News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs. Below are snippets of all the media releases we received from Jan 22 till the end of the week. This article updates throughout the week.

Aneka Jaringan: Profitable Q1

Kuala Lumpur, Jan 23: Aneka Jaringan Holdings Berhad, a leader in basement and foundation construction, announced a significant financial rebound in the first quarter ending November 30, 2023. The Group reported a revenue of RM58.78 million, marking an 11.23 per cent increase from the previous year’s RM52.85 million.
This growth is attributed to an increase in job orders.
In a stark turnaround, the Group achieved a gross profit of RM3.05 million in 1Q FYE2024, compared to a gross loss of RM0.95 million in the same period last year. Notably, this quarter is the second consecutive period of profitability for the Group, following a profit after tax of RM0.35 million in 4Q FYE2023.
The Group also saw substantial improvement in its bottom line, with a profit after tax of RM1.39 million in 1Q FYE2024, a significant recovery from a loss after tax of RM4.62 million in 1Q FYE2023. Quarter-over-quarter, revenue increased by 14.10 per cent, and profit before tax and after tax rose by 22.01 per cent and 292.35 per cent, respectively.
Managing Director Pang Tse Fui highlighted the Group’s resilience in challenging market conditions and the strategic growth in Indonesia through PT Aneka Jaringan Indonesia (“PTAJI”). The company’s total order book stands at RM253.59 million, with RM227.69 million from Malaysian operations and RM25.90 million from Indonesia.

Malaysia 2024 Property Outlook

Kuala Lumpur, Jan 23: The Malaysian property market in 2024 is expected to stabilize amidst economic uncertainties, with uneven performance but growth opportunities, according to PropertyGuru Malaysia’s Property Market Outlook Report.
A shift towards the rental market is anticipated due to ongoing housing affordability issues. Johor shows promise with increased transactions and foreign interest, driven by infrastructure projects and favorable currency exchange rates.
Key areas in Kuala Lumpur and Selangor are identified as having underserved housing demand. While property prices are stabilizing, the overall market remains challenged by high costs and affordability issues.
The report highlights potential growth in select areas and segments, particularly in Selangor and Kuala Lumpur.
Government initiatives and a focus on sustainability and inclusivity are expected to influence the market in 2024.

Australia Tops Global AI Adoption, Faces Skills Gap

Sydney, Jan 23: Avanade’s survey of over 3,000 leaders shows 76 per cent of Australian businesses use AI daily, surpassing the 57 per cent global average.
AI is seen as a workplace co-pilot, with an expected shift towards enhancing creativity by the end of 2024.
Two in five Australian companies predict AI will maintain or increase jobs, with a potential 9 per cent rise in headcount.
However, a significant skills gap exists. Over 70 per cent of employees need new skills for AI tools like Microsoft Copilot, and 96 per cent urge an AI-first approach for competitive edge.
Australia leads in AI governance confidence at 67 per cent, but only 29 per cent fully trust their organization’s AI risk management.
Florin Rotar of Avanade highlights the need for workforce preparation for AI, and Lourens Swanepoel points to the necessity of AI collaboration skills.
The Avanade AI Readiness Report elaborates on these findings.

Bitdeer Recognized Among Singapore’s Fastest Growing Companies

Singapore, Jan 24: Bitdeer Technologies Group (NASDAQ: BTDR), a leading blockchain and high-performance computing technology firm, has been named as one of the fastest growing companies in Singapore for 2024.
This prestigious recognition comes from The Straits Times and Statista.
Notably, Bitdeer is the first blockchain company to be honored in this annual ranking, securing the 6th spot among 18 companies in the IT & Software category, and 34th out of 100 overall.
The selection involved a comprehensive analysis of over 2,000 companies, with Bitdeer showing an impressive compound revenue growth of 275.51 per cent from 2019 to 2022.
CEO Matt Linghui Kong expressed gratitude towards The Straits Times and Statista for the acknowledgment, highlighting the team’s achievements in Singapore and teasing more exciting developments in the future.
The recognition reflects Bitdeer’s rapid growth and commitment to the local economy amidst challenging times.

Agape ATP Corporation Advances Green Energy Initiatives

Kuala Lumpur, Jan 24: Agape ATP Corporation (NASDAQ: ATPC) announced its green energy initiatives at a NASDAQ Opening Bell Ringing Ceremony. Datuk Sri Dr. How Kok Choong, Global Group CEO, highlighted the company’s commitment to sustainability.
Key developments include ATPC’s partnership with Volt Industries Sdn. Bhd. (VOLT) for setting up 50 Electric Vehicle (EV) charging stations in Pahang, Malaysia. Additionally, ATPC’s joint venture with Oriental Industries Enterprise Sdn. Bhd. (OIE) focuses on marketing EV bikes, with plans to launch in major cities post SIRIM clearance.
Further enhancing its green portfolio, VOLT has signed an MOU with KAB Smart Solar Energy Sdn. Bhd. for solar photovoltaic systems, marking ATPC’s stride towards sustainable corporate growth and green energy leadership.

SCIB Expands with Key Land Purchase in Sarawak

Kuching, Jan 26: Sarawak Consolidated Industries Berhad (SCIB), a leader in industrialized building systems, has announced the acquisition of five plots totaling 21.88 acres in the Demak Laut Industrial Park, Kuching.
The RM21.6 million purchase, funded through internal sources and bank loans, is set to increase SCIB’s production capacity by 30 per cent, aligning with Sarawak’s infrastructure growth.
Group Managing Director Ku Chong Hong stated that this strategic move to the Demak Laut Industrial Park, located just 15 kilometers from Kuching City Centre, is crucial for meeting the rising demand accompanying Sarawak’s development.
The new site will host a factory for concrete products, expected to commence construction in Q2 2024 and be operational by Q2 2025.
This expansion marks SCIB’s commitment to long-term growth and shareholder value, positioning the company to meet future market demands. SCIB assures continuous updates to investors and stakeholders on this development.