Kossan, AirAsia, Globetronics, Nexgram, Omesti, KNM, TH Heavy Engineering, Brahim's and DNeX

Kossan, AirAsia, Globetronics, Nexgram, Omesti, KNM, TH Heavy Engineering, Brahim's and DNeX
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KUALA LUMPUR (July 27): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (July 28) include Kossan Rubber Industries Bhd, AirAsia Group Bhd, Globetronics Technology Bhd, Nexgram Holdings Bhd, Omesti Bhd, KNM Group Bhd, TH Heavy Engineering Bhd, Brahim's Holdings Bhd and Dagang NeXchange Bhd.

Kossan Rubber Industries Bhd reported a new record high quarterly net profit of RM1.06 billion for the second quarter ended June 30, 2021, more than eight times the RM131.06 million it registered a year earlier. It attributed this to a higher average selling price (ASP) and demand for its glove products, but warned that the ASP is set to fall, as countries across the globe ramp up vaccination against Covid-19. The glove maker's revenue surged by more than three times to RM2.24 billion, from RM701.68 million a year ago. It declared a second interim dividend of 12 sen per share, to be paid on Aug 26.

AirAsia Group Bhd said all four of its key operating entities posted year-on-year improvements for the second quarter (April to June), on the back of a low base in the corresponding quarter last year, when its fleet was hibernated amid the pandemic. It said AirAsia Malaysia's operations remained constrained due to the lockdown and restrictions on interstate travel imposed in January 2021, although it carried 64% higher number of passengers on 54% higher capacity, resulting in a four percentage points' increase in load factor to 64%.

Miniaturised optical sensors manufacturer Globetronics Technology Bhd saw its net profit jump 24.5% to RM6.25 million in the second quarter ended June 30, 2021, from RM5.02 million a year earlier, on higher volume loadings and a better mix of products. As a result, earnings per share rose to 0.93 sen from 0.75 sen. Quarterly revenue grew 3.3% to RM46.4 million, from RM44.91 million.

Nexgram Holdings Bhd's 51%-owned subsidiary, Tri-G Technologies Sdn Bhd, has received an operation notification letter from the government for the implementation of the Covid-19 quarantine process using the TracAPM digital system. The registration system, better known as SafeTravelPass Malaysia, is the country's official portal for Covid-19 entry registry and the booking of quarantine hotels.

Technology group Omesti Bhd has launched a programme to provide Covid-19 vaccination services to local companies as part of a nationwide drive to combat the virus. Dubbed OMESTI Healthcare Vaccin8 Programme, it is offered by Omesti's healthcare division and is authorised by the Jawatankuasa Khas Jaminan Akses Bekalan Vaksin Covid-19 and the Ministry of Health. Omesti has invested in Bemed Tempua Sdn Bhd, a pharmaceutical company which has been granted approval to acquire an initial allocation of one million doses of Sinovac vaccine from Pharmaniaga LifeScience Sdn Bhd.

KNM Group Bhd has obtained a loan facility worth up to RM128.75 million from Export-Import Bank of Malaysia Bhd. The fund aims to facilitate the issuance of bank guarantees for overseas projects undertaken by the company and its subsidiaries.

TH Heavy Engineering Bhd (THHE) has received an arbitration notice from Coral Intoil Sdn Bhd (CISB) over alleged failure to provide funding to a firm established by the two companies to bid for hook-up and commissioning (HUC) jobs. CISB has also claimed that THHE owes CISB the amount outstanding under the Kinabalu and Permas HUC projects. CISB is claiming general damages for alleged breach of the terms of the joint venture (JV) agreement for the Kinabalu project amounting to RM3.2 million, and special damages and general damages for alleged breach of term of the JV agreement for the Permas project amounting to RM12.64 million and CISB is also seeking liquidated damages on the Permas project commencing from Feb 1, 2015 to April 16, 2021, amounting to RM7.71 million.

Loss-making in-flight catering services provider Brahim's Holdings Bhd has engaged MHC Trading (M) Sdn Bhd to manage and operate its wholly-owned subsidiary Tamadam Industries Sdn Bhd's business in warehouse rental, bonded warehousing, freight forwarding and transportation services for a period of up to three years. This follows a proposal received from MHC, which is involved in retail sale of food products, to help turn around and grow the business of Tamadam.

Dagang NeXchange Bhd (DNeX), which has launched its digital trade and logistics platform known as SealNet to provide users one-stop cloud-based logistics and cross-border services, expects SealNet's revenue to grow about 300% from a low base as DNeX positions SealNet as a global digital trade connector. Its group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said SealNet is intelligently built to connect and digitalise components across global supply chains and logistics to enhance efficiency of transport and trade-facilitation mechanisms.

S Kanagaraju