Corporate results: MDEC, Mida, Dutch Lady, Aeon Credit, Alam Maritim, Willowglen MSC and Pavilion REIT
MDEC appoints new chief strategy officer
Datuk Fadzli Shah Anuar has been appointed as Malaysia Digital Economy Corp’s (MDEC) new chief strategy officer, effective Apr 16, 2019. Prior to joining MDEC, Fadzli was attached to Team Venture Capital where he raised US$50 million Venture Capital Fund from High Net Worth (HNW) and family offices to invest in disruptive startups at Series B, primarily focused on energy, eCommerce, fintech and agriculture. He holds a degree in Statistics, Computing, Operational Research & Economics from University College London (UCL), and also a Masters in Technology Entrepreneurship from London Business School/UCL, a MDEC release yesterday stated.
 
Mida names new chairman
The Malaysian Investment Development Authority (Mida) has named Datuk Abdul Majid Ahmad Khan as its new chairman effective Apr 22, 2019. He succeeded Tan Sri Amirsham A. Aziz, whose term has ended in 2018, after more than two years of distinguished service. Abdul Majid is the president of Malaysia-China Friendship Association and the Honorary Chairman of the Malaysia-China Chamber of Commerce. He has over three decades in the civil service including the Prime Minister’s Department as well as several Malaysia Missions abroad and senior positions in the Ministry of Foreign Affairs. Abdul Majid is also on several boards of companies including three public listed companies in Malaysia., a MIDA statement yesterday revealed.
 
Dutch Lady 1Q profit down on higher ad spend, SST
Dutch Lady Milk Industries Bhd’s net profit slipped marginally by 1% year-on-year (YoY) to RM33.9 million for the first quarter (1Q) ended Mar 31 this year on higher spend on advertising and promotional campaigns. The sales and services tax (SST) also negatively impacted earnings for the quarter while revenue dipped 0.4% YoY to RM264.99 million owing to the group’s investment in strategic pricing for affordability. This resulted in the fast moving consumer goods multinational to  recognise a 6% jump in volume but a drop in revenue on the lower resultant margins. In an exchange filing yesterday, Nestle stated the operating environment remains volatile on various domestic and external risks but the outlook remains positive on the strength of the group’s brands and demand for milk and milk-based products. The company declared a 50 sen dividend for the quarter which is to be paid to entitled shareholders on May 17 this year.
 
Aeon Credit 2Q profit up 6.44% to RM87m
Aeon Credit Service (M) Bhd’s net profit for the fourth quarter ended Feb 28, 2019 (2Q) rose 6.44% year-on-year (YoY) to RM87.61 million on higher revenue. The consumer financing focussed lender’s quarterly revenue increased 16.29% YoY to RM359.54 million as total transaction and financing volume in the three months increased by 48.9% to RM1.45 billion, its exchange filing yesterday noted. Aeon Credit posted lower earnings per share of 33.04 sen in 2Q from 38.44 sen in the same period last year. For the full year, Aeon Credit’s net profit grew 18.18% YoY to RM354.62 million while revenue improved by 10.48% YoY to RM1.37 billion. The company expects to maintain its financial performance for FY20 based on the scheduled implementation of its business plan and leveraging on the strength of Aeon brand. The board has recommended a final single-tier dividend of 22.35 sen, expected to be paid on July 18, 2019.
 
Alam bags RM2m job from FPSO Ventures
Alam Maritim Resources Bhd’s wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, had been awarded a service order worth RM2.32 million by FPSO Ventures Sdn Bhd for the provision of manpower, equipment, remotely operated vehicles and diving support vessel for underwater inspection in lieu of dry-docking operations for FSO Angsi. The contract shall be undertaken by Alam commencing from mobilisation until successful completion of the services at worksite and based on 12 hours operations, Alam noted in its exchange filing yesterday.
 
Willowglen MSC secures RM63m contracts from Singapore’s PUB
Willowglen MSC Bhd’s wholly-owned subsidiary, Willowglen Services Pte Ltd, has been awarded contracts worth RM62.9 million by the Public Utilities Board of Singapore. Part A of the contract, which is valued equivalent to RM59.7 million, is for the replacement of SCADA, Control and Auxiliary Systems at Johor River Waterworks – Construction Works. The commencement date of the work is on May 2, 2019 and will be completed by May 1, 2022, the company stated in an exchange filing yesterday. Part B (RM3.2 million) of the contract is for the Replacement of SCADA, Control and Auxiliary Systems at Johor River Waterworks – Maintenance Services. It will commence immediately after the completion of Part A of the contract for a period of 24 months.
 
Pavilion REIT records higher property income in 1Q
Pavilion Real Estate Investment Trust (REIT) noted a 5.9% year-on-year (YoY) increase in net profit to RM69.23 million for the first quarter (1Q) ended Mar 31 this year on higher net property income. The REIT grew its revenue by 14.8% YoY to RM150.92 million over the same period due to higher income and rent from its Elite Pavilion Mall and Pavilion Kuala Lumpur Mall retail assets respectively. Lower rental income from Da Men Mall and higher property operating expenses offset some of the gains, it exchange filing yesterday noted. Total property income for the quarter was RM101.51 million while unitholders fund was RM3.92 billion. Pavilion REIT stated it will continue to explore tenant mix enhancements and cost management initiatives while enhancing shoppers’ experience to ensure sustainable results for the company. This is in view of the the challenging operating conditions expected for the property market in 2019.