CORP BRIEF: PetDag, Maybank, Hextar and Tiong Nam

By TMR

PetDag’s net profit up to RM82m 

PETRONAS Dagangan Bhd’s (PetDag) net profit jumped to RM82.14 million in the second quarter ended June 30, 2021 (2Q21), from the RM3.15 million recorded in 2Q20 on the back of improved oil prices and higher volume. Revenue grew to RM5.14 billion versus RM2.93 billion while its basic earnings per share surged to 8.30 sen from 0.40 sen. Commenting on the company’s performance, MD and CEO Azrul Osman Rani said PetDag’s business has gradually improved from last year although it remains cautious of current uncertainties and would continue to be prudent and optimise its resources. — Bernama


Maybank discontinues Fitch to streamline rating assessments 

MALAYAN Banking Bhd (Maybank) stated that the decision to discontinue the bank’s rating services by Fitch Ratings was undertaken as part of its overall effort to streamline rating assessments by rating agencies. Maybank’s spokesperson in an email noted that the bank continues to be rated by international and domestic rating agencies, namely Moody’s Investor Services Inc, S&P Global Ratings and RAM Rating Services Bhd. The theedgemarkets.com reported that Fitch Ratings in a statement said it plans to withdraw its Maybank and international ratings of PT Bank Maybank Indonesia Tbk bonds “on or about” Sept 23, 2021, for “commercial reasons”.


Hextar posts RM7m in net profit 

HEXTAR Global Bhd posted a net profit of RM7.44 million in the second quarter ended June 30, 2021 (2Q21), against RM11.11 in 2Q20. In a Bursa Malaysia filing yesterday, the company said its revenue for the quarter shows a slight decrease to RM98.7 million from RM100.72 million in 2Q20 due to lower revenue generated from the consumer products segment. Hextar’s ED Datuk Eddie Ong Choo Meng said the company will emerge from the Covid-19 pandemic a much stronger and diversified chemical group and be ready to capitalise on growth opportunities including speciality chemicals sector especially the rubber, and the oil and gas industry.


Tiong Nam posts RM1.5m in net profit 

TIONG Nam Logistics Holdings Bhd posted net profit of RM1.5 million for the first quarter ended June 30, 2021 (1Q21), turning around from net loss of RM5.5 million previously. The improved performance was driven by increasing demand for the group’s logistics and warehousing services from existing and new customers, with group revenue surging 35.7% to RM166.9 million in 1Q22, the company said in a statement yesterday.