Kuala Lumpur, Feb 22: In the latest installment Kuala Lumpur News, the business scene is buzzing with noteworthy updates.
Aneka Jaringan has just wrapped up its AGM on a triumphant note, gaining unanimous shareholder approval for its forward-looking strategies.
Meanwhile, Hektar REIT is celebrating a year of solid financial performance, underpinned by its strategic shift towards diversification in its portfolio.
Not to be outdone, Varia Berhad has posted exceptional growth in its latest quarterly results, signaling a strong recovery and even stronger future prospects.
These developments not only highlight the vibrancy and dynamism of Kuala Lumpur’s corporate sector but also reflect the innovative spirit and resilience driving these companies towards new heights of success.
Varia Berhad Triumphs Q3
Kuala Lumpur, Feb 22: Varia Berhad, a leading construction and property development firm, has announced its Q3 FY2024 financial results, revealing an impressive 169 per cent increase in revenue to RM42.1 million, up from RM15.63 million in Q3 FY2023. This remarkable growth is largely attributed to the strategic acquisition of Pembinaan Teguh Maju Sdn. Bhd. (PTM), which has significantly bolstered the company’s construction segment.
The company reported a Profit Before Tax (PBT) of RM5.0 million for Q3 FY2024, a major turnaround from a Loss Before Tax of RM10.8 million in the same quarter of the previous year.
The construction segment, with PTM at the forefront, contributed RM41.8 million in revenue and RM9.0 million in PBT, demonstrating the success of Varia’s strategic acquisition. PTM accounted for 68.0 per cent of the total revenue, with key projects like Kem Bera and Kuarters Hospital Pulau Pinang driving profitability.
In the property development sector, Varia saw its first revenue from the Taman Arowana Phase 1 project, signaling potential for future revenue growth. Over the first nine months of FY2024, Varia’s revenue reached RM82.5 million with a PBT of RM6.4 million, marking a significant improvement from the previous year.
Varia’s revenue and profit surged by 106 per cent and 301.0 per cent respectively compared to Q2 FY2024, highlighting the positive impact of integrating PTM. Datuk Benson Lau, Varia’s Managing Director, expressed optimism for continued growth, driven by strategic initiatives and key projects.
With a share price of RM0.98 and a market capitalisation of RM408.7 million as of today, Varia maintains a strong orderbook valued at RM1.1 billion, positioning it for sustained success in Malaysia’s dynamic economic environment.
Hektar REIT Posts Gains
Kuala Lumpur, Feb 22: Hektar Asset Management Sdn. Bhd. announced Hektar REIT’s financial performance for the fiscal year ending 31 December 2023, revealing a solid annual revenue of RM111.5 million, a slight decrease from the previous year’s RM117.5 million.
Despite this, Net Property Income rose by two per cent to RM60.0 million, thanks to strategic tenancy adjustments and cost optimizations.
The REIT declared a 5.0 sen income distribution per unit, reflecting a 7.7 per cent yield based on the year’s closing price.
The portfolio’s occupancy surged to 86.7 per cent, with significant contributions from properties outside the Klang Valley.
Hektar REIT also marked a positive rental reversion of 0.2 per cent and a 10 per cent increase in foot traffic, demonstrating resilience and growth potential amidst challenging market conditions.
CEO Johari Shukri Jamil expressed optimism for continued progress, emphasizing sustainable value for unitholders.
In diversification efforts, Hektar REIT expanded its investment objectives to include non-retail real estate, targeting at least 20 per cent of its portfolio in other assets within five years.
This move, coupled with the RM1.38 billion AUM post-acquisition of Kolej Yayasan Saad Melaka, aims to bolster economic resilience.
Additionally, Hektar REIT issued RM215 million in Medium Term Notes, guaranteed by the CGIF and rated AAA, to support refinancing, capital expenditures, and asset enhancements, particularly for Subang Parade.
This strategic financial management underscores Hektar REIT’s commitment to growth and stability in the dynamic retail landscape.
Aneka Jaringan AGM Success
Kuala Lumpur, Feb 22: Aneka Jaringan Holdings Berhad, a leading specialist in basement and foundation construction, announced the successful passage of all six resolutions during its Annual General Meeting (AGM) on 22nd February 2024.
The unanimous support from shareholders signals strong confidence in the company’s strategic direction and leadership.
Conducted with strict adherence to health and safety guidelines, the AGM’s key decisions included the adoption of financial statements, director re-elections, auditor re-appointments, and approval of director fees and fundraising authorities.
Managing Director Pang Tse Fui expressed gratitude for the shareholders’ trust, highlighting the Group’s promising start to FYE2024 with a profit after tax (PAT) of RM1.4 million in the first quarter, a notable recovery signaling both company and industry growth.
This financial upturn is supported by an 11.23 per cent increase in revenue to RM58.8 million for the same period, emphasizing the successful execution of higher-value projects and marking consecutive quarters of profitability.
Aneka Jaringan also reported significant contract wins through its subsidiaries, including RM168.0 million in new projects for Aneka Jaringan Sdn. Bhd. and strategic expansions in Indonesia with PT.
Aneka Jaringan Indonesia securing its first diaphragm wall project of FY2024.
Furthermore, PT. Aneka Jaringan Energy is making inroads into Indonesia’s Solar PV EPCC market, showcasing the Group’s commitment to diversification and renewable energy.
As of today, Aneka Jaringan’s share price stood at RM0.18, reflecting a market capitalisation of RM117.5 million, with a total project value of RM58.4 million secured for FY2024 across its subsidiaries.
The AGM’s positive outcome and the strategic milestones achieved highlight Aneka Jaringan’s robust positioning for sustained growth and value creation for its stakeholders.
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