Latest news with #ZulkifliJafar
The Star
a day ago
- Business
- The Star
Trading ideas: Public Bank, DNeX, Food Life, Master TEC, MN, Guocoland, Capital A, Kobay, LGMS, Pharmaniaga, Scientex
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Public Bank ordered to pay RM90mn in damages to the National Feedlot Corporation for confidentiality breach. Dagang Nexchange Bhd has secured a RM103.8mn contract from the government to continue providing support for the Integrated Government Financial and Management Systems over a period of 60 months. Food Life Sdn Bhd a wholly-owned subsidiary of Farm Price Holdings Berhad, has entered into agreements to acquire assets and a business from Hong Yun Vegetables and Fruits Sdn Bhd, as well as assets from D & D Sinma 8888 Univeg Trading for a total of RM4.5mn in cash. Master TEC Group Bhd has entered into a MoU with Yangtze (Jiangsu) Marine Technology Company Limited to explore collaboration on high-specification and next-generation cable solutions for Malaysia's growing power infrastructure market. MN Holdings Bhd has secured a RM39.6mn contract for the expansion of the electrical supply system for a cable landing station located at a data centre in southern Peninsular Malaysia. Guocoland (Malaysia) Bhd said the group faces a net financial impact of RM5.5mn following an arbitration ruling against its wholly owned subsidiary over a disputed project termination. The CEO of Capital A Group, Tan Sri Tony Fernandes, said on Wednesday the owner of AirAsia is in talks to buy 50 to 70 Airbus A321XLR jets in coming months, but that the first priority is to complete the group's restructuring. Kobay Technology Bhd plans to reallocate RM20.7mn — part of the funds originally set aside for its aluminium business expansion — to develop manufacturing services for the electronic and electrical sector. LGMS Bhd is seeking a transfer of its shares to the Main Market of Bursa Malaysia from the ACE Market. Pharmaniaga Bhd said it will continue to stay in the black for the FY2025 after making a turnaround last year, according to its managing director Zulkifli Jafar. The group is targeting to deliver FY2025 revenue of RM4bn a profit after tax of RM60mn. Scientex Bhd saw its net profit slip over 5% to RM123.9mn in 3QFY25 as the improved operating profit at its property segment was more than offset by a weaker packaging division.
The Sun
2 days ago
- Business
- The Sun
Pharmaniaga aims to exit P17 status by end-2025 or first-quarter 2026
KUALA LUMPUR: Pharmaniaga Bhd is targeting to exit Practice Note 17 (PN17) status as early as end-2025 or by the first quarter of 2026. Managing director Zulkifli Jafar said its RM352.2 million rights issue and private placement will be the driver of its regularisation plan. 'We are targeting, we are hoping, in the best-case scenario, we are out at the end of this year. In the worst-case scenario, we are out in the first quarter of 2026,' he said at a press conference after Pharmaniaga's 27th AGM today. Zulkifli said a substantial amount from the funds raised under the regularisation plan will be used to pare down its debt. 'That paring down of our debt alone will save about 16 million a year on interest.' Pharmaniaga has 21 market days to finalise the private placement and the rights issue together with the subscription. The group will then undertake a capital reduction exercise, expected to take about a week. 'We're targeting to complete the fundraising exercise by August,' said Zulkifli. 'By end-August, we expect to complete the entire regularisation plan.' Under Bursa Malaysia's rules, the group must record two consecutive quarters of net profit before it can exit PN17. However, Zulkifli said Pharmaniaga is seeking a waiver to shorten the wait time. 'We're proposing to consider one quarter before and one after the completion, instead of two full quarters post-completion.' As to the AGM, all 13 resolutions tabled were passed with 99% approval. 'This shows that shareholders believe in our strategy and our journey towards exiting PN17,' Zulkifli remarked. He said that for 2024, the group recorded a profit after tax (PAT) of RM133.8 million, compared with a loss of about RM78 million previously. 'We are targeting for 2025 about RM4 billion in revenue with a PAT of RM60 million. This is our target although we hope we can achieve better than that.' Pharmaniaga, a subsidiary of Boustead Holdings Bhd, was classified as a PN17 company in February 2023 after it reported major financial losses. Pharmaniaga incurred a RM552.3 million impairment due to excess inventory of Sinovac Covid-19 vaccines.
The Star
07-05-2025
- Business
- The Star
Pharmaniaga quarterly performance improves
The group said it will continue the implementation of its regularisation plan to exit its Practice Note 17 status. PETALING JAYA: Pharmaniaga Bhd 's net profit for the first quarter ended March 31, 2025 (1Q25) rose to RM29.58mil from RM25.65mil in the previous corresponding quarter, while revenue during the period grew to RM1.1bil, compared to RM965mil in the previous quarter. In a statement, the pharmaceutical group said the 9.4% increase in revenue was mainly supported by the manufacturing division that contributes 65% to the group's profit. Pharmaniaga's Indonesian division, however, recorded lower earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the quarter under review due to the weakening of the rupiah against the ringgit. 'Excluding the impact of currency translation, the Ebitda showed an increase of 1.6%, driven by higher revenue from products of existing principals and additional sales generated from the opening of two new branches in February 2024 and one branch in October 2024,' the group said. Moving forward, the group added that it will continue the implementation of its regularisation plan to exit its Practice Note 17 status following shareholders' approval of resolutions. 'With these strategic initiatives in motion, Pharmaniaga remains focused on delivering its growth targets for 2025 and reinforcing its market position across core business segments,' it noted. As for Indonesia, the group will continue to strengthen its logistics network and manufacturing capabilities. 'Renovation of its central warehouse in Bekasi is progressing as planned and is expected to improve operational efficiency upon completion by 4Q25. 'The group has also commenced contract manufacturing activities, with additional projects in the pipeline under contract development manufacturing organisation arrangements.' Pharmaniaga managing director Zulkifli Jafar said the group was making significant progress in expanding its non-concession government business. 'During the quarter, we were awarded two major Health Ministry tenders for the supply of high-value specialty injectable medicines, Secukinumab and Enoxaparin Sodium with a combined contract value of RM97.5mil over three years,' added Zulkifli. Furthermore, he said that the group secured a RM139mil contract to supply dialysis solutions for the Social Security Organisation through 2029.
The Sun
30-04-2025
- Business
- The Sun
Pharmaniaga confident of exiting PN17, backed by resilient operations and forward strategies
KUALA LUMPUR: Pharmaniaga Bhd remains confident of exiting Practice Note 17 (PN17) status, supported by resilient business operations and recovery strategies that have underpinned its steady financial progress. In a statement, the group said this positive trajectory reflects its strong fundamentals and financial recovery, as shown in the audited financial statements for the year ended Dec 31, 2024 (FY24), released on Tuesday. The auditor made a standard reference to material uncertainty related to going concern, which is common for companies undergoing recovery, but issued an unqualified opinion, reflecting the confidence in the group's steady progress. Pharmaniaga managing director Zulkifli Jafar said that while the group appreciates the auditor's opinion, it remains confident in its recovery, citing strong operational momentum across its business segments. 'The return to profitability in FY 2024, along with the successful approval of our regularisation plan, is clear evidence that we are on the right track. Our strong operational foundation, growing investor interest, and progress in biopharmaceuticals give us every reason for optimism,' he said. On Monday, Pharmaniaga reported a net profit of RM131.82 million for FY24, reversing a net loss of RM80.16 million recorded in FY23. Revenue rose to RM3.75 billion from RM3.40 billion a year earlier. In a filing with Bursa Malaysia, the group disclosed that its independent auditors, Messrs Ernst & Young PLT, had issued a statement of material uncertainty related to going concern in their report dated March 26, 2025, in respect to financial statements for FY24 'We draw attention to Note 2 in the financial statements, which indicates that the group's and the company's current liabilities exceeded their current assets by RM748.8 million and RM827.2 million, respectively, and the group recorded a capital deficiency of RM145.9 million as of Dec 31, 2024. 'These events or conditions, along with other matters set out in Note 2(a), indicate the existence of material uncertainties that may cast significant doubt on the group's and the company's ability to continue as a going concern. 'Nevertheless, the financial statements have been prepared on a going concern basis, which is materially dependent on the successful and timely implementation of the proposed regularisation plan and continued support from lenders,' the auditors said. – Bernama
Barnama
29-04-2025
- Business
- Barnama
Pharmaniaga Confident Of Exiting PN17, Backed By Resilient Operations And Forward Strategies
REGION - CENTRAL > NEWS KUALA LUMPUR, April 29 (Bernama) -- Pharmaniaga Bhd remains confident of exiting Practice Note 17 (PN17) status, supported by resilient business operations and recovery strategies that have underpinned its steady financial progress. In a statement here today, the group said this positive trajectory reflects its strong fundamentals and financial recovery, as shown in the audited financial statements for the year ended Dec 31, 2024 (FY2024), released today. The auditor made a standard reference to material uncertainty related to going concern, which is common for companies undergoing recovery, but issued an unqualified opinion, reflecting the confidence in the group's steady progress. bootstrap slideshow Pharmaniaga's managing director Zulkifli Jafar said that while the group appreciates the auditor's opinion, it remains confident in its recovery, citing strong operational momentum across its business segments. 'The return to profitability in FY2024, along with the successful approval of our regularisation plan, is clear evidence that we are on the right track. Our strong operational foundation, growing investor interest, and progress in biopharmaceuticals give us every reason for optimism,' he said. On Monday, Pharmaniaga reported a net profit of RM131.82 million for FY2024, reversing a net loss of RM80.16 million recorded in FY2023. Revenue rose to RM3.75 billion from RM3.40 billion a year earlier. In a filing with Bursa Malaysia, the group disclosed that its independent auditors, Messrs Ernst & Young PLT, had issued a statement of material uncertainty related to going concern in their report dated March 26, 2025, in respect to financial statements for FY2024 'We draw attention to Note 2 in the financial statements, which indicates that the group's and the company's current liabilities exceeded their current assets by RM748.8 million and RM827.2 million, respectively, and the group recorded a capital deficiency of RM145.9 million as of Dec 31, 2024. 'These events or conditions, along with other matters set out in Note 2(a), indicate the existence of material uncertainties that may cast significant doubt on the group's and the company's ability to continue as a going concern.
