Latest news with #RM1.2bil
The Star
10-06-2025
- Business
- The Star
Solarvest continues to make hay as the sun shines
The company's unbilled order book quintupled from RM242mil in the fourth quarter of FY24 to RM1.2bil in 4Q25. PETALING JAYA: Solar energy company Solarvest Holdings Bhd is poised to scale new heights as the group's stellar results for its financial year 2025 ended March 31, (FY25) sets the stage for a stronger FY26, underpinned by a five-fold jump to RM1.2bil in unbilled orders, analysts say. Hong Leong Investment Bank Research (HLIB Research) said: 'We expect another record year for Solarvest going into FY26, backed by strong order book growth and commissioning of assets towards the later part of FY26.' The company's unbilled order book quintupled from RM242mil in the fourth quarter of FY24 (4Q24) to RM1.2bil in 4Q25. 'We believe execution of Corporate Green Power Programme contracts should kick into higher gear in FY26,' the research house added HLIB Research also anticipated the commencement of projects under the fifth phase of the government's Large Scale Solar (LSS5) initiative could lift Solarvest's engineering, procurement, construction and commissioning revenue towards 2H26. Solarvest's management is guiding for further contract wins from LSS5 in the near term, the research house noted. According to HLIB Research, Solarvest has consistently maintained a minimum 30% market share in past phases of the LSS initiative. Separately, LSS6 bidding is set to commence in the second and third quarters of this year, and the research house thinks the available quotas will be sizeable, ranging between two gigawatt and four gigawatt. 'As such we reckon that Solarvest management's guidance of surpassing RM2bil in unbilled orders in FY26 is conservative, looking at the existing pipeline and its stellar track record,' said HLIB Research. The research house maintained a 'buy' call on the stock with a target price of RM2.25 per share.
The Star
06-06-2025
- Politics
- The Star
Kabul's growing water crisis
EVERY week, Bibi Jan scrapes together some of her husband's meagre daily wage to buy precious water from rickshaw-drawn tankers that supply residents of Afghanistan's increasingly parched capital. Kabul faces a looming water crisis, driven by unruly and rapid urbanisation, mismanagement over years of conflict, and climate change, meaning people like Bibi Jan are sometimes forced to choose between food and water. 'When my children have only tea for a few days, they say, 'You bought water and nothing for us',' said the 45-year-old housewife, describing reusing her supplies for bathing, dishes and laundry. Experts have long sounded the alarm over Kabul's water problems, which are worsening even as many international players have backed off big infrastructure projects and slashed funding to Afghanistan since the Taliban government took power in 2021. 'There could be no ground water in Kabul by 2030' without urgent action, the UN children's agency Unicef warned last year. Other experts are more cautious, citing limited consistent and reliable data, but say the situation is clearly deteriorating. A 2030 cliff is a 'worst-case scenario', said water resources management expert Assem Mayar. A boy sitting atop a potable water tanker on a hillside in Kabul. — AFP But even if slated development projects are completed in a few years, it 'doesn't mean the situation would become better than now', Mayar said. 'As time goes on, the problems are only increasing,' he added, as population growth outstrips urban planning and climate change drives below-average precipitation. The Taliban authorities have launched projects ranging from recycling water to building hundreds of small dams across the country, but larger interventions remain hampered by financing and technical capacity. They remain unrecognised by any country since they ousted the Western-backed government and imposed their interpretation of religious law, with restrictions on women a major sticking point. They have repeatedly called for non-governmental groups to reboot stalled projects on water and climate change, as Afghanistan faces 'some of the harshest effects' in the region, according to the United Nations. The water and energy ministry wants to divert water from the Panjshir river to the capital, but needs US$300mil to US$400mil (RM1.2bil to RM1.7bil). A dam project near Kabul would ease pressures but was delayed after the Taliban takeover. For now, Kabul's primary drinking water source is groundwater, as much as 80% of which is contaminated, according to a May report by Mercy Corps. It is tapped by more than 100,000 unregulated wells across the city that are regularly deepened or run dry, the NGO said. Groundwater can be recharged, but more is drawn each year than is replenished in Kabul, with an estimated annual 76 million cubic metre deficit, experts say. 'It's a very serious problem... Water is decreasing day by day in the city,' said Shafiullah Zahidi, who heads central Kabul operations for the state-owned water company UWASS. Water systems designed decades ago serve just 20% of the city's population, which has exploded to around six million over the past 20 years, said Zahidi. At one of Kabul's 15 pumping stations, maintenance manager Mohammad Ehsan said the seven-year-old well is already producing less water. Two others nearby sit dry. 'The places with shallower water levels are dried out now,' said 53-year-old Ehsan, who has worked in water management for two decades, as he stood over an old well. It once produced water from a depth of 70m, but a newer well had to be bored more than twice as deep to reach groundwater. At one of the two large stations in the city, the International Committee of the Red Cross (ICRC) recently procured four new pumps where only one had been functioning. 'If that pump collapsed for any reason, that means stopping the service for 25,000 beneficiary households' which now have uninterrupted water, said Baraa Afeh, ICRC's deputy water and habitat coordinator. Everyone in Kabul 'should have 24-hour service', said Zahidi, from the state water company. But in reality, Bibi Jan and many other Kabulis are forced to lug water in heavy jugs from wells or buy it from tankers. These suppliers charge at least twice as much as the state-owned utility, with potable water even more pricey in a country where 85% of the population lives on less than a dollar a day. Bibi Jan said she has to police her family's water use carefully. 'I tell them, 'I'm not a miser but use less water.' Because if the water runs out then what would we do?' — AFP
The Star
30-05-2025
- Business
- The Star
Prudential BSN leads in Family Takaful for the 12th year
Wan Saifulrizal (right) said that PruBSN is committed to offering affordable yet comprehensive coverage despite the rise of medical claims inflation. Prudential BSN Takaful Berhad (PruBSN) is named Malaysia's Best Takaful Operator – Family Takaful Agency Business for the 12th year at the Takaful Star Awards 2025. The award by the Malaysia Takaful Association (MTA) reaffirms PruBSN's excellence in the Family Takaful segment since its establishment in 2006. For almost two decades, the company has demonstrated significant growth while staying focused on its mission to deliver accessible, Shariah-compliant protection solutions to all Malaysians. Better solutions for the future According to PruBSN chief executive officer Wan Saifulziral Wan Ismail, medical claims inflation has risen by about 16% annually between 2021 and 2023 as inflation and healthcare costs have soared over the years. Despite this, he maintains that PruBSN is committed to offering quality protection solutions that strike the right balance between affordability and comprehensive coverage. 'We continue to focus on sustainable innovation – enhancing value for our customers without compromising coverage and the quality of protection. Wan Saifulrizal receiving the award from MTA chief executive officer Mohd Radzuan Mohamed. 'Through continuous education, we ensure our customers are empowered to make informed decisions,' said Wan Saifulrizal. Wan added that a total of RM1.2bil was disbursed across all types of claims in 2024 alone, ensuring timely and comprehensive support for peace of mind. As healthcare needs grow more complex, PruBSN has expanded its offerings that are customisable and affordable including PruBSN AnugerahMax, PruBSN Asas360, Medik Asas, Crisis TotalCare, Medic TotalCare and Health360 to meet Malaysians' evolving needs. With healthcare expenditure projected to double by 2028, these solutions are built to address both physical and financial risks, empowering Malaysians to face life's uncertainties with confidence. Inclusive and accessible healthcare At the heart of PruBSN's philosophy lies the spirit of Ta'awun – the principle of mutual assistance. PruBSN's Tabarru' fund enables participants to support one another in times of need, reflecting the company's commitment to inclusive, accessible healthcare and social sustainability. According to Wan, PruBSN's Microtakaful Jariyah initiative embodies this spirit by offering complimentary protection to B40 breadwinners. The programme supports underserved communities by offering coverage to more than 188,000 individuals, with nearly RM5mil in claims disbursed since its inception. PruBSN team celebrating the win as the Best Family Takaful Operator. At the forefront of inclusive Takaful ecosystem PruBSN has earned other recognitions during the prestigious awards night including third place in Top Unit Manager, first place in Top Agency Manager (Direct), second place in Top Agency Manager (Group), first place for the MDRT Builder Award, a special award for MTA Member Companies Top Agency/Agent/Intermediaries, as well as several Institution categories for best Takaful products such as Critical Illness Plan, Terms Plan, Social Takaful Fund and Microtakaful. The Takaful Star Awards, presented annually by MTA, recognise exemplary performance among Takaful operators, agents and industry leaders. PruBSN remains resolute in its commitment to deliver value-driven, sustainable protection solutions that support the health, security and financial well-being of all Malaysians.
The Star
28-05-2025
- Business
- The Star
OSK expects steady 2025 backed by core segment performance
OSK Holdings Bhd group executive chairman Tan Sri Ong Leong Huat KUALA LUMPUR: OSK Holdings Bhd is confident of delivering satisfactory results for 2025, with its property development division as a key profit driver well-positioned for strong performance. As of March 31, the group's unbilled sales stood at RM1.2bil, with minimal unsold completed inventory. OSK has a total land bank of 2,083 acres with an estimated effective gross development value of RM17.7bil, located across the Klang Valley, Kedah, Penang, Negeri Sembilan, and Melbourne, Australia. For the first quarter ended March 31 (1Q24), OSK recorded a slightly higher net profit of RM124.3 mil, up from RM122.9 mil a year earlier. Revenue rose 8.9% to RM400.6 mil against RM367.9mil while earnings per share climbed to 6.03 sen from 5.96 sen previously. 'We are pleased with the solid start to the year and strong fundamentals across most core segments. Despite the challenging operating environment, our diversified business model has enabled us to sustain earnings and strengthen our fundamentals across key segments,' OSK Group executive chairman Tan Sri Ong Leong Huat said in a separate statement. Under the industries segment, OSK said the cable division aimed to grow revenue by expanding its sales team and upgrading its Melaka factory. Operations at two newly acquired Johor Bahru factories began on March 6, 2025, with production set to ramp up progressively. 'With the new orders from the utility companies, we expect the division to continue to perform well. The IBS Division is expected to sustain its momentum, which is driven by a steady demand for its product and to provide a reliable revenue stream,' it said. OSK said its hospitality segment is set to benefit from favourable tourism trends, with visa-free travel for Chinese and Indian nationals extended to December 2026. 'In addition, the completion of the Phase 2 refurbishment at Swiss-Garden Beach Resort Kuantan in 2Q25 will enhance guest experiences by offering upgraded facilities and an expanded capacity for corporate meetings and events. 'Our partnership with international operators for the rebranded hotels, including DoubleTree by Hilton Damai Laut Resort and Holiday Inn Express & Suites in Johor Baru is also anticipated to continue to deliver improved performance as they strengthen their brands' presence and market appeal,' it said. Meanwhile, OSK said the growth in the financial services segment is expected to continue through the remainder of 2025, principally driven by the increase in loan portfolios, greater geographical coverage and new product offerings.
The Star
26-05-2025
- Business
- The Star
Warisan calls for White Paper, audit on Sabah GLCs
KOTA KINABALU: Warisan is urging the Sabah government to table a Cabinet-level White Paper to address the underperformance of several government-linked companies (GLCs) and state agencies in Sabah. Warisan secretary-general Datuk Loretto Padua Jr the White Paper would allow concerned Sabahans to know what led to the underperformance and what the state government plans to do about it. He added that transparency is needed, saying: "The best watchdogs in this state are the people of Sabah themselves, not those appointed by the Chief Minister from the ruling party or coalition." "Prudent spending must be emphasised and all unnecessary overseas trips must be stopped immediately," he said in a statement on Monday (May 26) adding that if Warisan was given the mandate to govern, they would table a White Paper in the State Assembly within six months. He said the White Paper would address matters such as the RM5bil in non-performing loans at Sabah Development Bank and its use of "creative accounting"; the cancellation of Sabah Forest Industries concession land and its reallocation to peninsula-based companies; the water and electricity supply crises including exorbitant charges by private tanker contractors; and the RM1.2bil bailout of Sabah International Petroleum via a RM900mil Sukuk Wakalah issuance by SMJ Energy Sdn Bhd. It would also cover unresolved GLC-related issues previously raised by Warisan and other Opposition parties, which Loretto said were never addressed by GRS-Pakatan Harapan in the state assembly. He also said Warisan would also push for detailed investigations by the National Audit Committee into all problematic state agencies and GLCs. "I believe that a Cabinet White Paper and National Audit Committee investigations are the first steps towards improving the performance of GLCs and state agencies," he said.
