Latest news with #RM25.2
The Sun
22-05-2025
- Business
- The Sun
Sorento Capital delivers strong Q3 FY25 performance with RM8.1m PBT
KUALA LUMPUR: Bathroom and kitchen sanitary ware solution provider Sorento Capital Bhd posted a revenue of RM41.1 million for the third quarter (Q3) ended March 31, 2025 (FY25) with a profit before tax (PBT) of RM8.1 million and a net profit of RM6.3 million. This translates to a PBT margin of 19.7% and a net profit margin of 15.3%. There are no figures to compare with the same quarter last year because this is only the third interim financial report prepared to meet Bursa Malaysia's ACE Market listing requirements. For 9M FY25, the company reported a PBT of RM25.2 million and net profit of RM18.3 million, against revenue of RM135.9 million. On an adjusted basis, after excluding one-off IPO listing expenses of RM3.1 million incurred during the nine-month period, Sorento Capital's adjusted PBT and net profit would have been RM28.3 million and RM21.5 million respectively. This represents a PBT margin of 20.8% and a net profit margin of 15.7%. Managing director Loo Chai Lai said the company's growth strategy remains centred on expanding its dealer network. 'We plan to recruit approximately 200 new dealers over the next three years, building on our existing base of 664 dealers in FY24. 'As of the first nine months of FY25, we have already added 96 new dealers. This expansion will further enhance our market reach and ensure nationwide accessibility to our products,' he added. Industry prospects remain positive, supported by rising disposable incomes and growing lifestyle expectations, which are expected to drive increased bathroom and kitchen renovation spending. The rise in residential and commercial construction activities further supports the positive industry outlook. Government-led infrastructure initiatives, covering tourism infrastructure and public housing, are expected to drive demand for bathroom and kitchen sanitary ware solutions. In line with this trend, Sorento Capital is expanding its footprint across key building segments, including residential projects, hotels, office buildings, and both new build and renovation developments. By actively participating in a broader range of project types, the company aims to diversify its revenue base and tap into emerging market opportunities. Sorento Capital maintained a healthy net cash position, with cash and cash equivalents of RM56.7 million as at March 31, 2025, exceeding total loans and borrowings of RM4.1 million. This was further supported by a robust net operating cash inflow of RM16.8 million for 9MFY25. With a minimal debt profile, Sorento Capital can capitalise on future growth opportunities while delivering consistent value to its shareholders. To recap, Sorento Capital was listed on the ACE Market of Bursa Malaysia on October 28, 2024, and successfully raised RM57.4 million. Sorento Capital is expanding its footprint across key building segments, including residential projects, hotels, office buildings, and both new build and renovation developments.
The Sun
05-05-2025
- Business
- The Sun
US-based Scorpius exploring halal-compliant biomanufacturing facility in Malaysia
KUALA LUMPUR: Scorpius Holdings Inc, a United States-based integrated contract development and manufacturing organisation, is exploring the establishment of a halal-compliant biomanufacturing facility in Malaysia as part of its international expansion strategy. In a statement, the company said discussions with key Malaysian stakeholders and regulatory authorities are underway to potentially set up a local subsidiary aimed at serving regional and global demand for halal-certified biopharmaceutical products. This initiative aimed to address a critical gap in access to halal-certified biologics for the global Muslim population, which is significantly underserved. Its CEO, Jeff Wolf, said the move is part of Scorpius' broader strategic restructuring to improve operational efficiency and drive long-term growth. 'We have proactively implemented structural changes to right-size our operations, including workforce reductions and the closing of our North Carolina facilities to consolidate operations in one location,' he said. The restructuring, which includes a 28% reduction in headcount and the realignment of non-core expenditure, is expected to generate over US$6 million (RM25.2 million) in annualised cost savings. Meanwhile, Science, Technology and Innovation Minister Chang Lih Kang welcomed the initiative, noting its alignment with Malaysia's ambition to become a global hub for halal biopharmaceutical innovation. To support this global push, Scorpius has appointed prominent Malaysian entrepreneur Tan Sze Thuan to its Board of Directors. Tan is World Total Logistics Sdn Bhd founder and CEO, and his experience in Southeast Asia's logistics and regulatory environment is expected to aid the company's regional expansion efforts. Scorpius continues to provide biologics manufacturing, process development, and analytical services to global clients while pursuing strategic alternatives to enhance shareholder value. – Bernama
Malaysian Reserve
02-05-2025
- Business
- Malaysian Reserve
CTOS counter at all-time low, expat management passing leadership baton
CREDIT reporting agency CTOS Digital Bhd, with its shares hitting near all-time low, is seeing the departure of its chief at a time when it missed targets for three consecutive quarters. In a report released on April 28, BIMB Securities maintained its 'Buy' call on the counter but loweredits 52-week target price (TP) to RM1.27 from RM1.33 to reflect its trimmed FY25 earnings. On the same day, HLIB Research downgraded the counter to a 'Hold' from 'Buy' on April 28 with a TP of RM1.10. CTOS closed at 99 sen on Wednesday, after hitting a 52-week high of RM1.51. For the first quarter ended March 31, 2025 (1Q25), CTOS's net profit plunged 31% to RM14.4 million on a turnover of RM76.1 million which was up 6% from the same period last year. The segment profit from the Malaysia operations decreased by 29% to RM17.8 million compared to RM25.2 million in the corresponding period, mainly due to higher sales but offset by higher operational expenditures, it told the exchange. On April 25, CTOS also informed Bursa Malaysia the impending departure of its group CEO Erick Hamburger 'to explore new career opportunities.' It said both sides have mutually agreed that Hamburger's last day of employment will be on Sept 30 and Erick will be on leave from May 1. Until a suitable candidate has been identified, CTOS said the board has appointed its non-independent director Kevin Loh Kok Leong as Interim GCEO with effect from May 1. In its report, BIMB Securities, a unit of Bank Islam Malaysia Bhd (BIMB), noted the resignation of Hamburger and group chief technical officer James Fancourt Mitchell. 'This development is not entirely surprising after CTOS missed targets for three consecutive quarters. A wave of staff departures and market chatter around a key shareholder-led overhaul was on-going. On the bright side, this is arguably the right moment for the expat management to pass the baton to leadership with deeper local roots,' it said. While the basics and foundations of the CRA model can be replicated easily from developed markets, it said long-term success ultimately hinges on local adaptation and customisations. On its outlook, it said the business should continue to expand, supported by solid macro drivers and established systems and its brand prominence. HLIB Research said it noted that CTOS' 1Q25 core profit fell 31% year-on-year (YoY) due to lower gross profit margin (weighed down by less favourable sales mix) and higher opex (rise in marketing and administrative costs). 'Overall, results were below expectations and thus, we cut FY25-26 earnings by 14-15%. Also, we introduced FY27 estimates and flagged a potential profit cliff that unfortunately requires a recalibration in investor expectations. As such, the stock's risk-reward profile is no longer as compelling as before,' it said. — TMR
The Sun
22-04-2025
- Business
- The Sun
HEB Group declares 1.46 sen dividend after posting record earnings in FY24
PETALING JAYA: Engineering and project management consultant HSS Engineers Bhd (HEB Group) declared a final single-tier dividend of 1.46 sen per share in respect of the financial year ended Dec 31, 2024 (FY24), compared to 1.21 sen per share paid out in the previous year (FY23). The FY24 dividend payout is estimated at RM7.4 million or about 30% of profit after tax (PAT), in line with the dividend policy targeted at 30% of annual PAT, subject to approval by shareholders at the group's annual general meeting on June 11. The dividend payment reflects the group's impressive financial results, with net profit increasing 23% to a record high of RM25.2 million in FY24 from RM20.4 million in FY23. The improved performance was fuelled by the group's expanding presence in international markets and deepening involvement in emerging sectors. Executive vice-chairman Tan Sri Kuna Sittampalam said: 'We are glad to reward our shareholders with higher dividends as we reap growing financial gains from our rising regional presence and diversified sector coverage. The historic net profit reflects the strength of our adept engineering services, deployed to transformational projects across various industries and countries.' Looking ahead, he said they aim to sustain their earnings momentum. 'We look forward to reprising our prominent role in transportation and water-related projects while accelerating our involvement in data centres, artificial intelligence-powered drone solutions, and renewable energy,' he said. As at Dec 31, 2024, the group's order book stood at RM2.1 billion and will be billed progressively over the next eight years. The order book, the biggest in the group's history, includes new contract wins in FY24 amounting to over RM900 million across various sectors and countries. Notable wins last year include Westports 2 Expansion Development Phase 1, two new data centre projects in Johor, the Phnom Penh-Bavet Highway in Cambodia and the group's largest-ever contract – the Baghdad Metro project in Iraq's capital. The group is actively pursuing more opportunities in the infrastructure sector, with a tender book of RM504 million worth of projects across the domains of highways, roads, rail, ports, water infrastructure, data centres, and renewable energy.
