CORP BRIEF: TNB, IJM Corp, Petra Energy and George Kent

by TMR / pic by MUHD AMIN NAHARUL

TNB divests India’s Bajoli Holi Hydropower project

TENAGA Nasional Bhd (TNB), via its whollyowned subsidiary TNB Topaz Energy Sdn Bhd, has divested all of its 105.6 million units of Tranche 1 investment in the compulsorily convertible debentures (CCD) issued by India-based GMR Bajoli Holi Hydropower Private Ltd for INR1.18 billion (RM67.04 million). In a filing to Bursa Malaysia yesterday, the utility group said the divestment of its CCD investment was driven by TNB’s strategy to streamline its international portfolio, defocusing on India and shifting its efforts to pursue growth in TNB’s focus markets such as the UK, Europe and South-East Asia.

IJM Corp posts RM65m net profit in 1Q21

IJM Corp Bhd’s net profit rose to RM65.68 million in the first quarter ended June 30, 2021 (1Q21), compared to RM2.05 million recorded in 1Q20. In a filing to Bursa Malaysia yesterday, the company registered increased revenue of RM1.31 million primarily due to relaxed restrictions in the current quarter which have only affected the month of June 2021 compared to the first Movement Control Order last year. Meanwhile, IJM said its performance for the current financial year will be heavily dependent on the timing of resumption of business activities, which in turn will be reliant on the relaxation of the movement controls under the National Recovery Plan.

Petra Energy net profit falls to RM2.5m

PETRA Energy Bhd’s net profit for the second quarter ended June 30, 2021 (2Q21), declined to RM2.49 million from RM3.09 million a year earlier. Earnings per share also dipped to 0.78 sen from 0.96 sen a year ago in tandem with the lower profit. However, the group’s revenue increased to RM74.21 million from RM70.53 million previously, according to its exchange filing on Bursa Malaysia. For its services segment, Petra Energy recorded a lower revenue of RM22.3 million in 2Q21 compared to RM56 million in 2Q20 due to lower activities in existing contracts.

Strong water meter sales drives George Kent

GEORGE Kent (M) Bhd posted a net profit of RM11.79 million for the first quarter ended June 30, 2021, from RM11.33 million in the preceding two-month period ended in March 2021. In filing to Bursa Malaysia yesterday, the company recorded revenue of RM61.28 million for the current quarter on strong sales of its water meters worldwide. The company continued to receive water meter orders despite of a slowdown in economic activities worldwide due to the Covid-19 pandemic.