Favelle bags RM61m worth of orders for cranes
Favelle Favco Bhd, through its subsidiary companies, has accepted purchase orders to supply tower and offshore cranes worth RM61.1 million to various clients. In an exchange filling yesterday, the company noted its three subsidiaries, Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (USA) Inc and Favelle Favco Cranes (M) Sdn Bhd will seek to deliver the cranes in the first and second quarter of the year to six various companies.
Matrix 3Q profit hit by margin compression
Matrix Concepts Holdings Bhd’s net profit for the third quarter ended Dec 31, 2018 (3QFY19) plunged 31.1% year-on-year (YoY) to RM48.61 million due to lower margins as the group’s main product mix comprised of more affordably-priced residential properties.In an exchange filing yesterday, the property developer noted it fetched better margin in the same quarter last year due to significant contribution from industrial properties. Revenue for the period increased 7.32% YoY to RM285.65 million on the back of higher revenue recognition from the sales of residential and commercial development properties. Revenue contribution from the its Matrix Global Schools, d’Tempat Country Club and d’Sora Business Boutique Hotel sustained at RM9.1 million for the current financial quarter under review, similar to that of the previous year quarterly period. “We are on track to achieve another record year with our best-ever new sales and revenue performance expected in FY19, coupled with strong take up of above 80% for our residential and commercial properties,” chairman Datuk Mohamad Haslah Mohamad Amin said in a statement yesterday. The company intends to maintain its reputation as a provider of affordable homes he added. For the remaining three months of FY19, Matrix targets to launch projects worth RM532.6 million in gross development value like Tiara Sendayan 3 and 4 and Ara Sendayan (Phase 5) in BSS, and Impiana Bayu 3A in Bandar Seri Impian. It declared a third interim dividend of three sen a share, payable on Apr 10, 2019.
Ahmad Zaki unit bags RM150.5m contract in Terengganu
Ahmad Zaki Resources Bhd’s wholly-owned subsidiary, Ahmad Zaki Sdn Bhd, has accepted a RM150.5 million contract from Rantau Properties Sdn Bhd to do refurbish and upgrade works on a Petronas office complex in Kemaman, Terengganu. The contract works shall be completed within 26 months from the date for possession of site as of Mar 1, 2019, Ahmad Zaki noted in an exchange filing yesterday.
Ranhill to build gas turbine to export electricity
Ranhill Holdings Bhd has entered into an agreement with Treasure Specialty Co.Ltd (TS Co) build a gas fired power plant in Kedah and then export the electricity generated to Thailand. In a statement to Bursa Malaysia yesterday, Ranhill noted the proposed power plant will be a 1,150 megawatt gas-fired combined cycle gas turbine (CCGT) facility. The project aims to provide clean electricity power to the provinces of Southern Thailand. TS Co is based in Thailand and is currently the advisor for Ranhill’s Thai based water businesses and moving forward will jointly develop and co-invest with Ranhill in new water concessions there. Both parties have agreed that TS Co and its group of investors, may subscribe up to 30% of the interest in the power project whereas Ranhill may subscribe to no less than 70% interest. Ranhill closed six sen higher yesterday at RM1.45, giving it a market capitalisation of RM1.29 billion.
Heineken Malaysia proposes 54 sen dividend in 4Q
Heineken Malaysia Bhd has proposed a final dividend of 54 sen for its fourth quarter ended Dec 31, 2018 (4Q18) while registering 33.10 sen of earnings per share (EPS) for the final quarter. Its 4Q revenue rose 12.3% year-on-year (YoY) to RM662 million due to the increase in sales volume driven by its flagship brand. The brewer’s 4Q net profit grew 6.83% YoY to RM100 million or 33 EPS supported by the higher revenue and effective management of commercial spend and overheads. Heineken Malaysia’s MD Roland Bala said the group will remain cautious amid the challenging environment due to the intense competition, implementation of the Sales and Services Tax and the continued presence of contraband beer in the market. He added the group is expecting an increase in cost of operations including raw materials and packaging due to the rising global commodity prices. For the full financial year, Heineken Malaysia posted a net profit of RM282.5 million or 93.5 sen EPS on the back of RM2 billion in revenue. Dividend for the full year amounted to 94 sen a share, its exchange filing yesterday noted.