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Yinson, Magni-Tech, Seremban Engineering, AAX, YX Precious Metals, MGRC, MN Holdings, Tuju Setia and Top Glove

24 Jun 2022, 00:00 AM SGT

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Yinson, Magni-Tech, Seremban Engineering, AAX, YX Precious Metals, MGRC, MN Holdings, Tuju Setia and Top Glove
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KUALA LUMPUR (June 23): Here is a brief look at some corporate announcements and news flow on Wednesday (June 23), which involve Yinson Holdings Bhd, Magni-Tech Industries Bhd, Seremban Engineering Bhd (SEB), AirAsia X Bhd (AAX), YX Precious Metals Bhd, Malaysian Genomics Resource Centre Bhd (MGRC), MN Holdings Bhd, Tuju Setia Bhd and Top Glove Corp Bhd.
 
Yinson Holdings Bhd’s net profit for the first quarter ended April 30, 2022 rose 7.14% year-on-year to RM120 million from RM112 million, helped by higher oil prices and and stronger US dollar. The FPSO operations improvement also supported the 1.3% increase in quarterly revenue to RM1 billion, from RM992 million, although EPCIC revenue fell on weaker activities for FPSO Anna Nery, partly offset by fresh works under FPSO Maria Quitéria.
 
Magni-Tech Industries Bhd’s net profit for the fourth quarter ended April 30, 2022 fell 12.18% to RM26.89 million from RM30.62 million a year ago, as revenue declined on lower sales orders received in both its garment and packaging segments. Revenue dropped 13.18% to RM258.32 million from RM297.54 million. The group declared its third interim dividend of 2.5 sen per share, payable on July 20.
 
Seremban Engineering Bhd (SEB) has won a contract to undertake civil, structural and architectural, as well as mechanical, electrical and plumbing, works for Dutch Lady Milk Industries Bhd’s manufacturing plant in Nilai, Negeri Sembilan. The contract is worth RM172.6 million.
 
AirAsia X Bhd (AAX) has appointed Urusharta Jamaah Sdn Bhd chief investment officer Farouk Kamal as an independent non-executive director. Urusharta Jamaah is the government's special-purpose vehicle set up to take over Lembaga Tabung Haji's underperforming assets.
 
Global interest rate hike-driven recession concerns appeared to have taken the glitter off YX Precious Metals Bhd (YXPM) as its share price closed below its initial public offering (IPO) price of 28 sen on its  first day of trading on Bursa Malaysia's ACE Market.

Malaysian Genomics Resource Centre Bhd (MGRC) is acquiring a 51% stake in Aquahealth Sdn Bhd, a kidney dialysis operator, from Rinani Renal Bhd. The genomics and biopharmaceutical specialist said it will now become the operator of the dialysis centre.
 
Underground utilities and substation engineering specialist MN Holdings Bhd has bagged four new contracts for its substation engineering and underground utilities services and solutions business segments worth a combined RM27 million. The firm said the first contract was secured by its unit MN Power Transmission Sdn Bhd to carry out design and construction works for the extension of two air insulated substations in Raub, Pahang for RM16.9 million.
 
Construction services company Tuju Setia Bhd is tendering for RM2.8 billion worth of projects to build high-rise and industrial buildings, as well as hospitals and healthcare facilities. Tuju Setia managing director Wee Eng Kong said despite the higher prices of building materials such as steel and concrete, there are still active tenders for essential buildings such as residential, hospitals and healthcare facilities.
 
Top Glove Corp Bhd, the world's largest glovemaker by production capacity, is deferring its rubber glove output capacity expansion and said it is focusing instead on vertical and horizontal integration initiatives which include ownership of a gamma sterilisation facility, nitrile butadiene rubber latex plant and glove former factory, all of which will cater for Top Glove's internal consumption.

S Kanagaraju

Source: https://www.theedgemarkets.com