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New Straits Times
2 days ago
- Business
- New Straits Times
Cropmate posts RM3.5mil net profit on RM45.7mil revenue in Q2
KUALA LUMPUR: Cropmate Bhd posted a net profit of RM3.5 million for its second quarter ended June 30, 2025. The company recorded revenue of RM45.7 million during the quarter, with local sales contributing about 96.9 per cent to the total. Cropmate achieved a gross profit margin of 17.5 per cent for the period. It said pre-tax profit stood at RM4.6 million, compared with RM5.0 million in the preceding quarter, as revenue slipped 5.9 per cent due to lower sales volume of fertilisers. Cropmate said its performance was mainly underpinned by sales to oil palm plantations and durian orchards. Looking ahead, the company said demand for fertilisers is expected to remain largely dependent on the performance of the plantation and food crop sectors. It added that any changes in political, social and economic conditions, including tariffs or trade restrictions, could affect demand and disrupt supply chains. Cropmate managing director Lee Chin Yok said the company remains committed to enhancing operational efficiency, helping customers boost productivity, and driving its growth initiatives. The company had used RM23.2 million from the RM42 million raised through its initial public offering. The proceeds were channelled towards working capital, capital expenditure and listing expenses. Cropmate said it is advancing its strategic expansion plan, which includes the proposed acquisitions of Factory Lots 8949 and 8950 and the planned disposal of Lot 51.
New Straits Times
16-06-2025
- Business
- New Straits Times
Two retirees lose over RM1.1 million in separate online investment scams
SEBERANG PRAI: Police have launched investigations into two separate cases of online investment fraud that cost two retirees a combined total of RM1,148,370, highlighting the growing threat of financial scams targeting unsuspecting victims via social media platforms. State police chief Datuk Hamzah Ahmad said in the first case, a 55-year-old retiree of a private company in Prai lodged a report with the Commercial Crime Investigation Department of the Seberang Prai Tengah district police headquarters after being duped by an investment scheme operated by a company known as Freeman Ltd. Hamzah said that based on the victim's report, he came across an advertisement on Facebook in early April and was lured by promises of high returns - seven per cent on each investment within a short period. "Communicating with the female suspect via WhatsApp, the victim was instructed to download the Freeman Ltd app, register as a member, and invest through the platform. "Over a little more than a month, from April 19 to May 26, he made 22 money transfer transactions totalling RM827,120 to six different company bank accounts," he said in a statement tonight. Hamzah said the victim only realised he had been scammed when he was unable to withdraw his supposed profits, which the app showed as RM23.2 million. A police report was subsequently filed. In a separate but similar case, the Seberang Prai Utara district police received a report from a 56-year-old retired factory technician who lost RM321,250 in an online scam linked to a company called Demax Global. Hamzah said that according to the victim's report, he came across an investment advertisement on Instagram in December last year, offering a 30 per cent return within three months. "The victim also communicated with a female suspect via WhatsApp and was instructed to download the Demax Global app to begin investing. "On March 21 this year, he made his first investment of RM20,000 and, within a few months, received a return of RM14,150, which encouraged him to continue investing. "Between March 27 and June 3, he made 11 transactions into four different bank accounts linked to the scheme. "The scam came to light when the victim was unable to withdraw the displayed profits of RM280,000. When he attempted to make a withdrawal, the suspect demanded a withdrawal fee of RM120,000. "The victim proposed that the fee be deducted from his account balance, but the suspect refused and insisted that the payment be made separately," he added. Realising he had been deceived, Hamzah said the victim lodged a police report. Both cases are being investigated under Section 420 of the Penal Code, which deals with cheating and dishonestly inducing the delivery of property.
