Latest news with #RM6.89
Borneo Post
3 days ago
- Borneo Post
Cannabis flowers worth RM2.57 mln found in unclaimed parcels during Miri Customs drug bust
Norizan (centre), Sargandang (second right) and others show the seized cannabis flowers. – Photo by Jenifer Laeng MIRI (June 11): The Customs Department has seized RM2.578 million worth of cannabis flowers following the inspection of five unclaimed parcels at a courier company premises here last month — marking the department's first seizure involving cannabis in flower form, which is believed to fetch a higher street value than compressed cannabis. Sarawak Customs director Norizan Yahya said on May 13 at around 9.30am, acting on intelligence from the Air Cargo Unit of the Miri Customs branch, a Customs Miri Narcotics Unit team inspected five unclaimed boxes at a local courier company located along Jalan Miri Bypass. 'The check was carried out after no one stepped forward to claim the parcels. Upon inspection, the team uncovered 98 transparent plastic packages suspected to contain cannabis, with a total gross weight of 26.313kg,' he said during a press conference here today. Norizan said the parcels were falsely declared as containing clothing in an attempt to mislead authorities. According to him, preliminary investigations indicate the drugs were likely destined for the Indonesian market. 'We suspect the drugs were to be smuggled out of the country, possibly via illegal routes,' he added. The case is being investigated under Section 39B of the Dangerous Drugs Act 1952. Norizan also revealed that this seizure marks the 14th drug-related case recorded by the department in Miri District this year, bringing the total value of confiscated drugs to RM6.89 million. 'A total of 10 individuals have been arrested so far in connection with these seizures,' he said. He urged the public to continue sharing information on drug activities by contacting the department via its hotline at 1-800-88-8855. Also present at the press conference was Miri Customs head Sargandang Liman. cannabis flowers Customs Department drugs lead miri
The Sun
26-05-2025
- Business
- The Sun
Avangaad posted steady financial performance in Q1 FY25
KUALA LUMPUR: Avangaad Bhd, a marine transportation and offshore storage specialist, reported a relatively steady financial performance for the first quarter (Q1) of the financial year ending December 31, 2025 (FY25). The group recorded a revenue of RM29.97 million for Q1, a decrease of 3.94% from RM31.20 million recorded in Q1 FY24. The marginal year-on-year revenue decline was primarily due to the anticipated transition between the expiry of existing fast crew boat (FCB) contracts and the commencement of replacement engagements. Net profit for Q1 FY25 decreased 32.49% to RM4.654 million from RM6.89 million posted in Q1 FY24. Avangaad said the succession contracts for three FCBs have already commenced within the current quarter, with the remaining expected to come online in Q2 2025 — a development expected to support topline recovery progressively. Importantly, the dip in Q1 earnings was mitigated by the group's solid operational fundamentals and high earnings visibility. The group has a secured order book of RM141.7 million and an additional RM214.6 million available under optional contracts. The consistent structure and tenure of Avangaad's contracts continue to anchor a stable revenue base and a resilient earnings trajectory. Meanwhile, the group's proactive resolution of key outstanding matters has markedly strengthened its financial position, reflected in the cash balance rising 138% from RM19.1 million to RM45.5 million within the quarter. This substantial improvement in liquidity enhances the group's financial flexibility, supporting ongoing operational momentum and providing headroom to capitalise on future growth opportunities. Avangaad has sustained a structured and client-centric engagement strategy despite ongoing market volatility, offering relevant marine service solutions tailored to evolving operational needs. The group's fleet contracts remain resilient, supported by high committed utilisation rates and consistent demand across its deployed vessels. This operational strength is reflected in the group's healthy operating cash flow, which rose to RM32.03 million, an over fivefold increase from RM6.27 million in the corresponding period last year. For the quarter ended March 31, 2025, the group's charter hire segment recorded stronger customer concentration, with three external customers contributing 68% of total group revenue, up from 41% contributed by two customers in the corresponding period last year. Revenue attributable to these key customers rose to RM20.42 million, representing a 60.5% year-on-year increase from RM12.72 million. This reflects growing demand and strategic traction in the group's core marine services operations, underpinned by sustained fleet deployment and deeper penetration in key accounts. Avangaad has proposed acquiring the marine consultancy company Bumi Jaya Shipcare Sdn Bhd (BJSSB) and two tugboats for RM49.0 million in March 2025, which aligns with its strategic growth plans. This move is expected to expand the fleet from 26 to 31 vessels by the third quarter of 2025. It will strengthen the group's service capacity and operational readiness to support regional offshore activities and shape its role as a dependable, scalable marine service provider. Avangaad executive director Datuk Wira Mubarak Hussain Akhtar Husin said the company's fundamentals remain strong, with solid operational cash flow and a substantial order backlog driving its growth strategy forward. 'We will continue to optimise fleet utilisation and cost efficiency, positioning the group for sustained performance and long-term profitability. 'Backed by a diversified contract portfolio and long-term tenures, the group is strategically positioned to scale as a leading marine service provider. 'Enhanced capacity and operational readiness continue to support sustained performance and strengthen the Group's market positioning for long-term growth. 'Looking ahead, Avangaad is committed to improving operational efficiencies, maximising fleet utilisation, and continuously exploring new business opportunities to sustain earnings stability and cash flow certainty,' he said. Mubarak Hussain said the company's fundamentals remain strong, with solid operational cash flow and a substantial order backlog driving its growth strategy forward.
