Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Icon-facebook Icon-instagram-1 Linkedin
Newsletter
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Malaysia

News

MARC Names Arshad Mohamed Ismail as New Group CEO

/

KUALA LUMPUR: Malaysian Rating Corporation Berhad (MARC) has announced the appointment of Arshad Mohamed Ismail as the new Group Chief Executive Officer, effective June 1, 2024. Arshad succeeds Datuk Jamaludin Nasir, who will transition to an advisory role until his term ends this November. Chairman Tan Sri Dr. Nik Norzrul Thani bin Nik Hassan Thani, speaking on behalf of the Board of Directors, remarked, “We congratulate Arshad on his appointment and anticipate his leadership will elevate MARC to new heights. We also extend our heartfelt thanks to Datuk Jamaludin Nasir for his exceptional leadership and significant contributions to the company’s growth and expansion.” Arshad previously served as President and CEO of Export-Import Bank of Malaysia Berhad (EXIM Bank). His extensive experience includes leadership positions at Bank Pembangunan Malaysia Berhad, Maybank Islamic Bhd, International Islamic Liquidity Management Corporation (IILM), Abu Dhabi’s Al Hilal Bank, Saudi Arabia’s Aayan Capital, and HSBC Amanah in the UAE. Arshad holds a Bachelor of Law degree from the International Islamic University Malaysia and a Master of Business Administration from the London Business School, UK. He is a Chartered Banker with the Asian Institute of Chartered Bankers and was elected to the SC-OCIS Fellowship in Islamic Finance at the Oxford Centre for Islamic Studies in 2015. Datuk Jamaludin, who has been with MARC since 2014, served on the Rating Committee before becoming Group CEO in 2019. He has been pivotal in MARC’s transformation, spearheading the company’s rebranding and numerous strategic initiatives both locally and internationally. His leadership has strengthened the ratings quality profile of MARC Ratings Berhad and driven the development and growth of MARC Data Sdn Bhd.

News

TNB to Boost Electricity Sales Due to Data Centre Proliferation

/

PETALING JAYA: The burgeoning data center industry in Malaysia is set to significantly drive electricity demand, benefiting Tenaga Nasional Bhd (TNB), the country’s sole electricity provider. TNB’s electricity sales hit a record 31,899 gigawatt hours in the first quarter of 2024, driven by two new data centers with a combined capacity of about 600 megawatts (MW), despite this quarter typically being the weakest. Kenanga Research upgraded its recommendation for TNB to “outperform” and increased the target price by 16%, noting TNB’s forecasted electricity demand growth of 2.5% to 3% in 2024. The research firm expects this growth rate to continue into Regulatory Period 4 (RP4), up from 1.8% during RP3, thanks to a robust pipeline of data center projects. TNB anticipates completing nine data center projects with a total energy demand of 700MW in 2024. By March 2024, two projects with a combined demand of 535MW were already operational: the Yondr Data Centre and Princeton Digital Group Data Centre in Sedenak Tech Park, Johor. Additionally, TNB signed Electricity Supply Agreements (ESAs) in January 2024 with Microsoft and Vantage Data Centres for facilities in Cyberjaya, scheduled for commissioning by June and December 2025, respectively, with a combined demand of 484MW. Given the positive outlook, Kenanga Research has raised its earnings forecasts for TNB by 3% for FY24 and 4% for FY25, setting a target price of RM14.50 per share. In a separate note, TA Research highlighted that TNB plans to sign ESAs for another 10 projects in 2024, totaling over 2,000MW in energy demand. These data centers are gradually increasing their energy consumption, thereby progressively boosting electricity demand. TA Research also noted the positive impact of liberalizing the power generation sector through third-party access (TPA), allowing independent power producers (IPPs), including solar power producers, to sell directly to customers. This would improve grid utilization and necessitate further investment in the infrastructure, likely leading to a higher regulated asset base and better returns for TNB. Furthermore, TNB aims to bring the Manjung 4 Power Plant back online by the end of 2024, following an unscheduled outage since December 2023. The estimated capacity payment loss remains around RM400 million, and TNB is working with insurers on claims. TA Research reaffirmed its “buy” call on TNB with a target price of RM14.50 per share. In contrast, Hong Leong Investment Bank (HLIB) Research remains neutral on TNB’s earnings outlook. HLIB acknowledged the sustainability of TNB’s regulated earnings and cash flow under the regulated asset base (RAB) for FY24, given stable fuel prices. They expect further improvements in the regulated transmission and distribution segment from 2025 onwards, under RP4, due to an expanded RAB asset base. However, HLIB predicts the power generation segment will remain unprofitable in the near term, affected by the unscheduled downtime of Manjung 4 and expiring power purchase agreements. HLIB Research maintained its “hold” call on TNB with a target price of RM13.30.

News

CIMB Group Reports Robust 1Q24 Performance with RM2.57 Bil PBT

/

KUALA LUMPUR: CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) today announced robust growth for the first quarter ended 31 March 2024 (“1Q24”), with profit before tax (“PBT”) rising 15.1% YoY to RM2.57 billion. Net profit also saw a significant increase of 17.7% YoY to RM1.94 billion, driven by strong operating income and managed costs and provisions. This resulted in an annualised return on equity (“ROE”) of 11.4%, up from 10.3% in 1Q23, and earnings per share (“EPS”) of 18.2 sen. Operating income for 1Q24 grew by 12.6% YoY to RM5.63 billion, with net interest income (“NII”) up 7.7% YoY to RM3.79 billion due to strong loan growth and net interest margin (NIM) recovery. Non-interest income (“NOII”) increased by 24.5% YoY to RM1.84 billion, driven by capital markets, investment-related income, and gains from the sale of non-performing loans. Total gross loans increased by 7.0% YoY, particularly in Singapore, which saw a 13.1% YoY rise. Deposits grew by 8.2% YoY, propelled by a 16.8% increase in CASA deposits, improving the CASA ratio to 40.8% in March 2024 from 37.9% in March 2023. The Group’s cost-to-income ratio improved to 45.3%, benefiting from the strong operating income growth which offset an 8.9% YoY rise in operating expenses due to inflationary pressures and technology investments. Provisions were contained at RM503 million, with a credit cost of 35 basis points (bps) compared to 37 bps in 1Q23. On a quarter-on-quarter (QoQ) basis, PBT and net profit improved by 10.4% and 12.9% respectively, driven by a 4.7% increase in operating income and a 2.8% reduction in operating costs, though partially offset by a 26.1% increase in provisions due to the absence of overlay writebacks from the previous quarter. CIMB Group’s capital position remained strong, with a CET1 ratio of 15.0% as at end-March 2024, up from 14.3% a year earlier and 14.5% at the end of December 2023.Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group, stated, “Our strong performance in the first quarter reflects a positive start to the financial year amidst challenging global conditions. Our revenue growth, coupled with managed costs and provisions, underscores the effectiveness of our ASEAN diversification strategy.” Consumer Banking: Operating income grew 9.6% YoY with NII up 9.4% and NOII up 9.9%. PBT fell 10.3% due to higher expenses and provisions. Commercial Banking: Operating income increased by 1.7% YoY, with a 3.3% NII growth. PBT rose 9.1% YoY due to lower provisions. Wholesale Banking: Operating income grew 15.0% YoY, driven by a 43.3% increase in NOII. PBT expanded by 40.2% YoY. Digital Assets & Group Funding: Operating income rose 42.4% YoY, with PBT up 25.5% YoY, supported by strong growth in CIMB’s digital businesses. CIMB Islamic:*Operating income increased 15.1% YoY, with PBT up 46.8% YoY due to a recovery in Islamic finance. Dato’ Abdul Rahman expressed cautious optimism for the year, noting the challenges posed by global economic headwinds but highlighting the Group’s resilience and strong performance in key markets. He emphasized CIMB’s commitment to its Forward23+ strategic plan and ESG goals, aiming to achieve a cumulative RM100 billion in sustainable finance by FY24. The Group is poised to continue its focus on strengthening its deposit and CASA franchise, managing NIM, expanding NOII, and enhancing technology and operational resilience to drive sustained growth and deliver on its FY24 targets.

News

SD Guthrie Eyes Expanding RE Exposure with Solar Projects

/

KUALA LUMPUR: SD Guthrie is set to expand its renewable energy (RE) portfolio under Malaysia’s fifth large-scale solar (LSS5) programme. Group Managing Director Datuk Mohamad Helmy Othman Basha emphasized the company’s strategic move to capitalize on opportunities in the RE sector, particularly in solar projects that require extensive land. He highlighted that, instead of merely leasing land to industry players, SD Guthrie aims to take a more proactive role in the government’s energy transition by investing directly in solar farms. “This initiative will not only help us reduce our carbon footprint but also optimize our land assets, even though it may seem unrelated to the plantation sector,” he said. SD Guthrie has been involved in the solar business since the LSS1 programme in 2018, initially leasing land for a 20MW project. For LSS4, the company has leased 12 plots of land, supporting projects with a combined capacity of 336MW, which represents 40% of the scheme’s quota. Despite the current minimal contribution from RE projects, Mohamad Helmy revealed ambitious plans for the future. “In the next two to three years, we aim to generate one gigawatt (GW) of power,” he stated. He explained that an investment of RM2.5 million is required for 1MW of power generation, translating to a RM2.5 billion investment for the 1GW target. “We anticipate a high-single-digit return on investment, around eight to nine percent on a project basis,” he added.

The Executives

Empowering SMEs in Malaysia through Sustainability Reporting

/

Sustainability reporting is becoming increasingly recognised as a strategic necessity rather than an ethical choice, particularly for small and medium-sized enterprises (SMEs) in Malaysia. According to ACCA Asia Pacific Public Affairs Manager, Daniel Teoh, sustainability initiatives not only bolster resilience against operational risks but also enhance the reputation and stakeholder relations. By prioritising sustainability, SMEs position themselves for long-term success in a global marketplace that increasingly values environmentally and socially responsible practices.  In Malaysia, the government has taken a proactive approach to addressing climate change, as demonstrated by the 12th Malaysia Plan and incentives like the Green Investment Tax Allowance and Green Income Tax Exemption.  “These initiatives create favourable conditions for SMEs to adopt sustainable practices. By embracing these programs, SMEs can access new opportunities and enhance their competitive advantage,” said Teoh. The integration of sustainability into business operations tends to significantly enhance stakeholder relations. The 2023 Malaysian Budget underscores this, with Bank Negara Malaysia (BNM) allocating RM2 billion to facilitate SMEs’ adoption of low-carbon practices, which aims to reduce carbon emissions while fostering innovation and competitiveness within the SME sector.  “As global sustainability standards become mandatory, Malaysian SMEs can gain a favourable reputation among stakeholders by prioritising sustainability. This not only improves business relations but also opens up new avenues for growth and collaboration,” Teoh told The Exchange Asia. According to him, the ACCA recommends that SMEs embark on their sustainability journey by integrating sustainable practices into every aspect of their operations. Key steps include gathering relevant and reliable data to assess current sustainability initiatives and identify risks, learning from other businesses and industries through benchmarking, identifying sustainability issues with a significant impact on the business through materiality assessment, developing and setting goals for sustainability, and embedding the sustainability strategy into business operations through operational integration. When SMEs embark on sustainability reporting, it’s crucial to be aware of some common pitfalls, especially since integrating environmental, social and governance (ESG) data with financial reporting requires careful attention due to differences in methodologies and timelines. “It is also crucial to have a comprehensive understanding of the business’s operations and their environmental and social impacts. “Additionally, it’s important to avoid greenwashing by refraining from making misleading claims about sustainability efforts to maintain credibility, and because stakeholder accountability is key, authenticity in sustainability claims should be ensured through rigorous due diligence,” Teoh explained. Despite the potential advantages, less than 45% of SMEs benefit from technical support in sustainability reporting. Challenges in this area include difficulties with data collection and standardisation, limited resources, and the lack of common metrics and guidelines. To mitigate such situations, ACCA provides a range of toolkits and certifications, including the ACCA Certificate in Sustainability for Finance and ACCA Certificate in Integrated Reporting, which are designed to provide finance professionals with the essential skills needed for effective sustainability reporting. Beyond compliance and reputation, robust sustainability reporting offers long-term benefits, which includes better positioning for government incentives, improved internal processes, and new business opportunities. By demonstrating a commitment to sustainability, SMEs can secure supply chain partnerships, reduce social and environmental risks and gain a competitive edge. Looking ahead, SMEs should be aware of emerging trends such as the increasing importance of ESG compliance in tenders and the growing advocacy for ESG integration by industry leaders. Early implementation of sustainable practices will help SMEs stay competitive and navigate evolving market demands effectively. Hence, Teoh concluded by saying that embracing sustainability reporting is a strategic move for SMEs in Malaysia, offering multifaceted benefits that extend beyond compliance. By integrating sustainable practices into their core business strategies, SMEs can enhance stakeholder relations, unlock new opportunities, and position themselves for long-term success in a dynamic global marketplace.  

ESG

30 Years of Bringing Communities Together through Tiger Sin Chew Chinese Education Charity Concert

/

PETALING JAYA:  Heineken Malaysia Berhad (HEINEKEN Malaysia) has launched the 2024 edition of the Tiger Sin Chew Chinese Education Charity Concert (Tiger Sin Chew CECC). Celebrating its 30th anniversary, this long-standing social impact initiative, a collaboration between Tiger Beer and Sin Chew Daily, continues to unite communities for a greater cause in the spirit of true togetherness. Since its inception in 1994, Tiger Sin Chew CECC has raised over RM407 million for more than 540 schools nationwide. These funds have significantly improved educational institutions by upgrading their facilities and technology, enhancing the learning environment, and leaving a lasting impact on future generations. During the launch, Malaysia’s Deputy Education Minister, YB Tuan Wong Kah Woh, expressed his gratitude: “I want to extend a heartfelt thanks to Heineken Malaysia Berhad, Tiger Beer, and Sin Chew Daily for their steadfast commitment to this important cause. For 30 years, their efforts have not only improved educational access and quality for students but also brought our communities together, fostering a sense of unity and collective purpose. Thank you for showing us that the spirit of community and support for education is stronger than ever.” The 2024 Tiger Sin Chew CECC will kick off in July, featuring a new collaboration with trade partners. Local coffee shops and food courts across the country will host Fundraiser Nights to complement the 10 charity concerts scheduled between July and October, further strengthening community ties. Roland Bala, Managing Director of HEINEKEN Malaysia, shared, “For 30 years, the Tiger Sin Chew Chinese Education Charity Concert has fostered a strong community spirit, harnessing the joy of true togetherness to unite people for a good cause. At HEINEKEN Malaysia, we know that we can only thrive if our people, the planet, and the communities around us thrive. We are committed to giving back, supporting, and actively engaging with local communities to create a better future for all.” “This year, we’re adding a special twist to Tiger Sin Chew CECC by teaming up with our trade partners to host Fundraiser Nights. We are also grateful for the dedication and commitment of Sin Chew Daily over the past three decades. Thank you to all who have contributed with extraordinary generosity. We are truly inspired and look forward to continuing this programme for the benefit of our local communities. Cheers to 30 years of Tiger Sin Chew Chinese Education Charity Concert, and more to come!” The 2024 Tiger Sin Chew CECC aims to raise RM15 million through ten concerts for the following 11 institutions: SMJK Chan Wa II, Seremban: Construction of an audio-visual auditorium and a multipurpose hall. SJKC Tche Min, Sungai Pelek: Building a new multipurpose school hall. Chinese High School, Batu Pahat: Providing grants-in-aid to support needy students. SJKC Cheow Min, Pontian: Upgrading school facilities, including 16 smart classrooms, a library, three English language centres, and a rain cover for the school’s bus stop and basketball court. SJKC Aik Thee, Kuala Selangor: Constructing an administrative building, a school canteen, and a slip road leading to the school hall. SJKC Kampung Baru Mambau, Seremban: Enhancing school facilities in conjunction with its 98th anniversary. SJKC Thorburn, Skudai: Building two basketball court shelters, a container classroom for student activities, and upgrading computer hardware for smart classes. SJKC Jagoh, Segamat: Upgrading the school hall and existing smart classrooms and rejuvenating school facilities. Shen Jai High School, Ipoh: Supporting broader infrastructure development. SJKC Ching Chong, Semeling & SJKC Peng Min, Tikam Baru: Jointly raising funds to build a preschool to increase student enrolment. Koo Cheng, Executive Director/CEO of Sin Chew Daily, remarked, “We are proud to celebrate our longstanding partnership with HEINEKEN Malaysia, spanning three decades and counting. Reflecting on the years gone by, it’s encouraging to see the impact we’ve achieved together through Tiger Sin Chew Chinese Education Charity Concerts. We look forward to continuing this journey with HEINEKEN Malaysia, elevating education, and nurturing the spirit of unity and generosity across the communities.” In the spirit of true togetherness, join Tiger Sin Chew CECC’s efforts to make a positive impact on communities. Members of the public can get involved by attending the charity concerts, participating in fundraising activities, and supporting the trade partners’ fundraisers.

News

Google Invests RM9.4 Billion in Malaysian Data Centre and Cloud Region

/

KUALA LUMPUR: The investment is expected to support 26,500 jobs across various sectors and generate an economic impact of approximately RM15.04 billion, according to the Ministry of Investment, Trade, and Industry (MITI). This project, Google’s largest planned investment in Malaysia, will be situated in Sime Darby Property’s Elmina Business Park in Greater Kuala Lumpur. MITI states that the Google data centre will support popular digital services such as Search, Maps, and Workspace. It will also be instrumental in enabling Google to deliver the benefits of AI to users throughout the country. “This investment is not just about infrastructure; it’s about unlocking new possibilities for businesses, educators, and every Malaysian,” said Farhan S Qureshi, country director for Google Malaysia, in a blog post on Thursday. Qureshi highlighted that the Google data centre would support services like Google Search and Google Maps, and “pave the way for delivering the transformative power of AI to users and customers across the country.” Additionally, he noted that the Google Cloud region would provide high-performance, low-latency cloud services to enterprises, startups, and public sector organisations, along with key controls to ensure the highest security and compliance standards. MITI asserts that Google’s commitment is a significant step toward the government’s goal of attracting more digital investors to build a robust and secure digital economy. “The investment in Google’s first data centre in Malaysia and the development of the Google Cloud region demonstrates that the government’s clear planning, combined with the country’s economic strength and resources, is appealing to both existing and new investors,” said Prime Minister Datuk Seri Anwar Ibrahim in a post on X. “This undoubtedly positions Malaysia as one of the leading countries in the use and support of digital technology-based services,” he added.

Investment & Market Trends

Autocount Q1 Sales Surge on Software Demand

/

KUALA LUMPUR: Developer and distributor of financial management software Autocount Dotcom Bhd (ADB) posted strong earnings for the first quarter (Q1) ended March 31, 2024 (FY24), showcasing significant growth and resilience in its operations. The company’s revenue rose 31.22 per cent year-on-year (YoY) to RM13.67 million in Q1 FY24 from RM10.42 million in the same quarter last year. This surge was primarily attributed to increased sales of financial management software, which comprises 88.05 per cent of the total revenue. Technical support and maintenance business segment, and others, which contributed 9.24 per cent and 2.71 per cent to the ADB’s total revenue respectively, also saw improvements during the quarter. In line with the top-line improvement, ADB’s profit before tax (PBT) also increased by 13.73 per cent to RM5.38 million as compared with RM4.73 million in the corresponding quarter of the previous year. The PBT margin stood strong at 39.33 per cent. Meanwhile, net profit came in at RM4.07 million, representing an increase of 11.03 per cent from RM3.66 million reported in Q1 FY23. ADB managing director Choo Yan Tiee said the company’s strong performance in the first quarter reflects the robust demand for its financial management solutions. “With the upcoming implementation of e-invoicing by August 1, 2024, we are prepared to seamlessly integrate this service, enabling our existing clients to easily adopt this enhancement without disrupting their operations. “This additional service aligns with the national mandate and enhances our product offerings, ensuring comprehensive financial management solutions, including streamlined invoicing processes, improved tax compliance, and optimised reporting capabilities. “The anticipated increase in demand for e-invoicing is poised to significantly contribute to our growth trajectory as businesses seek efficient and compliant solutions in the evolving digital landscape,” he said in a statement. Since the company’s listing on the ACE market last year, demand and enquiries for ADB’s solutions have risen, in line with its objectives for listing, bolstering the company’s confidence in driving regional expansion. The company’s results are bolstered by significant contributions from its core segments, including the distribution of financial management software and technical support and maintenance services. The geographical revenue distribution shows Malaysia as the primary revenue contributor, followed by a notable presence in Singapore. “While the company’s primary revenue contributor continues to come from Malaysia at 86.7 per cent, ADB has established a notable presence in Singapore. “We will continue to leverage government initiatives across Malaysia and other Southeast Asia countries to promote digital transformation. “With a firm commitment to innovation and regional expansion, ADB is well-positioned to navigate the growing demand for digital financial solutions,” he said. Looking forward, ADB is optimistic about the growth prospects for the remainder of the year, which will be driven by ongoing digital transformation initiatives and the anticipated growth in the financial management software industry. With the integration of e-invoicing services, ADB’s approximately 210,000 client base will also benefit from the design that streamlines their invoicing processes, enhances compliance and improves overall efficiency. “This development presents substantial growth opportunities for the company, as we anticipate increased demand and further expansion in our market presence,” Choo said.

Investment & Market Trends

KAB Secures RM29.5 Million Engineering Contract from Mah Sing Group

/

KUALA LUMPUR: Sustainable energy and engineering solutions provider Kinergy Advancement Bhd (KAB) has bagged another engineering contract worth RM29.5 million from Mah Sing Group Bhd (Mah Sing). This marks the 14th contract won by KAB, following the M Nova project announced on December 5, 2023. In March, Pembinaan Bintang Baru Sdn Bhd (PBB) also firmly appointed KAB as their sub-contractor for electrical works for a contract worth RM9.8 million. These contracts highlight KAB’s 27-year reputation as an electrical specialist in the engineering sector, even as the company has transformed into a leading player in the energy industry, specifically in the realm of sustainable energy solutions (SES). Both contracts, valued at RM39.3 million, have been awarded to KAB in recognition of its valued engineering work and comprehensive range of electrical services for residential development over the years. KAB executive deputy chairman and group managing director Datuk Lai Keng Onn said the latest contract win marks the company’s 14th project for property giant Mah Sing and 13th for Bintang Baru. “Our expertise and reputation in the engineering field remain strong with returning and regular reputable clients. “Their trust in our competence and capabilities to drive the success and excellence of their esteemed projects keeps us optimistic. “We believe that the engineering sector will continue to sustain itself and play a pivotal role as one of the enablers to the company’s growth,” he said in a statement. Over the past 27 years, KAB has successfully executed 119 projects spanning residential, industrial, and commercial developments. The company’s engineering segment boasts an order book balance of approximately RM166.0 million and pending tenders worth RM153.8 million. This strong foundation also positions KAB favourably to benefit from Malaysia’s revitalised infrastructure development, increased demand for residential, commercial, and industrial projects, and heightened investment in infrastructure projects. With these new contracts, KAB is poised to continue its trajectory of success in the engineering sector.  

Uncategorized

Powerwell Holdings’ FY24 PAT Tripled to RM19.71Mil, Targets Data Centre Sector Growth in FY25

/

KUALA LUMPUR: Leading innovator in electrical solutions Powerwell Holdings Bhd (PHB), posted record-high earnings for the financial year ended March 31, 2024 (FY24), underscoring the company’s strategic success and operational excellence. The company posted a net profit of RM19.71 million for the year, nearly tripling the previous year’s net earnings of RM6.81 million. This marks the highest annual profit in the company’s history, showcasing a remarkable growth trajectory since its listing on the ACE market of Bursa Malaysia in 2020. The company’s robust earnings growth was fueled by heightened profitability from several high-value projects, including notable ventures such as the semiconductor plant, solar power plant, and data centres. These projects contributed to an increase in the gross profit margin, which rose to 29.7 per cent this year from 15.5 per cent in the previous period. This profitability was further enhanced by reduced operating expenses, partly attributed to the write-off of intangible assets connected to the enterprise resource planning (ERP) system costs incurred in the prior year. Meanwhile, the company’s revenue saw a slight dip to RM154.77 million from RM159.09 million, primarily attributed to a reduction in projects delivered within the current financial year. This was notably influenced by the near completion of the semiconductor plant project, which had previously bolstered earnings. Despite this downturn, PHB showcased its resilience by securing substantial revenue from several high-value projects. These included a solar power plant project in Bangladesh and various data centres and commercial properties projects, which contributed significantly to the overall financial performance during this period. For the fourth quarter (Q4) FY24, the company achieved a net profit of RM6.46 million, more than doubling the RM2.80 million from the same quarter last year. The PBT for the quarter rose impressively to RM8.60 million from RM3.52 million, reflecting robust management and strategic execution. PHB executive director Catherine Wong said the company’s landmark achievements this financial year demonstrated its strategic prowess and commitment to operational excellence. “Our record-high profit after tax reflects our ability to manage high-value projects and adapt to market demands effectively. “This success is a testament to the hard work and dedication of our team across all levels of the organisation. “As we move forward, we remain focused on sustaining our growth trajectory and enhancing shareholder value through innovative solutions and prudent management practices,” she said. Looking forward, PHB is optimally positioned to capitalise on the accelerated growth of the data centre market in Malaysia and Southeast Asia, a region experiencing exponential demand for cloud services and digital transformation. With the Malaysian market projected to attract US$2.25 billion in investments by 2028, PHB’s recent acquisition of purchase orders worth RM57.61 million for a significant data centre project in Selangor highlights its strategic role in this expanding sector. Additionally, PHB has declared and approved the payment of a third single-tier dividend of 1.0 sen per ordinary share in respect of FY24, payable on July 30, 2024, bringing the total dividend payout for FY24 to 3.0 sen per ordinary share. “This distribution is part of our broader financial management strategy to reward our investors while maintaining ample resources to fund future growth initiatives,” Catherine said. As of March 31, 2024, PHB has a robust cash balance of RM88.1 million, up significantly from RM49.7 million the previous year. This allows the company in a strong position to pursue strategic growth opportunities through mergers and acquisitions and investment to enhance its technological capabilities and expand its market footprint. “With a strong financial position, this allows PHB to be agile and responsive in a dynamic market environment including pursuing strategic acquisition opportunities to accelerate our growth,” Catherine added.

Icon-facebook Icon-instagram-1 Linkedin
  • Sitemap

Copyright © 2024 The Exchange Asia. All rights reserved. Powered by Web Design Malaysia.

Scroll to Top

Subscribe
FREE Newsletter