KUALA LUMPUR (April 26): MARC Ratings has assigned the final ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Bhd’s RM300 million Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a stable outlook.
“The rating agency has reviewed the final documentation of the programmes, and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary ratings were based,” said the rating agency in a statement on Wednesday (April 26).
SkyWorld Capital — a funding vehicle of parent SkyWorld Development Bhd — undertook the sukuk issuance, and has extended an irrevocable and unconditional guarantee on the programme.
Earlier on Jan 31, MARC assigned the preliminary ratings to SkyWorld involving its strong project take-up rates and healthy operating margins due to a focused strategy of embarking on projects within populous urban areas that mitigates demand risk.
For financial year 2022 (FY2022), SkyWorld’s profit after tax jumped to RM104.29 million from RM63.31 million for FY2021, with revenue increasing to RM790.4 million from RM488 million due to accelerated completion of projects based on the resumption of economic activities following the easing of Covid-19 pandemic restrictions.