens of millions of ringgit. Job and product marketing networks are important. For halal products, (the capital) obviously won’t reach hundreds of millions (for a small company) but this is important in terms of lifting the position of the small and medium-sized companies. “(Medium-sized companies in terms of retail chain or product sales) obviously would not (have sales) worth billions of ringgit but (such assistance) will provide a critical network for small and medium-sized companies in Malaysia,” he told the Malaysian media here at the end of his official visit to Uzbekistan today. He said the Uzbekistan-Malaysia High Level Business Forum at the Samarkand Silk Road Complex here on Saturday, which was attended by Anwar and Uzbekistan’s Deputy Prime Minister Jamshid Khodjaev, received an exceptionally strong reception from Malaysian and Uzbek companies. “(The attendance) reached 200 companies including major companes owned either by the government or the private sector. It is estimated that trade commitments worth RM710 million were achieved at the forum. “However, I expect that discussions among them (the companies) in one or two days will lead to a significant increase. It is just that they have not signed (collaboration agreements) so we have not announced it,” he added. In 2023, Malaysia recorded bilateral trade with Uzbekistan totalling RM451.1 million (US$94.03 million), with exports to the Central Asian country amounting to RM449 million (US$93.6 million) and imports worth RM1.99 million (US$414,518). Anwar arrived in Tashkent on Friday to kick off a three-day official visit to Uzbekistan. On the first day in the capital of Uzbekistan, Amwar paid a courtesy call on Uzbek President Shavkat Mirziyoyev and had a meeting that lasted more than an hour with him. During the meeting, the two leaders discussed relations between Malaysia and Uzbekistan, and explored potential areas of cooperation. Uzbekistan is the last stop of Anwar’s official visit to Central Asia spanning three countries. Prior to this, the Prime Minister visited the Kyrgyz Republic and Kazakhstan. – BERNAMA

Events

InvestSmart® Educates Johor on Capital Market Investing

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The Securities Commission Malaysia (SC) is hosting its annual investor education fair, Bersama InvestSmart® @Johor 2024, this weekend at the Mid Valley Exhibition Centre, Mid Valley SouthKey mall in Johor Bahru. The three-day event aims to empower investors with essential knowledge, promoting financial literacy and informed investment decisions while safeguarding against scams and illegal schemes. YB Lee Ting Han, Johor State Executive Council Member and Chairman of Investment, Trade, Consumer Affairs and Human Resources Committee, inaugurated the event. Attendees included senior state government officials and leaders from the capital market and financial industries. Themed ‘Bijak Labur Hidup Makmur’, the event features 38 exhibitors, including financial and capital market firms, industry associations, and agencies such as the Employees Provident Fund and the Inland Revenue Board. Over 11,000 visitors are expected, who will benefit from public talks and panel discussions by financial and capital market experts. In addition, the #FinPlan4u® initiative offers more than 230 free one-on-one financial planning sessions, providing personalized guidance on financial goals and retirement planning from licensed financial planners. SC Chairman Dato’ Seri Dr. Awang Adek Hussin highlighted Johor as an ideal location for this year’s event, following successful editions in Penang, Sarawak, and Sabah. He noted Johor’s significant achievements, including RM113.7 billion in investments and 35,000 new jobs over two years, as announced by the Menteri Besar of Johor, YAB Datuk Onn Hafiz Ghazi. “This event will contribute to the state’s and its residents’ prosperity, emphasizing the importance of wise investment at the individual level,” said Dato’ Seri Dr. Awang Adek. He also warned against scams that misuse the “syariah-compliant” label or involve influencers to appear legitimate, urging investors to verify such claims. The SC’s Investors’ Survey revealed that 30% of respondents are prone to scams, particularly vulnerable groups relying on unverified information from family and friends. Recognizing this issue, the SC launched the Investment Checker on its website, a tool for verifying the legitimacy of investment entities. Since its introduction, the Investment Checker has become one of the SC’s most visited pages, with over 25,000 visits. Following Bersama InvestSmart® @Johor, the SC will host the NaviGate Capital Market Green Financing Series on 20 May 2024 in Iskandar Puteri, supported by Iskandar Investment Berhad. This program will explore alternative capital market financing, including equity crowdfunding (ECF) and peer-to-peer (P2P) financing, featuring MSMEs sharing their fundraising experiences. For more information on InvestSmart®, including details about Bersama InvestSmart® @Johor 2024, please visit [InvestSmart’s website](https://investsmartsc.my/) or follow InvestSmart® on social media.

ESG, News

Enhancing Accountability in ESG Reporting Can Boost Credibility of Plantation Firms

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KUALA LUMPUR: Malaysian plantation companies should improve transparency and accountability in their environmental, social and governance (ESG) reporting to enhance credibility, said an academician. Universiti Teknologi MARA (UiTM) Faculty of Accountancy Associate Professor Dr Seri Ayu Masuri Md Daud said that findings from her team’s research on environmental disclosure in the plantation industry revealed that despite environmental concerns, the majority of environmental reporting by plantation firms remains dominated by ‘soft’ information such as vision statements and general environmental initiatives. “This type of reporting often lacks the depth and specificity required to provide stakeholders with a clear understanding of the company’s environmental impact and management practices,” she said. Masuri believes that the most significant challenges and criticisms of current ESG practices include greenwashing and the aspirational gap. “One major concern is the perceived gap between companies’ aspirations and their actual performance concerning ESG practices. This phenomenon, often termed ‘greenwashing’, not only erodes stakeholder trust but also undermines the credibility of ESG efforts. “Institutional investors are wary of such discrepancies, highlighting the need for greater transparency and accountability,” said Masuri, who is also a member of the varsity’s Sustainability and Governance Talent Cluster. In jurisdictions where sustainability reporting is mandatory, like Malaysia, she said that a significant challenge lies in bridging the gap between companies’ aspirations and their actual ESG performance. “To address this, robust rules must be established to combat both corporate and institutional investor greenwashing, thereby safeguarding stakeholder interests. “For example, measures should be implemented to prevent institutional investors from misleadingly labelling funds as ESG-compliant when they fail to adhere to ESG principles,” Masuri said. She said that a lack of uniform ESG reporting standards further compounds the problem as companies and investors often measure and report on different metrics in varying ways, leading to inconsistencies and incomparability. “This lack of standardisation hampers the ability to accurately assess and compare ESG performance across companies and industries,” she added. The associate professor noted that companies may engage in symbolic reporting, where disclosures may not reflect meaningful actions and outcomes. “In Malaysia, despite the mandate for sustainability reporting, companies retain considerable discretion in determining the content of their disclosures. “Our research on environmental disclosure in the plantation industry underscores this issue, revealing a prevalence of soft information over substantive disclosures,” she highlighted. Masuri also emphasised the role of government policies and international regulations in shaping ESG practices. “Government policies and international regulations play a crucial role in shaping ESG practices globally. “While sustainability reporting remains voluntary in many regions, there is a growing recognition of the need for mandatory reporting to ensure transparency and accountability across all firms,” she said. Masuri said researchers have proposed several key measures to improve the effectiveness and integrity of ESG practices within the industry. “It is recommended that regulators focus not just on the volume of ESG discolures but also on enhancing their quality. There is a pressing need for more substantive reporting that can offer real insights into companies’ ESG activities and performance. “Transparency and accountability are needed where more substantive disclosure is essential to enhance transparency and reduce information asymmetry between stakeholders and management. Truthful reporting, backed by concrete actions and outcomes, is critical for building trust and credibility in ESG practices,” she said. Masuri concluded that to overcome the shortcomings of current ESG practices and to ensure they genuinely reflect companies’ environmental stewardship, concerted efforts from regulators, companies and investors are indispensable. “By promoting standardisation, transparency and accountability, I believe that a more robust and credible ESG reporting and implementation framework for these companies can be established, thus creating more transparent and genuine ESG reporting,” she added. — BERNAMA

News

Traveloka Partners with Cebu Pacific to Boost Travel in Southeast Asia to the Philippines

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Traveloka, Southeast Asia’s premier travel platform, has forged a strategic partnership with Filipino low-cost carrier Cebu Pacific (CEB) to enhance tourism in the Philippines. By integrating an application programming interface (API) into Traveloka’s app, this collaboration will allow inbound travelers to easily book CEB flights, simplifying travel planning to the Philippines. In line with Traveloka’s mission to aid Southeast Asia’s tourism recovery post-pandemic, this initiative aims to bolster Philippine tourism, making it more accessible for international visitors to discover the country’s vibrant destinations. The Philippines’ tourism sector has shown remarkable growth, with the Department of Tourism recording over 5.4 million foreign visitors in 2023 and aiming for 7.7 million in 2024. Reflecting this trend, Traveloka reported a 2.5-fold increase in searches for the top five Philippine airports in 2024 compared to the previous year. Popular destinations on the Traveloka platform include Manila, Laguindingan, Cebu, Davao, Boracay, and Palawan. Iko Putera, CEO of Transport Traveloka, stated, “Traveloka recognizes the Philippines’ immense potential for sustainable tourism. We invite travelers from Malaysia and Southeast Asia to explore the Philippines. Our partnership with Cebu Pacific, a leading and affordable airline, will offer diverse travel options and foster innovation to provide the best solutions for our customers. We are committed to driving growth in the tourism industry both in the Philippines and the wider region.” Xander Lao, President and Chief Commercial Officer of Cebu Pacific, expressed, “We are thrilled to collaborate with Traveloka to support local tourism and facilitate easier travel to the Philippines. The Philippines boasts some of the world’s best beaches, stunning landscapes, and rich cultural heritage. We invite global travelers to fly with Cebu Pacific and experience our country’s beauty, now more accessible through our partnership with Traveloka.” Discover the Magic of the Philippines The Philippines, renowned for its diverse attractions, offers something for every traveler. From diving and snorkeling in the marine paradise of Coron Island in Palawan to unwinding on Boracay’s famous white sand beaches, the Philippines caters to both adventurers and those seeking tranquility. The historic city of Vigan, with its unique blend of Filipino and Spanish architecture, offers a captivating journey into the past. Visitors can find serenity in Bohol’s natural landscapes, engage in thrilling activities in Davao, or savor local delicacies in Bacolod. Art enthusiasts will appreciate the collections at Manila’s National Museum of Fine Arts and the National Museum of Natural History. For spiritual journeys, the Manila Cathedral, San Agustin Church, and Quiapo Church, home to the revered Black Nazarene, offer serene experiences. Discover more about these hidden gems on Traveloka. Traveloka has also observed a fivefold increase in bookings for Cebu Pacific flights from Southeast Asian travelers compared to the previous year. Notably, Malaysia ranks among the top six countries with the highest number of travelers to the Philippines, followed by Vietnam, Singapore, Thailand, Indonesia, and Australia. This partnership between Traveloka and Cebu Pacific provides international travelers with more flight options to explore the Philippines’ stunning tourist spots. To further facilitate travel planning, Traveloka offers special deals and updates through its app and official social media channels.

Investment & Market Trends, News

Kobay Forges Towards Brighter Times Ahead

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GEORGETOWN: Kobay Technology Berhad (“Kobay” or “Group”), a leading engineering solutions provider listed on the Main Market, has announced its third-quarter results (“3QFY24”) and nine-month financial results for the period ended 31 March 2024 (“9MFY24”). For 3QFY24, Kobay reported a revenue of RM87.8 million, a 13.6% increase from the RM77.3 million recorded in the previous quarter (2QFY24). This growth was primarily driven by improved performance in the manufacturing segment, which saw a 19.8% increase in revenue to RM56.1 million, up from RM46.8 million in 2QFY24. The uptick in sales, particularly in high precision machined components and aerospace components, contributed to a significant 61.4% quarter-on-quarter (QoQ) growth in profit before tax (PBT) for the manufacturing arm, reaching RM5.9 million compared to RM3.6 million in 2QFY24. This revenue improvement also boosted the bottom line, with 3QFY24 net profit (profit after tax and non-controlling interest) rising by 78.7% QoQ to RM5.5 million from RM3.1 million in the preceding quarter. Dato’ Seri Koay Hean Eng, Managing Director and Chief Executive Officer of Kobay, commented, “Our manufacturing segment saw increased sales orders, particularly in high precision machined and aerospace components, reflecting our strong 3QFY24 performance. We anticipate this recovery momentum to continue into the second half of 2024. The Group remains committed to broadening our portfolio, further establishing our presence in OEM and high-level assembly services, and maintaining our customer base in the electrical and electronic (E&E) industry. Concurrently, we are enhancing operational efficiency and optimizing our cost structure.” He added, “The recent reorganization of our pharmaceutical and healthcare segment, completed in early May 2024, was aimed at consolidating and rationalizing operations. We maintain a positive long-term outlook for this segment, driven by a growing emphasis on health, wellness, and preventive care within the community.” “Additionally, construction of our affordable condominium project, Laguna Bay in southwest Penang, has commenced with sales gradually picking up. Increased tourist arrivals in Langkawi bode well for the local property market, potentially benefiting us. While we remain optimistic about the Group’s long-term prospects, we are mindful of the challenging market environment,” Dato’ Seri Koay concluded. For the nine-month period of FY24, the Group registered a revenue of RM237.8 million, compared to RM245.2 million in the same period last year. This decline was mainly due to the completion of the Langkawi project, leading to lower contributions from the property development segment. Net profit for 9MFY24 stood at RM10.8 million, down from RM27.5 million in 9MFY23, attributed to softer demand, changes in product sales mix, and elevated costs in the manufacturing segment.

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