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New Straits Times
26-05-2025
- Business
- New Straits Times
Tiong Nam's earnings shrink, revenue jumps nearly 14pct in FY25
KUALA LUMPUR: Tiong Nam Logistics Holdings Bhd's net profit fell to RM41.5 million in the financial year ended March 31, 2025 (FY25) from RM57.3 million a year ago. Tiong Nam said this was due to the higher fair value gains recorded in the previous year compared to the current quarter under review. The results also reflected higher operating and finance costs associated with expanded warehouse assets. However, Tiong Nam's revenue grew 13.8 per cent to RM863.6 million from RM758.6 million in FY24. For the fourth quarter (Q4), Tiong Nam recorded a 305.4 per cent increase in net profit to RM43.0 million, up from RM10.6 million in the corresponding quarter last year. It said the profit growth stemmed primarily from a positive fair value adjustment on investment properties,comprising its logistics warehousing assets. "This was complemented by robust logistics and warehousing activity, contributing to an 18.2 per cent rise in group revenue to RM228.7 million in Q4 FY25 from RM193.4 million previously," it said. Tiong Nam's logistics and warehousing services segment demonstrated strong top-line improvement, with revenue growing 21.5 per cent to RM218.3 million in Q4 FY25. This was driven by increased business from existing and new domestic and multinational customers. Managing director Ong Yoong Nyock said the company's logistics and warehousing operations demonstrated sustained performance, supported by resilient demand and growing customer relationships. Ong said the company's network development was integral to enhancing its capabilities and enabling increased scale to meet rising market needs for integrated logistics solutions. "This initiative advances our position as a leading total logistics solutions provider, ensuring efficient supply chains nationwide. "We anticipate positive performance for FY26, underpinned by Malaysia's resilient economic growth. "As regional trade strengthens and supply chains recalibrate across Asia, we are well-positioned to serve as a vital connection in logistics networks," he added.
Malaysian Reserve
21-04-2025
- Business
- Malaysian Reserve
MHB's served with notice of arbitration over Bokor Phase 3 subcontract, potential claim of RM57.3m
MALAYSIA Marine and Heavy Engineering Holdings Bhd (MHB) said that its wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has been served with a notice of arbitration by Haumea Offshore Sdn Bhd (formerly Trans Fame Offshore). The dispute relates to the subcontract for hook-up and commissioning works and marine vessels for the Bokor Phase 3 redevelopment project. Haumea Offshore is claiming approximately RM57.3 million, including interest and costs. MHB stated the arbitration poses no operational impact and MMHE will vigorously defend the claim while also considering a counterclaim. — TMR
New Straits Times
21-04-2025
- Business
- New Straits Times
MHB's unit faces RM57mil arbitration claim from subcontractor
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB)'s unit Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has been served with a notice of arbitration involving a claim of RM57.3 million. The notice, dated April 11, stems from a dispute over a subcontract for the Bokor Phase 3 redevelopment project labeled as Package A, the group said in a filing with Bursa Malaysia today. Under the subcontract, Haumea Offshore, formerly known as Trans Fame Offshore Sdn Bhd, was appointed to carry out hook-up and commissioning works, including providing marine vessels for the project. The arbitration, filed under the Asian International Arbitration Centre rules, concerns disagreements over the performance of the works. The claim includes alleged losses, interest, costs and any other relief deemed appropriate by the arbitral tribunal. MHB said the financial impact on the group will depend on the outcome of the proceedings, but no operational disruptions are expected. It added MMHE intends to vigorously contest the claim and is considering a counterclaim, along with any additional legal remedies available under Malaysian law.
