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The Sun
26-05-2025
- Business
- The Sun
WTEC Group targets operational efficiency, long-term growth post IPO
KUALA LUMPUR: Manufacturer of foam and non-foam products, WTEC Group Bhd reported a revenue of RM11.2 million for the first quarter (Q1) ended March 31, 2025 (FY25), with its core manufacturing segment contributing approximately 89.7% and trading activities accounting for the remaining 10.3%. The company achieved a gross profit (GP) of RM3.6 million, translating into a stable GP margin of approximately 32.5%. There are no comparative figures for the preceding corresponding quarter and period, as this is the company's first interim financial report, which is being announced in compliance with Bursa Malaysia's ACE Market Listing Requirements. WTEC Group's profit before tax (PBT) was RM1.5 million, while profit after tax (PAT) was RM1.1 million, translating to a PBT margin of approximately 13.5% and a PAT margin of approximately 10.2%. On an adjusted basis, after excluding one-off listing expenses of RM0.2 million, WTEC Group's adjusted PBT and PAT amounted to RM1.7 million and RM1.3 million, respectively. This represents an adjusted PBT margin of approximately 14.8% and an adjusted PAT margin of approximately 11.5%. Group managing director Tan Kok Kheng said following the recent listing, the company is committed to strengthening its position in the manufacturing sector by enhancing both its manufacturing capacity and operational efficiency. 'The continued expansion of Malaysia's automotive, electrical, and electronics industries provides a supportive backdrop for demand in our foam and non-woven fabric products. 'To capitalise on this growth, we are investing in a new ready-built manufacturing facility that will consolidate multiple facilities to improve efficiency, streamline production, and provide the space needed to install new machinery and equipment we plan to purchase. 'The new facility is targeted to commence operations in the second quarter of 2026. 'At the same time, we acknowledge the global trade uncertainties stemming from the recent imposition of reciprocal tariffs by major economies. 'However, our exposure remains limited. Most of our revenue is derived from the Malaysian market, while most international orders are not destined for the US market. 'This domestic-centric revenue base provides insulation against global tariff impacts and supports our continued pursuit of stable, long-term growth,' Tan said. To recap, WTEC Group was listed on the ACE Market of Bursa Malaysia on April 29, 2025 and had successfully raised RM22.5 million through its initial public offering exercise. WTEC Group was listed on the ACE Market of Bursa Malaysia on April 29, 2025 and had successfully raised RM22.5 million through its initial public offering exercise.
Daily Express
21-05-2025
- Daily Express
Five arrested in RM300,000 graft case over fraudulent loan approvals
Published on: Wednesday, May 21, 2025 Published on: Wed, May 21, 2025 Text Size: SANDAKAN: The Malaysian Anti-Corruption Commission (MACC) has arrested five men, including a former officer of a financial institution, suspected of receiving RM300,000 in bribes to facilitate fraudulent loan approvals. The suspects, aged between their 20s and 40s, were detained between 2pm and 7pm today at the MACC office here. Initial investigations revealed they had been involved in approving RM11.2 million in loans for 39 applicants between 2022 and 2024 using forged supporting documents. Sabah MACC Director Datuk S Karunanithy confirmed the arrests, saying the case is being investigated under Section 16(a)(A) of the MACC Act 2009 for accepting bribes concerning official duties. He added that the operation was carried out in collaboration with an internal audit unit of a local financial institution, and remand applications will be made at the Sessions Court here tomorrow (Thursday). * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
21-05-2025
- New Straits Times
Ex-banker among five nabbed in RM11.2mil loan fraud probe
SANDAKAN: The Malaysian Anti-Corruption Commission (MACC) has detained five men for allegedly accepting bribes amounting to approximately RM300,000 from a company owner. One of the suspects is a former officer from a financial institution. The bribes were allegedly received as an inducement to approve financial loan applications using falsified supporting documents. MACC in a statement said the suspects, aged between their 20s and 40s, were arrested between 2pm and 7pm today at the MACC office in Sandakan. Preliminary investigations revealed that the suspects are believed to have been involved in corrupt activities between 2022 and 2024, involving the approval of loans worth a total of RM11.2 million to 39 applicants. Sabah MACC director Datuk S. Karunanithy said the case will be investigated under Section 16(a)(A) of the MACC Act 2009 for accepting bribes as an inducement to perform acts related to official duties. He said the arrests were the result of a joint effort between MACC Sabah and the Internal Audit Unit of a local financial institution. A remand application for all suspects will be filed at the Sandakan Sessions Court tomorrow to facilitate further investigations.
