BizBriefs: Jentayu Sustainables, Annum, Kim Loong, Crescendo Corp

Jentayu Sustainables, Petrolife JV to develop solar PV

Jentayu Sustainables Bhd and Petrolife Aero Sdn Bhd plan to create a joint venture (JV) to develop solar PV under the net energy metering schemes. In an exchange filing yesterday, Jentayu said it will hold 51% stake in the JV. The principal activities of Petrolife include the sourcing and supply of liquefied natural gas (LNG) and natural gas to commercial and industrial entities in Malaysia.

Jentayu executive chairman Datuk Beroz Nikmal Mirdin said the JV will address industries’ net-zero aspiration and needs towards transitioning into using sustainable and cleaner energy, including renewable energy certificate and carbon credit acquisitions, carbon related audit and consultations. Jentayu posted a net profit of RM29.02 million on the back of RM83.91 million in turnover for the financial year ended June 30, 2022.


Annum plans to tap coop Kobena to sell 130 single-storey terrace houses

Annum Bhd is tapping conglomerate of cooperatives Koperasi Belia Nasional Bhd (Kobena) to sell 130 units single-storey terrace houses now under construction in Mukim Belanja, Perak, to its members in return for a commission to be identified later.

The plywood products maker has entered into a MOU with Kobena to appoint Kobena as an agent to procure its members, totaling 37,000, to purchase all of the units of the residential development, it said in an exchange filing yesterday.

The 14 corner lots are priced at RM343,000 each, 10 end lots (RM260,000) and 106 intermediate lots (RM250,000), making it a total RM33.9 million.

The gross development value of the project is estimated at RM31.06 million and the gross development cost, including the cost of the land, is estimated to be RM23.84 million. The development project is expected to provide a gross development profit of some RM7.22 million, according to the filing.

Annum has plans to diversify into construction, project management and related activities including EPCC and property development.


Kim Loong revenue hit RM564m in 2Q on higher average FFB selling price

Johor-based planter Kim Loong Resources Bhd’s net profit surged 37.4% to RM49.67 million in the second quarter ended July 31, 2022 (2Q22) while its revenue rose 40.8% to RM564.38 million, mainly due to higher average fresh fruit bunches (FFB) selling price by 33%. In an exchange filing yesterday, it said its profit was impacted mainly by a 10% drop in FFB production and increase in operating costs such as fertilizer and labour costs. The management forecasts the FFB production for the financial year ending Jan 31, 2023 (FY23) could be 10% higher than the quantity achieved in FY22 if the labour shortage problem does not deteriorate further. It also expects its biogas plants at Keningau and Telupid to commence operations to supply power to the grid by the end of FY23. Kim Loong has oil palm plantations and milling in Malaysia, with operations in Johor, Sabah and Sarawak.


Crescendo 2Q property doubles on higher sales

Johor-based Crescendo Corp Bhd doubled to RM10.11 million for the second quarter ended July 31, 2022 (2Q22) compared to the same period last year, mainly contributed by higher sales in properties. It posted a revenue of RM65.34 million, up 35% in 2Q21. As at end-July, the property developer’s landbank stood at 2,634 acres, with its largest chunks in Ambok, Tebrau and Kota Tinggi.