Latest news with #RM3.4
Barnama
13 hours ago
- Business
- Barnama
Pernas Channels Over RM3.4 Mln In Financing To Franchise Entrepreneurs In Kelantan
KOTA BHARU, June 21 (Bernama) -- Perbadanan Nasional Berhad (Pernas) has, since last year, channelled more than RM3.4 million in financing to franchise entrepreneurs in Kelantan, including participants of the Business In Transformation (BIT) programme. Pernas chairman Datuk Mohamed Rozhan Mohd Ghazalli said the agency remained committed to guiding and empowering franchise entrepreneurs nationwide, in line with the mandate given to him to elevate Malaysia's franchise industry to the global stage. 'Pernas is tasked with spearheading the development of the franchise industry in Malaysia and empowering the local entrepreneurial community to become more competitive and sustainable. 'This commitment reflects Pernas' determination to empower franchise entrepreneurs from the grassroots up, enabling them to expand to both national and international levels,' he said. He said this in his speech at the launch of the BizFrancais Programme Tour Series held here today, which was also attended by Pernas chief executive officer Datuk Nor Azam M. Taib. Elaborating, Mohamed Rozhan said the Kelantan BizFrancais Programme 2025 brought together nearly 30 exhibitors, including government agencies, franchisors, pre-franchisors, and entrepreneurs under Pernas' Xcelerator and BIT programmes. 'The BizFrancais 2025 tour series kicks off in Kelantan and will continue in other states such as Sarawak, Sabah and Johor later this year. 'Pernas has guided over 50 franchise and pre-franchise entrepreneurs from the East Coast through various initiatives, including business development and financing programmes,' he said. One of the recipients, Nik Aloesniha Nik Mohd Alwi, 46, who operates the women's fitness centre franchise 'Curves', said she was thankful for the RM330,000 in financing, which helped her establish the business and expand access to fitness facilities for women on the East Coast.
Focus Malaysia
13-06-2025
- Business
- Focus Malaysia
Man-on-the-street Malaysians fear gas price hike for restaurants will worsen cost-of-living crisis
THE buying power of the ringgit continues to shrink as the cost-of-living crisis bites. Taking a further chunk out of the commoner's already diminished buying power is the recently implemented price hike on liquefied gas. This is the loud and angry contention from opposition politicians and its supporters. According to The Star, all eateries, including hawker stalls, have been barred from using household subsidised gas cylinder retrospectively beginning May 1. Instead, they have to use the new purple 14kg commercial gas cylinders which cost RM70 – almost three times the price of household subsidised gas cylinders which are sold at just RM26. Industry players are also required to apply for a yearly permit if they want to have more than three such cylinders. The Domestic Trade and Cost of Living Ministry is now cracking down to ensure that the food and beverage industry complies. This news has huge ramifications for ordinary Malaysians and was quickly pounced upon by the opposition, starting with PAS information chief Fadli Shaari who accused the Madani government of 'robbing the rakyat'. The Pasir Mas MP claimed that such move will cripple the F&B (food & beverage) industry which surely is unable to absorb such a price hike. The 44-year-old lawmaker further argued that at the end of the day, ordinary Malaysians are bound to shoulder the burden as the price increase is passed onto the end consumer. This sentiment was also echoed in a post on X by Naratif Rakyat (@NaratifRakyat) which is said to be the account belonging to former Barisan Nasional (BN) strategic communication deputy director Datuk Eric See-To a.k.a. Lim Sian See. Media The Star melapor bahawa mulai 1 Mei, semua kedai makan termasuk warung dan gerai tepi jalan tidak lagi dibenarkan guna tong gas bersubsidi RM26. Sebaliknya, mereka diwajibkan guna tong gas komersial 14kg berwarna ungu berharga RM70 – hampir tiga kali ganda lebih mahal. — Naratif Rakyat 🇲🇾 (@NaratifRakyat) May 28, 2025 Quoting an unnamed coffee shop association president, the poster claimed that a simple bowl of noodles could see a RM1 rise in price due to this move. It was claimed that gas subsidies amounted to RM3.4 billion but in the end, the brunt of its removal will be borne by SMEs (small and medium enterprises) and ordinary folks. Breaking it down into ringgit and sen, the poster claimed that the move will greatly impact the food industry with common people ultimately paying the price. 'Another Indian restaurant representative said they previously paid RM2,600/month for gas. But now they have to pay RM7,000/month – a difference of almost RM4,400,' revealed yhe poster. He went on to admonish the Madani administration for claiming that such a move was necessary to prevent leakages and to rationalise subsidies. Despite claims by the Madani administration of trillions of ringgit in foreign investment, the rakyat have been subjected to increased taxes and removal of key subsidies. Justified or not, any subsidy removal is going to be extremely unpopular. For certain, the Madani government will have legitimate reasons for wanting to take the country away from a subsidised economy model. But it has to recognise that such a move will hit those at the bottom of the food chain worst. There should be a grace period for businesses to comply and consumers to make the necessary adjustments. Such sudden implementation and enforcement will do little for its popularity at the polls but if the Madani government wishes to implement any long-term strategies, it may have to re-think this move. – May 30, 2025 Main image credit: Daily Makan/Facebook
New Straits Times
03-06-2025
- Business
- New Straits Times
Three senior board members exit Boustead Heavy Industries in governance shake-up
KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) has announced the resignation of three senior board members, marking a fresh round of leadership changes amid broader restructuring at the group level. According to filings with Bursa Malaysia, the departures involve Dr Salihin Abang, Izaddeen Daud and Saadatul Nafisah Bashir Ahmad, all of whom held multiple roles on the board. Dr Salihin stepped down as an independent non-executive director and relinquished his positions on the audit and risk committees. Saadatul vacated her seat on the board as well as the audit and nomination and remuneration committees. Izaddeen, a non-independent non-executive director, also resigned from the board. No reasons were given for the resignations and replacements have yet to be announced. The exits come as BHIC's parent company, Boustead Holdings Bhd, and its major shareholder, the Armed Forces Fund Board (LTAT), move forward with a broad restructuring agenda. Izaddeen was appointed group chief executive officer (GCEO) of Boustead Holdings in November 2022. BHIC's latest annual report indicates that he still holds the position, although Boustead Holdings' official website currently does not list a GCEO among its leadership team. In February, the government launched a new reform blueprint dubbed Project Earth, aimed at improving operational efficiency and productivity across LTAT and its portfolio of companies, including Boustead and BHIC. Project Earth replaces the earlier Project Moonshot, which was suspended in 2023 amid concerns over LTAT's financial stability. The previous plan sought to pare down Boustead's RM3.4 billion debt and divest its stake in six key subsidiaries.
The Sun
26-05-2025
- Business
- The Sun
Encorp hopes for better financial year 2025, driven by new developments in Kuantan, existing foothold in Johor's trade zone
PETALING JAYA: Encorp Bhd is targeting RM10 million in net profit for financial year 2025 (FY25), up from RM3.4 million achieved in the previous period. Chairman Mohd Yusmadi Mohd Yusoff said the improvement will be driven by new developments in Kuantan, as well as the company's existing foothold in Johor's trade zone. 'If this year we can chart anything around RM10 million, I'd be more than happy. For me, change has to be gradual,' he told SunBiz in an exclusive interview. Appointed on Sept 29, 2023, Mohd Yusmadi – a lawyer and former senator – now leads the company that is 62% owned by Felda Investment Corp Sdn Bhd. 'As Felda's builder, with projects stretching from Perlis to Sabah and even abroad, we must leverage this affiliation. Felda is a significant group. At the same time, we need to adopt AI and technology to remain competitive.' Mohd Yusmadi said Encorp stands to benefit from the upcoming Johor-Singapore Special Economic Zone given its existing landbank in the area. 'I want Encorp to focus more on the economic zone. We still have a few units left over there, but that can be a good start. Compared to other developers, we are not a fresh or new player there. We already have one leg there.' Encorp's landbank in Johor includes the Encorp Marina Puteri Harbour development, which occupies about 3.3 acres of prime waterfront land along the Straits of Johor . Mohd Yusmadi said the group's five-star hotel project in Kuantan, developed in partnership with Touch Group – with a gross development value of over RM500 million – is already progressing. 'In Balau we are pushing for a five-star hotel and serviced apartments with Touch Group. We are now in discussions with a few potential partners,' he disclosed. Encorp has faced governance-related issues and operational setbacks in recent years. Mohd Yusmadi said there is no compromise when it comes to integrity and governance under his leadership, . 'I say it, I practise it, and I show it. That's why last year, as many people were informed, yes, we did have governance issues. But I want to send a message to the media, investor, and our shareholders – under my leadership, governance is a priority. 'Maybe because I'm a former politician, I understand the role of government.' From a capital appreciation perspective, Mohd Yusmadi said Encorp had faced several governance-related challenges, which the leadership team has worked to address through firm top-level commitment. 'For example, the issue of uncollected tenancies involving millions of ringgit.' He added that governance was his first transformation strategy upon taking the helm, and the impact is now becoming evident. 'For the first time since 2016, Encorp turned a profit, as shown in last year's financial report. We even gave bonuses to both executive and non-executive staff.' Encorp posted its first annual profit since 2016 in FY24, recording RM3.4 million in net profit, compared with a net loss of RM8.5 million in the previous year. The improved performance was attributed to higher gross margins, with RM79.3 million gross profit on RM104 million revenue; a significant reduction in cost of sales, down to RM24.7 million from RM57.2 million in FY23; and better control of finance costs coupled with the recovery of longstanding receivables. The group posted a profit before tax of RM6.1 million despite a revenue decline to RM104 million from RM129.2 million in FY23, mainly due to weaker performance in the property development segment. 'Maybe it's my lack of property background that became an advantage. I came in with a fresh perspective. As a senior lawyer who often troubleshoots corporate issues, I bring a strong problem-solving mindset,' Mohd Yusmadi said. He noted that Encorp retained all its staff throughout the Covid-19 period. 'Our HR department confirmed that we didn't let go of anyone during the pandemic. That sends a strong signal to the public that Encorp is a stable and promising company.'
The Sun
26-05-2025
- Business
- The Sun
Encorp hopes better financial year 2025
PETALING JAYA: Encorp Bhd is targeting RM10 million in net profit for financial year 2025 (FY25), up from RM3.4 million achieved in the previous period. Chairman Mohd Yusmadi Mohd Yusoff said the improvement will be driven by new developments in Kuantan, as well as the company's existing foothold in Johor's trade zone. 'If this year we can chart anything around RM10 million, I'd be more than happy. For me, change has to be gradual,' he told SunBiz in an exclusive interview. Appointed on Sept 29, 2023, Mohd Yusmadi – a lawyer and former senator – now leads the company that is 62% owned by Felda Investment Corp Sdn Bhd. 'As Felda's builder, with projects stretching from Perlis to Sabah and even abroad, we must leverage this affiliation. Felda is a significant group. At the same time, we need to adopt AI and technology to remain competitive.' Mohd Yusmadi said Encorp stands to benefit from the upcoming Johor-Singapore Special Economic Zone given its existing landbank in the area. 'I want Encorp to focus more on the economic zone. We still have a few units left over there, but that can be a good start. Compared to other developers, we are not a fresh or new player there. We already have one leg there.' Encorp's landbank in Johor includes the Encorp Marina Puteri Harbour development, which occupies about 3.3 acres of prime waterfront land along the Straits of Johor . Mohd Yusmadi said the group's five-star hotel project in Kuantan, developed in partnership with Touch Group – with a gross development value of over RM500 million – is already progressing. 'In Balau we are pushing for a five-star hotel and serviced apartments with Touch Group. We are now in discussions with a few potential partners,' he disclosed. Encorp has faced governance-related issues and operational setbacks in recent years. Mohd Yusmadi said there is no compromise when it comes to integrity and governance under his leadership, . 'I say it, I practise it, and I show it. That's why last year, as many people were informed, yes, we did have governance issues. But I want to send a message to the media, investor, and our shareholders – under my leadership, governance is a priority. 'Maybe because I'm a former politician, I understand the role of government.' From a capital appreciation perspective, Mohd Yusmadi said Encorp had faced several governance-related challenges, which the leadership team has worked to address through firm top-level commitment. 'For example, the issue of uncollected tenancies involving millions of ringgit.' He added that governance was his first transformation strategy upon taking the helm, and the impact is now becoming evident. 'For the first time since 2016, Encorp turned a profit, as shown in last year's financial report. We even gave bonuses to both executive and non-executive staff.' Encorp posted its first annual profit since 2016 in FY24, recording RM3.4 million in net profit, compared with a net loss of RM8.5 million in the previous year. The improved performance was attributed to higher gross margins, with RM79.3 million gross profit on RM104 million revenue; a significant reduction in cost of sales, down to RM24.7 million from RM57.2 million in FY23; and better control of finance costs coupled with the recovery of longstanding receivables. The group posted a profit before tax of RM6.1 million despite a revenue decline to RM104 million from RM129.2 million in FY23, mainly due to weaker performance in the property development segment. 'Maybe it's my lack of property background that became an advantage. I came in with a fresh perspective. As a senior lawyer who often troubleshoots corporate issues, I bring a strong problem-solving mindset,' Mohd Yusmadi said. He noted that Encorp retained all its staff throughout the Covid-19 period. 'Our HR department confirmed that we didn't let go of anyone during the pandemic. That sends a strong signal to the public that Encorp is a stable and promising company.'
