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New Straits Times
21-05-2025
- Business
- New Straits Times
SP Setia's Q1 earnings dip 13pct on softer land sales, overseas slowdown
KUALA LUMPUR: SP Setia Bhd's net profit for the first quarter ended March 31, 2025, fell 13 per cent to RM67.02 million from RM77.33 million a year earlier, as lower land sales and reduced contributions from its international operations weighed on performance. Revenue for the quarter dropped 48 per cent to RM770.70 million from RM1.48 billion a year earlier, the group said in a filing with Bursa Malaysia. "This decline is primarily due to lower revenue from land sales and contributions from Australia and Vietnam following the substantial handovers of completed projects in 2024. "Additionally, domestic property development revenue in the current quarter was also lower," it added. Group president and chief executive officer Datuk Choong Kai Wai said the quarter was marked by slower overseas performance but noted resilience in key domestic corridors. "Our local sales continue to gain traction, led by strong demand in the Central and Southern regions. We remain confident in achieving our RM4.8 billion sales target this year," he said. Pre-tax profit declined to RM141.47 million from RM181.20 million, in line with the lower revenue, with land sale contributions easing to RM52 million from RM64 million in the same quarter last year. Despite the topline contraction, earnings from the group's investment properties and hotel operations grew, helping to cushion the impact. "Pre-tax for the quarter improved year-on-year mainly due to higher contributions from investment properties and hotel operations," the group said. SP Setia booked new sales of RM718 million in the quarter, with local projects accounting for RM489 million or 68 per cent. International sales, largely from Australia and Vietnam, made up RM229 million. Choong said the group would maintain its strategic focus on township developments and land monetisation to drive growth. "We are progressing steadily with our RM5.1 billion planned launches in property development and RM300 million in industrial developments," he added. As of end-March, the group held unbilled sales of RM3.8 billion across 42 ongoing projects. Its land bank stood at 5,364 acres with a remaining effective gross development value of RM120.1 billion. No interim dividend was declared for the quarter.
New Straits Times
20-05-2025
- Business
- New Straits Times
Hartanah Kenyalang poised for growth amid Sarawak infrastructure boom
KUALA LUMPUR: Hartanah Kenyalang Bhd's earnings are expected to grow at a two-year compound annual growth rate (CAGR) of 16 per cent, according to Public Investment Bank Bhd (PublicInvest). In a note, the firm said this will be supported by a robust order book and continued government infrastructure spending in Sarawak. "We derive a fair value of RM0.22 by applying 11 times the forecast price-to-earnings ratio (PER) for financial year 2026 (FY26), which represents an approximately 20 per cent discount to the forward PE multiple of 14 times for Bursa's Construction Index. "This account for the group's positive outlook but relatively smaller scale of business," it noted. Going forward, PublicInvest said key downside risks for the group include dependency on government spending in Sarawak, competition, and reliance on labour and subcontractors. Hartanah Kenyalang is a Sarawak-based construction services firm, well-positioned to benefit from steady construction growth in the state. Through its subsidiary, the group is principally involved in building construction services, focusing on institutional buildings such as schools and other public buildings, as well as other non-residential buildings, and infrastructure construction services, particularly bridges and roads. According to PublicInvest, the group is qualified to undertake high-value building and infrastructure construction services for government projects, mainly for public buildings, bridges and roads in Sarawak. The group plans to capitalise on Sarawak's RM10.9 billion development budget for 2025 and continue bidding for public sector projects, including schools and other purpose-built buildings, high-rise buildings, bridges, roads, and substations. Besides enhancing operational capacity and efficiency, the group also aims to expand its design and build services through building information modelling (BIM) investment. Between FY21 and FY24, Hartanah Kenyalang's net profit increased from RM4.8 million to RM9.2 million, registering a CAGR of 24 per cent in line with higher revenue. However, the net profit margin declined from 14 per cent in FY22 to seven per cent in FY24, while the gross profit margin decreased from 24 per cent in FY21 to 18 per cent over the same period. The decline was primarily due to the completion of the higher-margin Pan Borneo Highway Project, coupled with rising costs for construction materials, subcontractors, staff costs, finance costs and other operating expenses. The group is seeking a listing with an enlarged issued and paid-up share capital of 620 million shares on Bursa Malaysia's ACE Market. Pursuant to the initial public offering (IPO) listing, the group's market capitalisation is RM99.2 million based on its IPO price of 16 sen.
Malaysian Reserve
15-05-2025
- Automotive
- Malaysian Reserve
Proton trades old vehicles for new under RM4.8m Xchange Programme
KUALA LUMPUR — Owners of old vehicles are encouraged to exchange them for new Proton models under a RM4.8 million 'Proton Xchange Programme' the national car maker launched today in partnership with Car Medic Sdn Bhd. In a statement today, Proton Holdings Bhd said the campaign underscores its support for the government's initiative to enhance road safety and promote sustainable mobility. 'This programme is open to owners of all cars, regardless of brand. To ensure the programme meets its objectives, Proton and Car Medic have created a holistic solution that incentivises participants while ensuring the safe disposal of older vehicles. 'Proton will offer RM2,000 of overtrade support towards the registration of a new Proton vehicle, including the Proton 7, the best-selling EV model in Malaysia. The pilot programme will run until the end of December 2025,' it said. To qualify for the incentive, vehicles must be 15 years or older and deemed uneconomical to repair for continued safe usage. The new Proton vehicle or Proten must also be registered before the end of the year, Proton said in the statement. 'Any sedan cars, multi-purpose vehicles, vans, four-wheel drive, lorries, and buses meeting the abovementioned requirements are eligible for the programme, subject to meeting terms and conditions such as proof of ownership,' it said. 'Vehicle owners will need to provide a vehicle ownership certificate (VOC) for their new vehicle, together with a JPJK1KD form to prove their old vehicle has been officially deregistered by the Road Transport Department (RTD), and a certificate of destruction (COD) from Car Medic,' it said. Speaking during the event, Transport Minister Anthony Loke Siew Fook said the ministry supports the initiative and encourages more original equipment manufacturers to follow suit, applauding Proton for leading the way to promote safer, greener mobility. Meanwhile, Proton chief executive officer Dr Li Chunrong hope that the initiative can incentivise owners of older vehicles to replace them with new ones equipped with advanced safety features to minimise hazards on the road. — BERNAMA
New Straits Times
15-05-2025
- New Straits Times
Humanitarian NGO demands answers over Gigamax arrests
PETALING JAYA: The Malaysian International Humanitarian Organisation (MHO) has pressed police for an official update on the arrests of three suspects believed to be the main figures behind the Gigamax investment scam. The trio were reportedly detained at Kuala Lumpur International Airport on May 6. Despite the high-profile nature of the case, MHO said authorities have yet to issue a formal statement. "We have been given to understand that the suspects masterminded the Gigamax investment scheme, which saw local investors lose millions of ringgit," MHO secretary Hishamuddin Hashim was reported by Utusan Malaysia as saying during a press conference. Hishamuddin was referring to a Chinese daily report on May 9 which claimed the suspects had been taken to the Cheras police headquarters following their arrest. Hishamuddin said MHO submitted an official letter to federal police Commercial Crime Investigation Department this morning to seek confirmation on the suspects' current status. "We would like to know whether the suspects are still being detained, have been freed on bail, or (the case has been) handed over to the Attorney-General's Chambers for prosecution," he said. He added that the letter represented 99 investors who collectively lost more than RM4.8 million in the scheme. Police investigations into Gigamax were triggered following confirmation from Bank Negara Malaysia that the scheme involved fraudulent activity. The case is being probed under Section 420 of the Penal Code for cheating. In an operation on Nov 13 last year, police arrested 11 people aged between 34 and 59, including two women, in multiple raids across Kuala Lumpur, Selangor, Pahang, Kelantan, Terengganu and Melaka. One of the affected investors, 60-year-old Noraishah Muhammad, voiced her frustration over the lack of progress. "We want transparency. As victims, we have a right to the latest updates on the masterminds of the scheme," she said.
New Straits Times
15-05-2025
- Automotive
- New Straits Times
Trade in, drive forward: Proton offers incentives for ageing vehicles
KUALA LUMPUR: Owners of old vehicles are being encouraged to trade them in for new Proton models under the RM4.8 million "Proton Xchange Programme", launched today by the national carmaker in collaboration with Car Medic Sdn Bhd. In a statement issued today, Proton Holdings Bhd said the initiative demonstrated its support for the government's efforts to enhance road safety and promote sustainable mobility. "This programme is open to owners of all cars, regardless of brand. To ensure the programme meets its objectives, Proton and Car Medic have created a holistic solution that incentivises participants while ensuring the safe disposal of older vehicles. "Proton will offer RM2,000 of overtrade support towards the registration of a new Proton vehicle, including the Proton 7, the best-selling EV model in Malaysia. The pilot programme will run until the end of December 2025," it said. To qualify for the incentive, vehicles must be 15 years or older and deemed uneconomical to repair for continued safe usage. The new Proton vehicle or Proten must also be registered before the end of the year, Proton said in the statement. "Any sedan cars, multi-purpose vehicles, vans, four-wheel drive, lorries, and buses meeting the abovementioned requirements are eligible for the programme, subject to meeting terms and conditions such as proof of ownership," it said. "Vehicle owners will need to provide a vehicle ownership certificate (VOC) for their new vehicle, together with a JPJK1KD form to prove their old vehicle has been officially deregistered by the Road Transport Department (RTD), and a certificate of destruction (COD) from Car Medic," it said. Speaking during the event, Transport Minister Anthony Loke Siew Fook said the ministry supported the initiative and encouraged more original equipment manufacturers to follow suit, applauding Proton for leading the way to promote safer, greener mobility. Meanwhile, Proton chief executive officer Dr Li Chunrong hopes that the initiative can incentivise owners of older vehicles to replace them with new ones equipped with advanced safety features to minimise hazards on the road. – BERNAMA
