Kuala Lumpur News

In the latest Kuala Lumpur news roundup, key corporate developments across Malaysia and the APAC region highlight strategic advancements and significant financial recoveries.
KJTS Group Berhad secures a RM6.6 million contract with Syarikat Takaful Malaysia Keluarga Berhad for building services, marking a step forward in enhancing Malaysia’s building infrastructure efficiency.
Top Glove Corporation reports a promising recovery in its Q2 2024 financials, showcasing an 18 per cent sales volume increase and notable EBITDA improvements, highlighting the company’s resilience and commitment to sustainable practices.
Xiaomi Corporation’s 2023 performance reveals a 126.3 per cent surge in adjusted net profit to RMB19.3 billion, driven by its innovative “Human × Car × Home” ecosystem and significant strides in the EV market, alongside a commitment to R&D.
The ACCA Global Talent Trends Survey 2024 stresses the importance of diversity and inclusion in workplace culture, as 73 per cent of finance professionals prioritize this in their employment decisions. The survey also touches on the need for AI adaptation, hybrid working preferences, and skill development, indicating a shift in talent retention strategies and workplace expectations.
These developments reflect a dynamic corporate landscape in Malaysia and the APAC region, characterized by innovation, strategic recovery, and an evolving professional environment.

KJTS Wins Major Contract

KJTS Group Berhad, a prominent provider of building support services across Malaysia, Thailand, and Singapore, is excited to share the news of securing a lucrative contract through its subsidiary, KJ Technical Services Sdn. Bhd. (KJTSSB), with Syarikat Takaful Malaysia Keluarga Berhad (STMKB). The agreement involves replacing the chiller system and providing ongoing operation and maintenance services at Menara Takaful Malaysia in Kuala Lumpur.
The contract, signed on 19 March 2024, outlines that KJTSSB will carry out the retrofitting activities over an eight-month timeline, followed by a ten-year engagement for operation and maintenance services, aiming to enhance the building’s cooling system’s sustainability and efficiency.
Valued at RM6.6 million, the contract divides the financial commitments into RM3.0 million for the retrofitting works, to be paid in eight monthly installments, and RM3.6 million for the decade-long maintenance services.
The retrofitting phase kicked off on 1 March 2024, with an expected completion by 31 October 2024, while the maintenance services will commence on 1 November 2024, extending until 31 October 2034. This initiative demonstrates KJTSSB’s dedication to delivering superior service quality and operational excellence for Menara Takaful Malaysia.
Sheldon Wee, Executive Director of KJTS, expressed his enthusiasm about the partnership with STMKB, highlighting it as a testament to KJTS Group’s reliability and expertise in the building support services sector. He emphasized the significance of securing such contracts that enhance energy management without necessitating capital expenditure from KJTS Group.
KJTS Group Berhad is looking forward to a fruitful collaboration with STMKB, aiming for outstanding outcomes in the retrofitting and maintenance services, thereby contributing to the betterment of Malaysia’s building infrastructure’s efficiency and sustainability.

Top Glove’s Recovery Progress

Top Glove Corporation Bhd, a leading global provider of gloves, has shared optimistic financial outcomes for its second quarter ending February 29, 2024 (2QFY2024), marking significant strides in its recovery journey.
The company reported an 18 per cent increase in sales volume and a remarkable improvement in EBITDA by 38 per cent for 2QFY2024 and 140 per cent for the first half of the fiscal year.
The quarter witnessed a sales revenue surge to RM550 million, up 12 per cent from the previous quarter, with a narrowing loss after tax to RM40 million, a 15 per cent improvement.
This progress is attributed to a strong growth in sales volume, mitigating the impact of rising natural rubber latex concentrate prices, which saw a 15 per cent increase from November 2023 to February 2024.
The half-yearly report showed sales revenue hitting RM1.04 billion, with loss after tax significantly reduced to RM87 million, a 72 per cent year-on-year decrease.
The positive turn in EBITDA to RM50 million underscores Top Glove’s effective management and operational efficiency, bolstered by the Top Glove Turnaround Plan (T6).
The company’s managing director, Lim Cheong Guan, highlighted the successful strategic initiatives in improving sales, quality, cost efficiency, and the firm’s resilience against ongoing market challenges. He also credited the dedication of Top Glove’s employees for the company’s recovery.
In recognition of its sustainable practices, Top Glove has been included in the S&P Global Sustainability Yearbook 2024 for the third consecutive year, ranking among the top in the Health Care Equipment Supplies industry category.
With an 18 per cent quarter-on-quarter sales volume growth, Top Glove remains positive about the industry’s outlook, emphasizing the indispensable role of gloves in healthcare, industrial, and F&B sectors. The company expects the global glove demand to grow by about eight per cent per annum, reflecting a return to pre-pandemic levels and a balanced demand-supply scenario.
Looking ahead, Lim remains confident in the market’s recovery and Top Glove’s return to profitability in the latter half of the year, driven by robust industry fundamentals and strategic initiatives aimed at enhancing quality and cost efficiency.

Xiaomi’s Profit Skyrockets

Xiaomi Corporation announced a significant surge in its 2023 performance, with an adjusted net profit increase of 126.3 per cent to RMB19.3 billion, signaling a strong year of growth.
Total revenue reached RMB271.0 billion, boosted by robust demand in its smart Electric Vehicle (EV) business and other new initiatives.
The company’s focus on “dual emphasis on scale and profitability” and the launch of its “Human × Car × Home” ecosystem strategy contributed to its success.
In the smartphone sector, Xiaomi maintained its global No. 3 position with approximately 145.6 million units shipped and a notable increase in the average selling price (ASP) in mainland China.
Its IoT and lifestyle products segment also saw record high revenue and profits, with a connected IoT devices count reaching 739.7 million.
Internet services revenue hit record highs, with significant growth in overseas markets. Xiaomi’s commitment to investing in core technologies is underscored by a 19.2 per cent YoY increase in R&D expenses, totaling RMB19.1 billion.
Xiaomi’s entry into the EV market with the launch of the Xiaomi SU7 Series underscores its ambition to lead in global cutting-edge technologies.

Diversity Key to Retention

In the face of a persisting talent crunch in Malaysia, a significant survey by the Association of Chartered Certified Accountants (ACCA) reveals that 73 per cent of finance professionals consider a robust diversity and inclusion culture crucial when choosing an employer.
The comprehensive ACCA Global Talent Trends Survey 2024, encompassing responses from nearly 10,000 professionals across 157 countries, highlighted this as a critical wake-up call for employers.
The survey also shed light on workplace preferences, showing a discrepancy between employee desires for hybrid working arrangements and employer offerings in Malaysia.
Additionally, it pointed out the increasing necessity for finance professionals in the Asia Pacific to adapt to AI integration, emphasizing the urgent need for organisations to reassess talent retention strategies amid growing compensation concerns.
The ACCA underscores the importance of continuous skill development, particularly in soft skills like communication and adaptability, to navigate the evolving business landscape effectively.