Latest news with #RM18mil
The Star
26-05-2025
- Business
- The Star
EVD secures RM18mil traffic system contract for East Klang Valley Expressway
PETALING JAYA: EVD Bhd has accepted a letter of acceptance (LOA) from WZR Property Sdn Bhd to perform sub-contract works pertaining to a traffic control and surveillance system on the East Klang Valley Expressway, worth RM18mil. In a filing with Bursa Malaysia, the system software company said the scope of works covers the supply of labour, materials and all necessary plants and machinery of the works. 'The contract is based on an overall completion period of 21 weeks from the date of commencement or within any extended period (if any) upon the sole discretion of the main contractor in writing.' The company said the commencement date will be on May 21, 2025. It added that Section 1 and Section2 (both, including internal testing and commissioning) will be completed by July 30 and Oct 30, 2025, respectively. 'The LOA is expected to contribute positively to the future earnings, earnings per share and net assets per share of the company over the duration of the contract. 'The LOA will not have any effect on the share capital and the shareholdings of the substantial shareholders of the company.'
The Star
21-05-2025
- Business
- The Star
PetChem dragged by O&D segment amid challenges
PETRONAS Chemicals managing director and chief executive officer Mazuin Ismail. PETALING JAYA: Petronas Chemicals Group Bhd (PetChem) sustained its operational performance with a plant utilisation rate of 94% in the first quarter of 2025 (1Q25), but its bottomline was weighed down by its olefins and derivatives (O&D) segment amid a challenging market landscape. 'To maintain our resilience and competitiveness amid the current industry downtrun, we remain focused on driving excellence. 'Our unwavering comitment to safe and efficient operations across all facilities continues, as we are currently undertaking repair and maintenance activities at several O&D and fertilisers and methanol (F&M) plants,' said PetChem managing director and chief executive officer Mazuin Ismail. He added that the group is closely monitoring the developments with regards to the US tariffs, and assessing their broader implications on overall market dynamics. During the quarter under review, the petrochemicals group recorded a RM18mil net loss, on the back of a revenue of RM7.66bil, which compares to a net profit of RM668mil and revenue of RM7.5bil in the year-ago quarter. The group said in a statement the O&D business had been affected by a utilities supply disruption in Kertih as well as reduced production in Pengerang Petrochemicals Company Sdn Bhd (PPC) due to feedstock unavailability. The segment subsequently reported a loss before interest, tax, depreciation and amortisation of RM43mil, primarily owing to lower contributions from PPC – mainly due to a lower plant utilisation rate and unrealised foreign exchange loss on revaluation of payables. Meanwhile, the group's fertilisers and methanol (F&M) segment saw an improvement in sales and earnings due to stronger product prices, which offset a slight decline in sales volume. 'Tight global supply and robust seasonal demand led to an increase in prices of approximately 13% and 5% for urea and methanol, respectively.' The segment's quarterly revenue rose slightly to RM2.5bil while earnings before interest, tax, depreciation and amortisation (ebitda) gained 22% quarter-on-quarter (q-o-q) to RM892mil, driven by improved product spreads. In the specialities segment, revenue rose 19% (q-o-q) to RM1.6bil on higher sales volumes. Ebitda rose to RM52mil on stronger contribution margins and sales volume.
The Star
20-05-2025
- Business
- The Star
PETRONAS Chemicals dragged by O&D segment amid headwinds
KUALA LUMPUR: PETRONAS Chemicals Group sustained its operational performance with a plant utilisation rate of 94% in the first quarter of 2025 (1Q25), but its financial bottomline was weighed down by its olefins and derivatives (O&D) segment amid a challenging market landscape. "To maintain our resilience and competitiveness amid the current industry downtrun, we remain focused on driving excellence. "Our unwavering comitment to safe and efficient operations across all facilities continue as we are currently undertaking repair and maintenance activities at several O&D and fertilisers and methanol (F&M) plants," said PETRONAS Chemicals managing director and CEO Mazuin Ismail. He added that the group is closely monitoring the developments with regards to the US tariffs, and assessing their broader implications on overall market dynamics. During the quarter under review, the petrochemicals group recorded a RM18mil net loss, on the back of revenue of RM7.66mil, which compares to a net profit of RM668mil and revenue of RM7.5mil in the year-ago quarter. The group said in a statement the O&D business had been affected by a utilities supply disruption in Kertih as well as reduced production in Pengerang Petrochemicals Company Sdn Bhd (PPC) due to feedstock unavailability. "These external issues, combined with the limited uplift in product prices amid industry oversupply, resulted in the O&D segment recording a 4% decrease in quarterly revenue to RM3.5bil," it said. The segment subsequently reported a loss before interest, tax, depreciation and amortisation (LBITDA) of RM43mil, primarly owing to lower contributions from PPC - mainly due to lower plant utilisation rate and unrealised foreign exchange loss n revaluation of payables. Meanwhile, the group's fertilisers and methanol (F&M) segment saw an improvement in sales and earnings due to stronger product prices, which offset a slight decline in sales volume. "Tight global supply and robust seasonal demand lead to increase in prices of approximately 13% and 5% for urea and methanol, respectively." The segment's quarterly revenue rose slightly to RM2.5bil while earnings before interest, tax, depreciation and amortisation (Ebitda) gained 22% quarter-on-quarter (q-o-q) to RM892mil, driven by improved product spreads. In the specialities segment, revenue rose 19% (q-o-q) to RM1.6bil due to higher sales volumes. Ebitda improved to RM52mil on stronger contribution margins and increased sales volume.
The Star
20-05-2025
- Business
- The Star
RM10.4mil fraud uncovered at federal dept
Tackling fraud together: Azam (centre) launching the Accounting Fraud Task Force in Kuala Lumpur. Also present were Wan Suraya (third right) and Nor Yati (third left). — Bernama KUALA LUMPUR: The Accountant General's Department (AGD) has uncovered a case of financial fraud involving a federal department, resulting in losses amounting to RM10.4mil. Accountant-General Nor Yati Ahmad said the case, which involved public servants, is among several identified between 2019 and 2024, with total losses estimated at RM18mil. 'Enforcement action has already been taken in connection with the case,' she told a press conference after the launch of the Accounting Fraud Task Force (KKFP) here yesterday, Bernama reported. Also present were Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki and Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi. Nor Yati said the fraud involved manipulation of financial systems and unauthorised changes to accounting procedures. She said the AGD is now taking proactive steps by using digital tools to analyse financial data and identify suspicious transactions or early warning signs. 'We're no longer relying solely on third-party reports. 'Technology-driven monitoring has become part of our standard operations and will continue to be strengthened,' she said. Meanwhile, in her speech, Nor Yati highlighted the increasing complexity of public sector accounting due to rapid technological and socio-economic developments, which require stronger collaboration across agencies. She said the setting up of KKFP aligns with the government's focus on integrity and good governance, and is expected to enhance fraud prevention efforts in the public sector. 'The AGD is fully committed to supporting KKFP through strategic collaboration with relevant agencies. 'With collective efforts and the sharing of best practices, we can significantly improve the detection and prevention of financial fraud,' she added.
The Star
06-05-2025
- Business
- The Star
Ivory to sell Penang asset for RM18mil
PETALING JAYA: Practice Note 17 (PN17) company Ivory Properties Group Bhd had inked a sale and purchase agreement with ENS Timah Sdn Bhd for the disposal of a commercial building in Georgetown, Penang for a cash consideration of RM18mil. In a filing with Bursa Malaysia, the group said proceeds from the sale of the 18,710 sq ft property would be used primarily for loan repayment with any surplus allocated as working capital. Ivory is expected to obtain a net gain of RM7.28mil from the proposed disposal, after taking into account the net book value of the property of RM10.72mil as of March 31, 2025. The transaction is also expected to reduce the group's gearing ratio from 2.19 times to 1.61 times and increase its net asset per share by RM1.49 sen, based on the latest audited financials as of March 31, 2024.
