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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
New Straits Times
3 days ago
- Business
- New Straits Times
Reach Ten logs RM7.1mil net profit on RM23.1mil revenue in Q1
KUALA LUMPUR: Sarawak-based telecommunications service provider Reach Ten Holdings Bhd (Reach Ten) posted a net profit of RM7.1 million on revenue of RM23.1 million for the first quarter (Q1) ended March 31, 2025. Revenue for the quarter was mainly driven by Reach Ten's satellite-based communication networks and services segment, which contributed 63.2 per cent of total revenue. "Fibre optic communication networks and services accounted for 21.4 per cent, while telecommunications infrastructure and managed services contributed 15.4 per cent," it said in a statement. There are no comparative figures for the corresponding preceding quarter's results as this is the second interim financial report by the company in compliance with the listing requirements. Reach Ten declared a first interim single-tier dividend of 1.0 sen per share for its financial year ending December 31, 2025 (FY25). The payout, totalling RM10.0 million, will be paid on July 21 to shareholders whose names appear on the record of depositors on June 30. Managing director Leo Chin said the maiden post-listing dividend is in line with the company's dividend policy to distribute up to 30 per cent of its net profit, reflecting its commitment to enhancing shareholder value and delivering sustainable returns. "With healthy cash and bank balances, as well as fixed deposits of RM63.0 million, Reach Ten aims to maintain a balanced approach between rewarding shareholders through dividend distributions and retaining sufficient capital to support future growth and strategic initiatives," Lee said. Reach Ten remains optimistic about its business outlook, supported by positive structural trends in Malaysia's telecommunications sector. "Our strategic focus on underserved markets, particularly in Sarawak, positions us well to capture emerging opportunities and deliver long-term value to our shareholders," Chin added.
Borneo Post
3 days ago
- Business
- Borneo Post
Sarawak's Reach Ten posts RM7.1 million for 1QFY25, declares maiden dividend
Looking ahead, Reach Ten said the company remains upbeat about its outlook, supported by sustained growth in Malaysia's telecommunications sector. KUCHING (May 30): Newly listed Sarawakian telecommunications provider Reach Ten Holdings Berhad (Reach Ten) recorded a net profit of RM7.1 million on revenue of RM23.1 million for its first quarter results for the period ended March 31, 2025 (1QFY25). The results only cover February and March, following the completion of its subsidiaries' merger on February 5. For the two-month period, Reach Ten garnered an earnings per share of 0.89 sen. Gross profit stood at RM11.5 million, translating to a gross margin of 49.7 per cent. It also declared its first ever interim single-tier dividend of 1.0 sen per share for the financial year ending December 31, 2025 (FY25). The company in a statement today said the RM10 million payout will be made on July 21, 2025 to shareholders listed in the Record of Depositors as of June 30, 2025. Managing director Leo Chin said the dividend reflects the Company's commitment to deliver shareholder value, in line with its policy to distribute up to 30 per cent of net profit. 'With healthy cash and bank balances, as well as fixed deposits of RM63 million, Reach Ten aims to maintain a balanced approach between rewarding shareholders through dividend distributions and retaining sufficient capital to support future growth and strategic initiatives,' he said. Leo Chin The company said its strong margin was supported by the completion of service scopes under the VSAT broadband project in FY24 and continued extensions of the project this year. 'Revenue for the quarter was mainly driven by its satellite-based communication networks and services segment, which contributed 63.2 per cent of total revenue. 'Fibre optic communication networks and services accounted for 21.4 per cent, while telecommunications infrastructure and managed services contributed 15.4 per cent,' it added. There are no comparative figures from the same period last year as this is the company's second interim financial report following its Main Market listing on May 2. Chin added that the figures reflect only two months of post-merger performance, and that on a full-quarter basis, revenue and net profit would have been RM28.4 million and RM8.2 million respectively. Looking ahead, Reach Ten said the company remains upbeat about its outlook, supported by sustained growth in Malaysia's telecommunications sector. National broadband coverage in populated areas has reached 97.28 per cent, pointing to steady demand for connectivity. Sarawak has also experienced consistent growth, reinforcing the region's long-term potential. 'We remain confident in our growth trajectory, supported by rising demand for digital connectivity, favourable government policies, and continued infrastructure expansion. 'Our focus on underserved markets, especially in Sarawak, positions us well to capture future opportunities and deliver long-term shareholder value,' added Chin.
Yahoo
17-04-2025
- Business
- Yahoo
Petronas offloads Argentina shale assets to Vista in US$1.5b deal, ending decade-long venture in Vaca Muerta
BUENOS AIRES, April 17 – Buenos Aires-based Vista Energy has reportedly acquired Petronas' 50 per cent stake in the La Amarga Chica oil field in Argentina's Vaca Muerta shale basin for about US$1.5 billion (RM7.1 billion), solidifying its position as a key player in the region. The second-biggest crude oil producer in the area will pay US$900 million upfront for the stake, with one-third of that sum financed through a loan from Banco Santander SA, while the remainder will be paid in two instalments in 2029 and 2030. Financial news Bloomberg reported that as part of the deal, Malaysian state oil firm Petronas will also receive a 7 per cent equity stake in Vista, valued at roughly US$300 million. The acquisition marks Petronas' exit from Argentina following its earlier withdrawal from a liquefied natural gas venture with state oil company YPF SA, in a broader trend of multinationals retreating from the Vaca Muerta formation. This comes even as the new Argentine government said last year it was hoping that the multibillion-dollar joint LNG project with Petronas would move ahead. YPF, which retains its 50 per cent share in La Amarga Chica, will continue as the field's operator. Vista's shareholders approved the acquisition plan last month, allowing the company to use debt or equity financing, as it pursues aggressive growth under founder Miguel Galuccio, who originally brought Petronas into the field a decade ago. The purchase comes as the global oil market faces volatility, with Vista warning of possible spending cuts if Brent-linked Medanito crude prices fall below US$55 per barrell. However, easing capital controls under President Javier Milei and expanding infrastructure are providing renewed momentum for Argentina's shale sector. With the acquisition, Vista's daily production will immediately rise by 40,000 barrels, accelerating its 2025 goal of reaching 100,000 barrels per day from 70,000 barrels in 2024.
Yahoo
09-02-2025
- Business
- Yahoo
Shanghai scammer stages fake marriage with ‘rich' man and offers ‘discounted' property deals to cheat relatives out of RM7.1m
SHANGHAI, Feb 8 — A Shanghai woman staged a fake wedding with a man posing as a wealthy real estate businessman and scammed her relatives out of 12 million yuan (RM7.1 million) by promising cheap property deals. The 40-year-old, known by her surname Meng, came up with the scheme after her small real estate agency failed in 2014, South China Morning Post reported, citing Shanghai TV. To convince her relatives, she proposed a staged wedding to Jiang, a married driver she met while hitchhiking, claiming her parents were pressuring her to get married. Jiang agreed to the plan and held a wedding with her using a pseudonym. Meng told her relatives that Jiang was a real estate entrepreneur involved in major construction projects and had access to discounted properties. She bought a small flat worth one million yuan and sold it to her cousin for half the price, asking him to tell their relatives he got the discount because of her connections. She then took them to new residential showrooms and claimed she could lower prices by 5,000 yuan per square metre, about 20 per cent below market value. At least five relatives fell for the scam, handing over large sums to buy flats. Some even sold their own homes to upgrade to what they believed were better properties. Meng stalled for years, saying she needed time to finalise the discounts. Between 2018 and 2019, she rented flats for her relatives and told them they were the ones they had purchased. She did not provide ownership certificates, claiming it was 'temporarily impossible' to obtain them for discounted properties. The fraud unravelled when a victim checked with a developer and discovered the flat she was living in was not hers. Another victim, Meng's cousin, spent more than 100,000 yuan furnishing a rented apartment. A court sentenced Meng to 12 years and six months in prison for contract fraud. Jiang received a six-year sentence for signing the rental agreements with the actual property owners. Meng's cousin, who helped mislead relatives, was jailed for five years.
