Latest news with #RM4.3bil
The Star
28-05-2025
- Business
- The Star
Guan Chong optimistic on growth despite cocoa price uncertainties
KUALA LUMPUR: Guan Chong Bhd said the outlook for cocoa prices remains uncertain despite a slight decrease since early 2025. The group, one of the world's biggest cocoa processors, noted that prices continue to reflect market sensitivity to supply disruptions. 'While a slight reduction in demand is anticipated, the overall outlook remains uncertain, with potential for both stabilisation and continued volatility depending on future developments in production and global economic conditions,' it said. In the first quarter ended March 31, Guan Chong posted a slightly lower net profit of RM99.2mil, or earnings per share of 8.05 sen from RM101.3mil, or 7.83 sen a year ago. Revenue surged to RM4.3bil against RM1.87bil in the year-ago quarter. The increase of 130.2% in turnover is mainly due to a higher selling price for cocoa products. Guan Chong is closely monitoring market developments and taking proactive steps to secure a stable supply of cocoa beans to maintain uninterrupted factory operations. 'At the same time, the group is carefully managing its working capital to ensure adequate liquidity for efficient and seamless business performance. 'Looking ahead, the group will continue to focus on its core business of cocoa ingredient processing while also expanding into the higher-margin industrial chocolate market and optimising production in accordance with market conditions,' it said.
The Star
28-05-2025
- Business
- The Star
S'wak expecting RM14.2bil in revenue this year, state assembly told
KUCHING: Sarawak's revenue is projected to reach RM14.2bil this year, slightly surpassing the RM14.187bil collected last year, says Deputy Premier Datuk Amar Douglas Uggah Embas. He said RM4.3bil or 30% of the projected revenue had been collected as of April, with state sales tax contributing the highest amount at RM1.76bil. Other major sources of revenue included cash compensation in lieu of oil and gas rights (RM1.76bil), dividends (RM600mil), raw water royalty (RM229mil), interest income (RM250mil), forestry receipts (RM65mil), land premium (RM59mil) and federal grants and reimbursement (RM25mil). "Considering the challenging economic environment and geopolitical issues that are influencing the oil and gas markets globally, we foresee that our revenue projection for this year would be impacted," Uggah told the Sarawak Legislative Assembly in his winding-up speech on Wednesday (May 28). He also said the state had spent RM3.68bil or 27% of the approved ordinary expenditure as of April, while RM1.44bil or 13% had been spent on development expenditure. The expenditures are anticipated to increase in the later half of the year, coinciding with the progress of project execution, he added. "Given that this year marks the end of the 12th Malaysia Plan, it is imperative for all controlling officers and heads of departments to continue to be committed towards the successful delivery of programmes and projects which they are accountable and responsible for. "They must also be proactive in resolving any issues related to project implementation," he said.
The Star
14-05-2025
- Business
- The Star
Auditor flags going concern for Sapura Energy
KUALA LUMPUR: Sapura Energy Bhd 's external auditors Messrs. Ernst & Young PLT (EY) issued an unqualified audit opinion with a material uncertainty related to going concern in the independent auditors' report for the financial year ended Jan 31, 2025. In a filing with Bursa Malaysia, Sapura Energy said its auditor highlighted that the group's current liabilities exceeded its current assets by RM11.2bil and RM4.3bil respectively, and noted that the group is facing severe liquidity constraints. Nevertheless, EY said the financial statements of the group and of the company have been prepared on a going concern basis, the validity of which is highly dependent on the timely approvals, execution and completion of the proposed regularisation plan on or before the long stop date on March 11, 2026, which is necessary for the schemes of arrangement (SOA), the conditional funding agreement and the commercial settlements related to terminated engineering & construction (E&C) projects to take effect within the stipulated timeframe. In a separate statement, Sapura Energy said previously, in financial years 2022, 2023 and 2024, the external auditors also flagged material uncertainty related to going concern in the group and the company's financial statements. The material uncertainty included, amongst others, extensions of restraining orders, achieving favourable outcomes of the legal claims for terminated E&C projects and the successful and timely implementation of the proposed SOA with at least 75% approval from relevant scheme creditors in the court convened meetings. 'Over the years, Sapura Energy has been able to achieve these critical milestones, enabling the group to proceed with the finalisation of its proposed regularisation plan, with a target to submit to Bursa Malaysia in May 2025,' it said. Sapura Energy is currently preparing the circular in relation to the proposed regularisation plan for submission to Bursa in May 2025 and anticipates that the restructuring effective date will be achieved by August 2025 or latest by the longstop date.
