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BusinessToday
3 days ago
- Business
- BusinessToday
Reach Ten Posts RM7.1 Million In Net Profit, Declares Maiden Dividend Post-Listing
Sarawak-based telecommunications company Reach Ten Holdings Bhd has declared its first interim single-tier dividend of one sen per share, amounting to RM10 million, for the financial year ending Dec 31, 2025. The dividend will be paid on July 31, 2025, to shareholders on record as of June 30, 2025. The announcement comes shortly after the company's listing on Bursa Malaysia's Main Market on May 2, and marks its first dividend payout as a public entity. Managing Director Leo Chin said the move aligns with Reach Ten's policy to distribute up to 30% of the company's net profit, reflecting its focus on sustainable shareholder returns. 'With healthy cash and bank balances and fixed deposits of RM63 million, Reach Ten aims to strike a balance between rewarding shareholders and reinvesting for future growth,' Chin noted. Chin shared that for the company's first quarter results for the period ended March 31, 2025 (1Q25), Reach Ten posted a net profit of RM7.1 million on revenue of RM23.1 million, representing two months of post-merger performance under MFRS 3 compliance. On a full-quarter basis, adjusted figures would have stood at RM28.4 million in revenue and RM8.2 million in net profit. Reach Ten's performance was driven primarily by its satellite-based communications segment, which contributed 63.2% of revenue. Fibre optic services and telecom infrastructure accounted for 21.4% and 15.4%, respectively. Chin noted that with broadband coverage in Malaysia's populated areas nearing 97.3%, and growing demand in Sarawak, Reach Ten sees strong momentum ahead. 'We remain confident in our growth trajectory, especially with our strategic focus on underserved markets in Sarawak. 'This, combined with supportive government policies and expanding infrastructure, positions us well to deliver long-term value,' Chin added. Related
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
Eversendai to sell Rawang factory
The structural steel specialist contractor plans to open a new factory in Johor to undertake its jobs in Singapore by HABHAJAN SINGH EVERSENDAI Corp Bhd's operations in Malaysia will be kept busy in the next few months as it plans to sell some assets — including its factory in Rawang, Selangor — and look for an alternate site in Johor, closer to its Singapore jobs. The structural steel specialist contractor is actively undertaking the moves to trim down significantly its debt by 2031. 'Going forward, I would say the long-term debt, it will be paid off within the next six years. 'We have assets which we will dispose of in the next two to three years. Also, with the kind of business we have in hand, we will be able to progressively bring debt down and pay it off by six years. That's the target,' Eversendai executive chairman Tan Sri AK Nathan Elumalay told The Malaysian Reserve (TMR). Its total group borrowings and debt securities for the financial year ended Dec 31, 2024 (FY24), stood at RM576.7 million, a significant reduction from RM1.05 billion as at the end of FY23. Its gearing level has been cited as a concern weighing on the minds of investors, causing some of them to shy away from the company which was listed on the Main Market of Bursa Malaysia in July 2011. The disposal of two parcels of freehold land in Sungai Buloh, announced in January 2025, raised RM63 million, which was used to reduce the group's borrowings. In an exchange filing, Eversendai said the group's Ijarah facility drawdown for its first lift boat, Vahana Aryan, was fully settled by Vahana Offshore (M) Sdn Bhd. The company also settled other term loans during the year, resulting in a 45.2% reduction of its total borrowings. The company was in the process of further restructuring its borrowings to strengthen its liquidity position, it added. We are in the process of setting up a factory in Johor. We could potentially achieve 100% utilisation capacity for Malaysia, says Nathan (pic: TMR) Nathan said the company next plans to dispose of its land in Kundang and its factory in Rawang, both located in Selangor. More than a decade ago, Eversendai expanded its Rawang plant facility to accommodate increasing operational needs from local projects. In an announcement in September 2013, the company said it planned to purchase land in Bandar Kundang, as the Rawang facility lacked sufficient space for the storing the company's tools and equipment. When asked why Eversendai plans to divest its Rawang factory, Nathan said it is currently underutilised, as most of the projects from Singapore are relatively small in scale. 'We are in the process of setting up a factory in Johor. It may not be as big as the Rawang facility, but it will be adequately sized to cater to Singapore projects. 'In that way, we could potentially achieve 100% utilisation capacity for Malaysia,' he said. When asked to provide more details about the land the company is seeking in Johor, he said it is expected be about eight to 10 acres (4.05ha). On May 20, Eversendai announced that it had secured a project for the construction of the New Science Centre in Singapore. The composite building comprises trusses, columns and beams from Level 2 to roof. The scope of work for this project includes engineering, connection design, shop drawings, steel material supply, fabrication, delivery and erection of structural steel works. The company conducts significant business in the Middle East, India and Singapore, in that order, with a smaller presence in Malaysia. For FY24, Eversendai saw its net profit drop 47% to RM14.1 million, on a turnover of RM1.24 billion, down 15% from the previous year. This marked its second year in the black after a tough spell during Covid-19. The company was in the red for FY20, FY21 and FY22. Eversendai operates seven steel fabrication facilities located in Malaysia, Singapore, Dubai, Sharjah, Ras Al Khaimah, Qatar and India, with an annual capacity exceeding 200,000 tonnes. It is from these steel fabrication facilities that the company has left an indelible mark on some of the world's most iconic landmark structures. These include the Burj Khalifa in Dubai, Petronas Tower 2 (Malaysia), Khalifa Olympic Stadium (Qatar), Kingdom Centre (Saudi Arabia) and Republic Plaza (Singapore). Eversendai shares closed at 54.5 sen on May 22, with a 52-week high/low of 77 sen/ 34 sen. This article first appeared in The Malaysian Reserve weekly print edition
New Straits Times
23-05-2025
- Business
- New Straits Times
CelcomDigi core earnings set to accelerate, driven by integration gains
KUALA LUMPUR: CelcomDigi Bhd's core earnings growth is expected to accelerate to 11 per cent and 25 per cent in financial year 2026 (FY26) and FY27, from four per cent in FY25. RHB Investment Bank Bhd (RHB Research) said this is driven by the tapering off of integration-related costs, the realisation of stronger synergies and improving commercial execution. The firm also noted that CelcomDigi has reaffirmed its steady-state pre-tax savings target of RM700 million to RM800 million post-FY27. For FY26, CelcomDigi expects low-single digit growth in service revenue, low-to-mid single digit earnings before interest and taxes (EBIT) growth and capital expenditure-to-sales of 14-16 per cent. "We see integration cost tailing off in FY25 with the network integration coming to a close," the firm said in a research note. "With the improvement in commercial execution and greater extraction of merger synergies, we see core earnings growing at a compound annual growth rate (CAGR) of 18 per cent for FY25-27," it added. According to RHB Research, CelcomDigi has completed about 80 per cent of its network integration as at end of first quarter of 2025 from 75 per cent in the fourth quarter of 2024. "We see some challenges in integrating the remaining 20 per cent of the sites due to extended discussions with Digital Nasional Bhd and site owners with some slippage in integration timeline to the second half (Q1) of 2025," it added. The firm said the company has booked RM300 million in integration cost since the merger started, out of the RM527 million in total integration cost including capital expenditure (capex). Meanwhile, integration cost in Q1 totaled RM63 million, of which RM41 million is operating expenditure (opex)-related and the remainder on capex (RM22 million). The firm noted that the Q1 capex of RM148 million was low, representing just 5.0 per cent of revenue, but expected to increase over the next few quarters – in line with the IT platform upgrades. RHB Research kept its 'Buy' call on CelcomDigi with a target price of RM4.40 a share.
The Sun
21-05-2025
- The Sun
Former KL police finance clerk pleads guilty for using fake documents
KUALA LUMPUR: A former chief finance clerk at the Kuala Lumpur Contingent Police Headquarters (IPKKL) pleaded guilty in the Sessions Court here today to 22 counts of using forged official government receipts totalling RM63,923.20 between September 2021 and March this year. Mizatul Hafiza Mohamad, 41, entered the plea after the charges were read out to her before Judge Azrul Darus. The court set June 20 for sentencing and granted her bail at RM40,000 with one surety for all charges. She was accused of using fake Malaysian government receipts as genuine documents. The forged receipts were issued in the names of 11 individuals and entities, including Sri Hartamas Police Station Quarters, Shabak Enterprise, Kepong Police Housing Residents Association, Jinjang Police Barracks, and Travers Police Station. The offences were committed at the IPKKL Logistics Department, Jalan Hang Tuah, between Sept 8, 2021, and March 10 this year. The charges framed under Section 471 of the Penal Code, punishable under Section 465, provide for up to two years' imprisonment or a fine, upon conviction. Earlier, deputy public prosecutor M. Saravanan asked the court to set a date for sentencing so the prosecution could present the case facts. He also proposed bail of RM50,000 with one surety. Mizatul Hafiza, who was unrepresented, appealed for a reduced bail, citing that she supports her elderly parents and is unmarried. 'I work as an assistant administrative officer in a government department and earn RM3,000 a month,' she told the court. In a separate courtroom before Judge Hamidah Mohamed Deril, Mizatul Hafiza claimed trial to another 21 charges of using forged receipts worth RM30,695.60. These documents bore the names of 13 individuals, including police personnel and residents of police quarters. These offences, allegedly committed between Sept 1, 2023, and Jan 15 this year, also fall under under Sections 471 and 465 of the Penal Code. Mizatul Hafiza also faces four counts of criminal breach of trust involving RM101,635.30, which she allegedly misappropriated while entrusted to manage government funds. The offences were allegedly committed at the same department between Sept 8, 2021, and Jan 15 this year. The charges fall under Section 409 of the Penal Code, which carries a sentence of two to 20 years' imprisonment, whipping, and a possible fine, upon conviction. Deputy public prosecutor Raihanah Abd Razak did not offer bail, citing the non-bailable nature of the offence. However, the accused appealed for bail, noting that she had already been granted RM40,000 bail in the earlier case and requested a similar amount. Judge Hamidah allowed bail at RM44,000 with one surety and fixed June 20 for mention and appointment of legal counsel.
The Sun
21-05-2025
- The Sun
Former KL police finance clerk pleads guilty to using fake documents
KUALA LUMPUR: A former chief finance clerk at the Kuala Lumpur Contingent Police Headquarters (IPKKL) pleaded guilty in the Sessions Court here today to 22 counts of using forged official government receipts totalling RM63,923.20 between September 2021 and March this year. Mizatul Hafiza Mohamad, 41, entered the plea after the charges were read out to her before Judge Azrul Darus. The court set June 20 for sentencing and granted her bail at RM40,000 with one surety for all charges. She was accused of using fake Malaysian government receipts as genuine documents. The forged receipts were issued in the names of 11 individuals and entities, including Sri Hartamas Police Station Quarters, Shabak Enterprise, Kepong Police Housing Residents Association, Jinjang Police Barracks, and Travers Police Station. The offences were committed at the IPKKL Logistics Department, Jalan Hang Tuah, between Sept 8, 2021, and March 10 this year. The charges framed under Section 471 of the Penal Code, punishable under Section 465, provide for up to two years' imprisonment or a fine, upon conviction. Earlier, deputy public prosecutor M. Saravanan asked the court to set a date for sentencing so the prosecution could present the case facts. He also proposed bail of RM50,000 with one surety. Mizatul Hafiza, who was unrepresented, appealed for a reduced bail, citing that she supports her elderly parents and is unmarried. 'I work as an assistant administrative officer in a government department and earn RM3,000 a month,' she told the court. In a separate courtroom before Judge Hamidah Mohamed Deril, Mizatul Hafiza claimed trial to another 21 charges of using forged receipts worth RM30,695.60. These documents bore the names of 13 individuals, including police personnel and residents of police quarters. These offences, allegedly committed between Sept 1, 2023, and Jan 15 this year, also fall under under Sections 471 and 465 of the Penal Code. Mizatul Hafiza also faces four counts of criminal breach of trust involving RM101,635.30, which she allegedly misappropriated while entrusted to manage government funds. The offences were allegedly committed at the same department between Sept 8, 2021, and Jan 15 this year. The charges fall under Section 409 of the Penal Code, which carries a sentence of two to 20 years' imprisonment, whipping, and a possible fine, upon conviction. Deputy public prosecutor Raihanah Abd Razak did not offer bail, citing the non-bailable nature of the offence. However, the accused appealed for bail, noting that she had already been granted RM40,000 bail in the earlier case and requested a similar amount. Judge Hamidah allowed bail at RM44,000 with one surety and fixed June 20 for mention and appointment of legal counsel.
