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BusinessToday
15 hours ago
- Business
- BusinessToday
Hartanah Kenyalang Posts RM1.3 Million In Net Profit On Construction Gains
Hartanah Kenyalang Bhd reported a net profit of RM1.3 million for the second quarter ended April 30, 2025, on the back of RM30.1 million in total revenue, primarily driven by its building construction services segment. The segment contributed RM21.6 million, or 72% of total revenue, with major contributions from ongoing and completed projects such as the State Archive Project, Yayasan International Schools in Sibu and Kuching, and the Sekolah Daif projects in Tambay and Tebedu. While this marks the company's first interim financial report following its ACE Market listing, the group's revenue was 32.8% lower compared to the preceding quarter's RM44.8 million, largely due to the near-completion or handover of several key projects. For the six-month period, Hartanah Kenyalang posted RM74.9 million in revenue and RM3.2 million in net profit. Looking ahead, the group remains optimistic, citing positive momentum in Sarawak's construction industry as a key driver for future growth. Related
Borneo Post
2 days ago
- Business
- Borneo Post
Solarvest secures Brunei's largest solar project, boosting order book to RM1.3 billion
Construction is expected to begin in the third quarter this year with completion targeted by the end of 2026. –Malay Mail photo KUCHING (June 19): Solarvest Holdings Berhad has secured Brunei's largest 30 megawatt (MW) solar photovoltaic (PV) power plant project, a move analysts say will strengthen its earnings visibility and boost its outstanding order book. The team with Kenanga Investment Bank Bhd (Kenanga Research) said the contract, worth RM100, will lift the group's year-to-date (YTD) job wins to RM604 million, on track to to hit its target of RM1.2 billion in financial year 2026 (FY26). The house also expects the project to deliver gross profit margin between 13 to 15 per cent, contributing to a total order book of RM1.3 billion. On June 16, the group said the project will be undertaken through Seri Suria Power (B) Sdn Bhd, a joint venture Solarvest's wholly-owned subsidiary Atlantic Blue (34 per cent), Serikandi Oilfield Services (36 per cent), and Khazanah Satu (30 per cent). The JV also signed a 25-year power purchase agreement (PPA) with Brunei's Department of Electrical Services (DES), under the Prime Minister's Office to develop and operate a 30MWac solar Kampong Belimbing, Kota Batu. Construction is expected to begin in the third quarter this year with completion targeted by the end of 2026. The engineering, procurement, construction and commissioning (EPCC) work will be handled by Serikandi Solarvest, a separate JV between Solarvest Borneo (49 per cent) and Serikandi Holdings (51 per cent). 'This contract adds positively to Solarvest's job wins, bringing its YTD tally to RM604 million. It also lifts the group's total order book to RM1.3 billion, comprising 81 per cent large-scale solar (LSS) and 19 per cent commercial and industrial (C&I) projects. 'This will keep the group busy for at least over the next 18 months,' Kenanga Research said. The house added that the project is expected to yield a higher tariff of 18 to 20 sen per kilowatt-hour (kWh) compared to the 13 to 16 sen per kWh rate under Malaysia's LSS5 programme. Based on current panel prices, the internal rate of return (IRR) is estimated at around 10 per cent. RHB Investment Bank in a separate note said management expects the project's IRR to be in line with Malaysia-based projects, ranging from high single digits to low teens. The total capital expenditure is estimated at BND35 million, structured with a 70:30 debt-to-equity ratio. Based on Solarvest's 34 per cent stake, the project is expected to contribute RM2 to RM3 million in earnings per year. Excluding project financing, the group's net gearing is projected to rise to approximately 0.21 times. brunei corporate news solar energy Solarvest
BusinessToday
13-06-2025
- Business
- BusinessToday
HSS Engineers Clarifies Role In MEX II Amid MACC Probe
HSS Engineers Berhad today issued a clarification regarding a news article claiming the group is involved in the drawdown of RM1.3 billion MEX II sukuk and under the MACC probe. The article had reported that HEB denied involvement in the drawdown of funds from the RM1.3 billion sukuk financing for the Lebuhraya Putrajaya-KLIA (MEX II) project, which is currently under investigation by the Malaysian Anti-Corruption Commission (MACC). The article also stated that HEB served as the design consultant for the project. In its statement, HEB clarified that the entity appointed for the project was HSS Integrated Sdn Bhd, an associate company of HEB, not HEB directly. HSS Integrated Sdn Bhd was engaged by Maju Holdings Sdn Bhd in 2016 to provide design consultancy and construction supervision services for the MEX II Project. Given that the MACC's investigation into MEX II is ongoing, HEB stated it is not in a position to comment further beyond the clarification provided and the publicly available information contained in the news article. HEB reaffirmed its commitment to transparency, integrity, and ethical conduct, stating that it has extended its full cooperation to the MACC in connection with the MEX II investigation and will continue to do so. The company also confirmed that this matter has no material financial or operational impact on HSS Engineers Berhad or its group of companies. Related
BusinessToday
12-06-2025
- Business
- BusinessToday
Malaysia's Natural Rubber Production Drops Sharply In April, Amid Weak Global Demand
Malaysia's natural rubber industry saw a significant decline in April 2025, with production plunging by 37.3% to 18,008 tonnes, compared to 28,739 tonnes in March, according to the latest data from the Department of Statistics Malaysia (DOSM). On a year-on-year basis, production was also down by 15.6%, with April 2024 recording 21,325 tonnes. DOSM noted that the smallholders sector remained the main contributor, accounting for 86% of national output, while estates contributed the remaining 14%. Total NR stockpiles in April also shrank, falling 6.7% to 203,728 tonnes, down from 218,253 tonnes in March. The majority of the stock was held by rubber processors (87.6%), followed by rubber consumers (12.3%) and rubber estates (0.1%). Meanwhile, exports of NR fell 31.7% to 35,901 tonnes in April, compared to 52,531 tonnes in March. Despite the decline, P.R. China remained the top export destination, accounting for 33.3% of Malaysia's rubber exports, followed by the United Arab Emirates (14.9%), Germany (14.2%), India (6.5%), and the United States (5.1%). Exports of rubber-based products, including gloves, tyres, tubes, and rubber thread, also declined. Gloves, the top contributor, generated RM1.1 billion in export value in April—down 19.2% from RM1.3 billion in March. The average price of key NR products weakened in April: Concentrated Latex fell by 7.0% to 647.20 sen/kg Scrap rubber dropped by 15.8% to 641.27 sen/kg Prices for all Standard Malaysian Rubber (S.M.R) grades also declined between 6.9% and 13.5%, reflecting softening global demand and market uncertainties. The steep drop in production, exports, and prices signals growing pressure on Malaysia's rubber sector, which faces both seasonal challenges and weakening global demand. Market analysts suggest that demand recovery in major export markets and price stabilisation will be key factors to watch in the coming months. Related
The Star
12-06-2025
- Business
- The Star
Malaysia's natural rubber production falls 37.3% in April 2025
KUALA LUMPUR: Malaysia's natural rubber (NR) production decreased by 37.3 per cent to 18,008 tonnes in April 2025 as compared to 28,739 tonnes in the previous month, according to the Department of Statistics Malaysia (DOSM). Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said that the NR production fell by 15.6 per cent year-on-year, as against 21,325 tonnes in April 2024. "Production of NR in April 2025 for Malaysia was mainly contributed by the smallholders sector (86.0 per cent) as compared to the estates sector (14.0 per cent),' he said in a statement. On total stocks, Mohd Uzir said they have decreased by 6.7 per cent to 203,728 tonnes in April 2025 as compared to 218,253 tonnes in March 2025, with the rubber processors factory contributing 87.6 per cent of the stocks followed by rubber consumer factory (12.3 per cent) and rubber estates (0.1 per cent). He said exports of Malaysia's NR amounted to 35,901 tonnes in April 2025, a decrease of 31.7 per cent as against March 2025 (52,531 tonnes). "China remained as the main destination for NR exports, which accounted for 33.3 per cent of total exports in April 2025, followed by the United Arab Emirates (14.9 per cent), Germany (14.2 per cent), India (6.5 per cent) and the United States (US) (5.1 per cent),' it said. He added that the export performance was contributed by NR-based products such as gloves, tyres, tubes and rubber threads. Gloves were the main exports of rubber-based products with a value of RM1.1 billion in April 2025, down 19.2 per cent as compared to March 2025 (RM1.3 billion). Meanwhile, DOSM reported that the average monthly price of concentrated latex recorded a decrease of 7.0 per cent (April 2025: 647.20 sen per kilogramme (kg); March 2025: 696.05 sen per kg), while scrap dropped by 15.8 per cent (April 2025: 641.27 sen per kg; March 2025: 761.92 sen per kg). The trend of prices for all Standard Malaysian Rubber (SMR) posted a decline between 6.9 per cent and 13.5 per cent. According to the Malaysia Rubber Board Digest published in April 2025, the Kuala Lumpur Rubber Market experienced mixed trends of decline and recovery throughout April, influenced by fluctuating signals from regional rubber futures markets in response to uncertainties surrounding the US trade policies. "Market sentiment remained subdued amid ongoing global economic uncertainties and escalating China-US trade tensions, (with) a stronger ringgit against the US dollar and declining crude oil prices further weighing on sentiment,' it added. - Bernama
