Advanced Packaging Technology, Artroniq, Petronas Gas, Pos Malaysia, Yinson, Kronologi Asia, Apollo Food, Hiap Teck Venture, Kim Loong Resources, LB Aluminium and SCGM

Advanced Packaging Technology, Artroniq, Petronas Gas, Pos Malaysia, Yinson, Kronologi Asia, Apollo Food, Hiap Teck Venture, Kim Loong Resources, LB Aluminium and SCGM
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KUALA LUMPUR (March 29): Here is a brief look at some of the corporate announcements and news flow on Tuesday (March 29), involving Advanced Packaging Technology (M) Bhd, Artroniq Bhd, Petronas Gas Bhd, Pos Malaysia Bhd, Yinson Holdings Bhd, Kronologi Asia Bhd, Apollo Food Holdings Bhd, Hiap Teck Venture Bhd, Kim Loong Resources Bhd, LB Aluminium Bhd and SCGM Bhd.

Advanced Packaging Technology (M) Bhd (APT) has proposed a reorganisation under which a newly formed company — Greater Bay Holdings Bhd — will take over its issued share capital and assume its listing status. Under the proposal, APT will cease its function as the listed vehicle within the APT Group and continue as an investment holding company, as well as an operational company carrying out its existing business of manufacturing and distributing flexible packaging materials. Besides the reorganisation, APT has also proposed a share split involving the subdivision of every one existing share into four subdivided shares.

Artroniq Bhd (formerly known as Plastrade Technology Bhd), responding to an unusual market activity (UMA) query by Bursa Securities, said it is in the midst of discussions to acquire an ICT company and monetise its manufacturing business. Artroniq is involved in the manufacturing of compounds for power cables and distributing ICT products. It added that details have yet to be finalised at this juncture.

Local gas demand from the non-power sector is expected to increase post-Covid-19 when local industries return to peak operation, said Petronas Gas Bhd. Chairman Adnan Zainol Abidin said the increase in demand would be supported by the availability of upstream pipeline gas supply as well as liquefied natural gas imports. 

Pos Malaysia Bhd said it will be increasing its fuel surcharge by 5% for shipments that move between Peninsular Malaysia and Sabah/Sarawak, effective on April 1. With the ongoing tension and very unfortunate events taking place in Ukraine, jet fuel price has surged sharply recently. 

Yinson Holdings Bhd has posted a 3% drop in net profit to RM65 million for the fourth quarter ended Jan 31, 2022 from RM67 million in the previous year's corresponding quarter, mainly due to higher financing costs arising from the drawdown of a RM1 billion sukuk in December 2021 and fair value losses on investments of RM29 million. Quarterly revenue fell 40.58% to RM741 million from RM1.25 billion on the back of scheduled lower progress in engineering, procurement, construction, installation and commissioning business activities.

Kronologi Asia Bhd's net profit for the financial year ended Jan 31, 2022 jumped 16-fold to RM23.77 million versus RM1.42 million a year earlier, on the back of higher revenue of RM308.01 million against RM265.49 million. For the fourth quarter, net profit rose 15% year-on-year to RM6.59 million from RM5.72 million on revenue of RM99.53 million versus RM98.81 million. 

Apollo Food Holdings Bhd's net profit for the third quarter ended Jan 31, 2022 almost doubled by 44.73% to RM5.08 million from RM3.51 million last year due to higher sales. Its quarterly revenue also improved by 26.28% to RM54.28 million from RM43.01 million.

Hiap Teck Venture Bhd posted a 6% decline in its net profit to RM28.24 million for the second quarter ended Jan 31, 2022, from RM30.05 million in the previous year’s corresponding quarter, due to lower sales. Revenue was 6% lower at RM333.21 million, from RM356.02 million.

Kim Loong Resources Bhd’s net profit for the fourth quarter ended Jan 31, 2022 jumped more than three folds to RM31.55 million from RM10 million a year ago, driven by higher palm oil prices. Its revenue soared 95.31% to RM495.57 million from RM253.74 million a year ago. It proposed a dividend of 5 sen per share, bringing its payout in the full-year to 14 sen per share, from 10 sen per share the year before.

LB Aluminium Bhd's net profit fell marginally by 0.58% to RM14.79 million for the third quarter ended Jan 31, 2022, from RM14.88 million a year earlier, due to a higher tax provision and losses in its property business. Revenue for the quarter, however, rose 36.6% to RM197.11 million from RM144.30 million, on higher average selling prices recorded by the aluminium segment amid a rise in global aluminium prices.

Food packaging manufacturer SCGM Bhd posted a 22.46% decline in net profit for the third quarter ended Jan 31, 2022 to RM6.28 million from RM8.1 million a year ago, mainly dragged by higher prices of resin, additives, chemicals and packaging. Revenue rose 14.06% to RM71.31 million from RM62.53 million a year prior, carried by higher local and export sales. The group declared a third interim dividend of 1.4 sen per share to be paid on April 28.

S Kanagaraju