Latest news with #RM5.6
New Straits Times
3 days ago
- Business
- New Straits Times
CIMB's Q1 net profit rises to RM1.97bil on RM5.5bil revenue
KUALA LUMPUR: CIMB Group Holdings Bhd recorded a higher net profit of RM1.97 billion for the first quarter ended March 31, 2025, up from RM1.94 billion in the same period last year, supported by stronger net interest income (NII). Its revenue slipped slightly to RM5.5 billion from RM5.6 billion in the same period last year, mainly due to compressed net interest margins (NIM). However, this was cushioned by growth in assets. CIMB's NII saw a slight increase both quarter-on-quarter (QoQ) and year-on-year (YoY) to RM3.82 billion. Meanwhile, its non-interest income (NOII) rose 11.1 per cent QoQ, supported by an 18.9 per cent jump in treasury client sales and a 12.6 per cent rise in fee and commission income. In a filing with Bursa Malaysia, the banking group said it remains committed to implementing its Forward30 strategic plan, focusing on customer-centric initiatives, enhancing operational efficiency, and promoting sustainable banking practices. "During the quarter, CIMB transitioned its leadership in Thailand and Cambodia, and have included Thailand, Cambodia and Singapore as part of the group's growth markets to sharpen strategic focus and drive growth in priority segments. "In the medium term, CIMB believes the evolving global landscape will continue to present new opportunities, particularly in intra-Asean trade, where the Group's integrated Asean franchise is poised to seize growth prospects," it added. CIMB stated that it is well-equipped to manage ongoing market volatility, thanks to its limited exposure to trade-related financing and clients heavily reliant on exports to the US. Group chief executive officer Novan Amirudin said CIMB's first-quarter results reflect the resilience of its diversified Asean portfolio, with solid performance across various income streams, especially client franchise income, which has been steadily growing since 2022. "We have maintained healthy asset quality and exercised disciplined cost controls to enhance resilience amid a dynamic operating environment. "In an increasingly uncertain market condition, we remain committed to being a reliable and trusted partner for our customers. Novan said the group's strong focus on prudent risk management and operational discipline has positioned it well to support its clients, maintain stability and create value for shareholders. "With disciplined execution of our Forward30 strategic plan, we are confident in our ability to deliver both short- and long-term targets, backed by the strength of our franchise. "We will remain disciplined and proactive with capital optimisation, including returning excess capital to our shareholders as we have demonstrated over the last two years," he added.
Barnama
4 days ago
- Business
- Barnama
Ekuinas Committed Direct Investments Rose To RM4.9 Bln In FY2024
BUSINESS KUALA LUMPUR, May 29 (Bernama) -- Ekuiti Nasional Bhd's (Ekuinas) cumulative committed direct investment rose to RM4.9 billion in financial year 2024 (FY2024) from RM4.5 billion a year ago, with total economic capital deployed is RM5.6 billion. In a statement today, the government-linked private equity company said funds under management (FUM) increased by 19 per cent to RM5 billion. Its operating expenditure (OPEX)-to-FuM ratio remained steady at 1.1 per cent. The government-linked private equity company said the gross internal rate of return (GIRR) for Ekuinas Direct Tranche IV Fund was 38.9 per cent, while Tranche II Fund was 12.0 per cent. "Ekuinas Direct (Tranche III) Fund showed modest improvement with a GIRR of 1.6 per cent. Meanwhile, its outsourced programme reported GIRRs of 3.8 per cent (Tranche I) and -6.9 per cent (Tranche II)," it said. The earnings before interest, tax, depreciation and amortisation (Ebitda) of portfolio companies under Ekuinas Direct Funds grew by 3.3 per cent, rebounding from a 7 per cent contraction in 2023. UNITAR Education group recorded a soaring Ebitda of 77.2 per cent while Medispec (M) Sdn Bhd and Exabytes Capital Group achieved 48.7 per cent and 30.9 per cent Ebitda growth, respectively. "Ekuinas' headline achievement in FY2024 was the strategic divestment of a 50.2 per cent stake in ICON Offshore Bhd in March 2024. "Another key highlight was the roll-out of Ekuinas' RM800 million Private Credit Fund in November 2024 to provide shariah-compliant, highly bespoke and innovative financing to underserved mid-market businesses," it said. Chief executive officer Aliff Omar Mohamad Omar said the company sharpened its investment focus and unlocked meaningful value across portfolios.
New Straits Times
4 days ago
- Business
- New Straits Times
Ekuinas posts solid FY2024 results, highlights strategic growth and impact
KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) reported a strong performance for the financial year ended Dec 31, 2024 (FY2024), underpinned by resilient portfolio growth, disciplined investment strategies, and impactful capital deployment. The firm's cumulative committed direct investments rose to RM4.9 billion, up from RM4.5 billion the previous year, while total economic capital deployed increased to RM5.6 billion. Funds under Management (FuM) grew by 19 per cent to RM5 billion, maintaining an efficient OPEX-to-FuM ratio of 1.1 per cent. "In a year marked by global economic headwinds, Ekuinas portfolio companies demonstrated resilience and growth. Despite ongoing volatility in global markets, we remained focused on disciplined execution and long-term value creation," said chief executive officer Aliff Omar Mohamad Omar. EBITDA for Ekuinas' Direct Funds portfolio rose 3.3 per cent in FY2024, recovering from a 7 per cent contraction in 2023. Among the top performers were UNITAR Education Group, which saw its EBITDA surge 77.2 per cent, fuelled by digital initiatives and higher international student intake; Medispec (M) Sdn Bhd, which recorded 48.7 per cent growth from strategic expansion; and Exabytes Capital Group, which achieved 30.9 per cent growth amid increased SME demand for cloud services. Fund performance remained solid, with Ekuinas Direct Tranche IV delivering a Gross IRR (GIRR) of 38.9 per cent, Tranche II at 12 per cent, and Tranche III showing modest improvement at 1.6 per cent. "FY2024 was a transformational year for Ekuinas. Against a volatile backdrop, we sharpened our investment focus and unlocked meaningful value across our portfolios. Our pivot into healthcare and pharmaceuticals reflects our confidence in resilient, high-growth sectors, as seen in our investment in Symbiotica," Aliff Omar said in a statement. A major milestone in FY2024 was the profitable divestment of its 50.2 per cent stake in ICON Offshore Bhd, realising over RM500 million in cumulative gains during its decade-long holding, one of the few profitable institutional exits in the volatile oil & gas sector. Ekuinas also broadened its portfolio with strategic investments in Symbiotica Speciality Ingredients (April 2024) and Mizou Holdings. In November 2024, the company launched an RM800 million private credit fund to provide Shariah-compliant, tailored financing solutions for underserved mid-market companies. The fund completed its first transaction in early 2025, further positioning Ekuinas as a multi-asset investor. Aliff Omar said Ekuinas sees strong potential in highly niche and innovative enterprises such as Mizou, with their proprietary technology supporting the palm oil sector, which is vital to the Malaysian economy. He added that with the new Private Credit Fund, the firm is now even better positioned to catalyse growth in Malaysia's dynamic mid-market segment. Meanwhile, Ekuinas delivered tangible social impact. As of Dec 31, 2024, the firm generated RM6.9 billion in Bumiputera equity creation (1.6x capital invested) and RM8.8 billion in total shareholders' value (2.0x capital invested). Additionally, portfolio companies saw a 28.4 per cent increase in Bumiputera management representation and a 13.2 per cent rise in Bumiputera employment across portfolio companies. Through its ILTIZAM CSR platform, Ekuinas disbursed RM15.3 million in 2024 for entrepreneurship, education, and community programmes, reaching over 17,000 beneficiaries nationwide.
New Straits Times
6 days ago
- Automotive
- New Straits Times
Tax incentives needed to drive motorsports development, says Yeoh
KUALA LUMPUR: Youth and Sports Minister Hannah Yeoh is hoping the government will roll out more attractive tax incentives to attract corporate sponsorship for sports such as motorsports in the future. Yeoh said the government has allocated RM5.6 million in funding to motorsports this year but admitted that the amount is "hardly enough" to boost development in the sport. Motorsports talent development, especially at the higher levels, is substantially more expensive when compared to sports such as football and badminton due to equipment and infrastructure requirements as well as the technical expertise needed to run events or teams. "Yes, the Ministry is (more) focussed on the Olympics, however, we do now have 103 sports gazetted (under the Sports Development Act)," said Yeoh today (May 27). "As such, we do have a budget for motorsports but in terms of the big picture, it is never enough. "This year we gave out a budget totalling RM5.6 million for motorsports. RM1.9 million went to the Motorsports Association of Malaysia (MAM), RM3.2 million to clubs and associations at the state level and RM450,000 to State Youth and Sports Departments. "We have also opened up a trust where individual athletes can apply for small grants which can help them cover some costs when they go for competitions. "Yes, there is a huge audience and interest in motorsports in Malaysia but just like any other sport, talent takes a long time to develop. "Like I said, RM5.6 million is hardly enough for a sport like this. This is why we encourage the corporate sector to come in. "Moving forward, my hope is that we can roll out more tax incentives for the corporate sector who are interested in investing (sponsoring) sports. "At the moment we only rely on a few key industry players to support certain sports. My hope is that more banks can be like CIMB and come forward and adopt a sport." The government has traditionally invested more in sports that are part of multi-sport games such as the Olympics, Asian and Commonwealth Games in the past and more recently, in esports. A total of RM20 million was allocated to strengthening the esports ecosystem under the national budget for this year. Yeoh was speaking after attending a partnership signing ceremony between CIMB Group Holdings Berhad and race car driver Amer Harris Jefry in Kuala Lumpur today. Amer, who is competing in the Porsche Carrera Cup Asia (PCCA) series this season, joins CIMB's roster of top Malaysian talent which includes track cyclist Azizulhasni Awang, squash player S. Sivasangari and golfer Ervin Chang. CIMB disclosed that their research identified motorsports as the third most popular sport in Malaysia after football and badminton based on media audience and fan turnouts at major events. Amer, who has a two-year deal with CIMB, is hoping to make an immediate impact in his first season in PCCA. "Definitely I want to win the overall title but it won't be easy with a lot of tough competitors in the field. Top-three should be within reach," said Amer. "I am looking forward to the next round where I will have home ground advantage. I have spent thousands of hours there so I should be able to win at Sepang." The next round of the series will be held at Sepang Circuit on June 6-8.
The Sun
6 days ago
- Automotive
- The Sun
Hannah urges corporate sector to step up support for motorsports
KUALA LUMPUR: Youth and Sports Minister Hannah Yeoh has called on the corporate sector to play a greater role in supporting motorsports in Malaysia, stressing that government allocations alone are insufficient to meet the sport's development needs. Speaking at a partnership ceremony between CIMB and rising motorsports talent Amer Harris Jefry, Hannah acknowledged the RM5.6 million allocation by the Youth and Sports Ministry (KBS) this year but underlined the importance of external support. She said that of the total, RM1.9 million was channelled to the Motorsports Association of Malaysia (MAM), RM450,000 to the state youth and sports departments and RM3.2 million to clubs and associations at the state level. Despite this, Hannah emphasised that motorsports still lacks funding and urged more corporate players to chip in. 'We have a lot more work to do and like I said, RM5.6 million is hardly enough. This is why we encourage the corporate sectors to come in,' she said. Hannah also hopes that future tax incentives can further fuel corporate investments in the sport's development. 'I hope we can roll out more tax initiatives and incentives for corporate sectors to want to invest in sports,' she said.
