KUALA LUMPUR (July 27): TH Heavy Engineering Bhd (THHE) has appointed Mohamed Niza Abu Bakar as its new executive director, effective July 30.

Mohamed Niza, 45, has served top managerial roles in a number of companies in the fields of manufacturing including pharmaceuticals, healthcare products, as well as metal and plastic parts.

Currently a corporate advisor, he served as group chief financial officer for Chulia Life Sciences Sdn Bhd in 2017-2018, and now-delisted Biosis Group Bhd before that.

He was also CEO of the Federation of Investment Managers Malaysia, and has served other organisations including Tracoma Holdings Bhd and Newbina Engineering Sdn Bhd. Mohamed Niza once served as a senior executive in Bank Negara Malaysia.

Last month, THHE, currently a Practice Note 17 company, received the nod from Bursa Malaysia Securities Bhd to extend its regularisation plan submission deadline for the fourth time — from April 23 to Oct 22 this year.

THHE shares closed up one sen or 8.7% at 12.5 sen today, valuing the oil and gas fabrication group at RM134.35 million.

The group has been profitable for seven consecutive quarters, but operating cashflow remained in negative territory.

Net gearing remains high at 1.68 times, with high payables of RM299.26 million and short-term borrowings of RM98.64 million, on the back of RM20.83 million cash as at end-March. Cumulative losses stood at RM576.57 million, from RM579.07 million during the same period last year.

For the first quarter ended March 31, 2020, net profit rose 0.7% to RM2.5 million from RM2.48 million, as revenue rose 64.24% to RM18.94 million from RM11.53 million, on higher piles works fabrication activities.