Corporate results: Sumitomo Mitsui, Ho Wah Genting and Serba Dinamik

Sumitomo Mitsui appoints new CEO

Sumitomo Mitsui Banking Corporation Malaysia Bhd (SMBC) has appointed Mohammed Nizar Faisal, 49, as its new Deputy CEO effective July 6, 2020. He replaces Mr Anthony Lim Choon Eng who retired on July 26, 2020.

Mohammed Nizar will be responsible for developing and implementing strategies to drive the growth of corporate banking and transaction banking businesses at SMBC according to a press release. Mohammed Nizar Nizar has more than 24 years of experience in the financial services industry and his last position was with Affin Bank Bhd as director of corporate banking business.

Ho Wah Genting’s dietary supplement gets govt approval

Ho Wah Genting Bhd (HWGB) said Astramern Nutra V Capsule, a dietary supplement used in the formulation of its products, has obtained product registration approval from the Health Ministry’s National Pharmaceutical Regulatory Agency.

The approval was obtained for five years between August 21, 2020 and August 21, 2025, the group said in an exchange filing yesterday. In February, HWGB had appointed US-based Guardion Health Sciences Inc (GSHI) to design and manufacture an exclusive custom immune support nutraceutical formula for the group.

The execution of the manufacturing and supply agreement allows GSHI to formulate, manufacture, sell and deliver a dietary supplement consisting of certain vitamins, namely Astramern Nutra V Capsule and a dietary supplement consisting of certain specified Chinese herbs, named Astramern Nutra H Capsule.

Serba Dinamik 2Q earnings up 13.37% to RM147.88m

Serba Dinamik Holdings Bhd’s net profit in the second quarter ended June 30, 2020 (2Q20) increased 13.37% year-on-year (YoY) to RM147.88 million from RM130.44 million last year due to higher activities from its maintenance, repair and overhaul (MRO) activity in middle east region such as the United Arab Emirates, Qatar and Oman, and Malaysia.Its earnings per share for the quarter was also higher at 4.39 sen, against 3.87 sen in April to June 2019.

The group’s revenue in 2Q19 rose 26.32% YoY to RM1.44 billion, from RM1.14 billion in the same quarter last year.

“The new contracts won from operation and maintenance (O&M); engineering, procurement, construction and commissioning; and information, communication and technology segments, renewal of existing O&M contracts as well as acquisitions of Teluk Ramunia Yard in Kota Tinggi, Johor are expected to enhance the group’s financial position as well as profitability,” said the group in a filing to Bursa Malaysia. The board has declared a second interim single-tier dividend of 1.3 sen to be paid on Sept 29, 2020.