Latest news with #RM3.5bil
The Star
5 days ago
- Business
- The Star
SunCon wins RM1.2bil deal
SunCon said the works are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2025 onwards. PETALING JAYA: Sunway Construction Group Bhd (SunCon) has accepted work orders from a multinational technology company headquartered in the United States in respect of the provision of general contractor works for two data centre projects, worth RM1.16bil. In a filing with Bursa Malaysia, the company said the works are scheduled to commence immediately, with final completion expected by February 2027. 'The works will not have any effect on the share capital and substantial shareholders' shareholding of SunCon as it does not involve any allotment or issuance of new shares by SunCon. 'The works are not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of SunCon for the financial year ending Dec 31, 2025.' However, barring any unforeseen circumstances, SunCon said the works are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2025 onwards. 'As of today, SunCon group's total outstanding order book stands at RM7.9bil. This includes new projects secured to date this year, totaling RM3.5bil, which encompasses the above mentioned works.'
The Star
5 days ago
- Business
- The Star
IJM Corp upbeat about construction activity
IJM Corp group chief executive officer and managing director Datuk Lee Chun Fai. PETALING JAYA: IJM Corp Bhd is confident of delivering satisfactory operational performance for the financial year ending March 31, 2026 (FY26). In a statement, group chief executive officer and managing director Datuk Lee Chun Fai said the group's RM7.6bil outstanding order book would be complemented by a further RM3.5bil from its 50% acquisition of JRL Group post the financial year-end, strengthening its construction capabilities and expanding our presence in the United Kingdom. 'Looking ahead, IJM Corp is well-positioned to benefit from national growth priorities such as infrastructure investment, the development of special economic zones in Johor and the rising demand for digital infrastructure.' For the fourth quarter ended March 31, 2025 (4Q25), IJM Corp's net profit dipped to RM128.95mil from RM305.52mil in the previous corresponding period, while revenue rose to RM1.79bil from RM1.76bil a year earlier. For FY25, IJM Corp's net profit dropped to RM403.38mil from RM600.28mil in the previous corresponding period, while revenue grew to RM6.25bil from RM5.92bil previously. IJM Corp said the construction division remained the key revenue contributor, supported by a high level of construction activity, while the industry division continued to benefit from a strong order book and the ongoing rollout of data centres and infrastructure projects. The group's improving outlook is further supported by resilient property sales in FY25, sustained unbilled sales, and steadfast efforts to grow its business, backed by strategic locations of its developments and the strength of its established brand. The property division recorded RM1.5bil in sales for FY25, supported by unbilled sales of RM1.5bil. According to Lee, the group is also positioning its overseas property portfolio as a key engine for growth. 'The redevelopment of 25 Finsbury Circus presents a rare opportunity to transform a historic landmark into a modern, high-performance workspace. 'The building is undergoing a sustainability-led refurbishment that will increase its total footprint by 26%. 'Securing a 20-year lease with an international law firm enhances our recurring income profile and affirms the long-term potential of our UK property strategy,' Lee said. Additionally, IJM Corp said that Kuantan Port recorded lower cargo throughput in FY25, achieving 24.3 million tonnes. 'However, the long-term growth prospects for the port remain strong, underpinned by new foreign direct investments at the Malaysia-China Kuantan Industrial Park (MCKIP). 'The government's continued infrastructure investment in the region, particularly via the East Coast Rail Link, reinforces Kuantan Port's role as a strategic logistics and trade hub for the East Coast,' he said. As the port operator and infrastructure enabler, IJM Corp said it is well-positioned to benefit from the growing industrial activity and cargo throughput driven by MCKIP. Commenting on the group's FY25 performance, Lee said: 'Despite external headwinds, our results underscore the group's operational resilience and progress on key strategic fronts.' 'We remain focused on execution, strengthening fundamentals, and driving long-term growth across all business divisions,' he added.
The Star
5 days ago
- Business
- The Star
SunCon wins RM1.16bil job
PETALING JAYA: Sunway Construction Group Bhd (SunCon) has accepted work orders from a multinational technology company headquartered in the US in respect of the provision of general contractor works for two projects, worth RM1.16bil. In a filing with Bursa Malaysia, the company said the works are scheduled to commence immediately, with final completion expected by February 2027. 'The works will not have any effect on the share capital and substantial shareholders' shareholding of SunCon as it does not involve any allotment or issuance of new shares by SunCon. 'The works are not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of SunCon for the financial year ending Dec 31, 2025.' However, barring any unforeseen circumstances, SunCon said the works are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2025 onwards. 'As of today, SunCon group's total outstanding order book stands at RM7.9bil. This includes new projects secured to date this year, totaling RM3.5bil, which encompasses the above mentioned works.
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
22-04-2025
- Business
- The Star
Another ‘Tan Sri' nabbed
KUALA LUMPUR: Another 'Tan Sri' and a 'Datuk Seri' are the latest arrests under Ops Northern Star, which has now seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme being seized. IGP secretariat's Anti-Money Laundering (AMLA) division head Comm Datuk Muhammad Hasbullah Ali said the 'Tan Sri' and 'Datuk Seri' were among five caught during the second round of arrests between April 18 and April 21. This brings the number of suspects arrested to 13, with eight previously caught between March 21 and April 5. 'They (the latest arrested) have been remanded for between five and six days to assist investigations,' Comm Muhammad Hasbullah told a press conference at the division's headquarters here yesterday. Among the assets seized this round were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he said. All these assets were believed to have been purchased or had links to the proceeds from the scheme's illegal gains. Investigations showed that the 'Tan Sri', a businessman, had been acting as both partner to the investment scam and a proxy to the victims. As of now, no other 'influential figures' such as politicians are on the police's radar and others who were being pursued are businessmen, said Comm Muhammad Hasbullah. Previously, the police arrested another 'Tan Sri' and further checks showed that he had no direct links to the scam, but he had actually attempted to swindle one of the suspects. Investigations showed that the 'Tan Sri' had offered to make the suspect's case 'go away' for RM25mill. 'The suspect had paid RM10mill as a deposit,' said Comm Muhammad Hasbullah, adding that the suspect told the police of the deal when he was arrested. The 'Tan Sri' was later picked up following the suspect's police report. Comm Muhammad Hasbullah explained that the MBI investment scheme scam had been investigated for around eight years, but only six police reports had been lodged in Malaysia. Several reports had been retracted by the complainants. 'From what we have received from the Interpol Red Notice, there were around 11 million victims from neighboring countries,' he said. He also said it is possible that more assets would be seized as investigations continue. 'We believe the total could go up to several more billions.' To date, the seizures in Ops Northern have totalled RM3.5bil, among which are a hotel, a developer's office and a palm oil factory. On April 11, Inspector-General of Police Tan Sri Razarudin Husain said eight suspects, including those with the title of 'Datuk', had been arrested as part of investigations into the MBI investment scam. Last year, fugitive businessman and founder of MBI, Penang-born Tedy Teow, was extradited to China from Thailand to assist in investigations there on scammed Chinese nationals. Investors claimed that some two million in China had been cheated by Teow involving a sum of 500 billion yuan (RM307bil). Some of the investors flew to Malaysia to search for Teow in 2019 in a bid to recover their investments into MBI's online pyramid scheme. Through Interpol, the Chinese police sought to arrest Teow by issuing a red notice on Nov 9, 2020. Teow operated a hotel, theme park, furniture business, property development and entertainment complexes, including a resort in Danok near the Thailand-Malaysia border. He also built a sprawling business empire from dubious online investment schemes that attracted investors from China, Thailand, Malaysia, Indonesia and Macau. Thai police arrested Teow on July 21, 2022, for allegedly operating an online casino and money laundering operation after raiding MBI's office in Songkhla.
