Kuala Lumpur News

In the latest installment of Kuala Lumpur News, we bring you a roundup of key developments across various sectors, highlighting financial achievements, strategic partnerships, and innovative cultural initiatives shaping the business and arts landscapes in Malaysia and beyond.
From robust financial results reported by prominent companies to groundbreaking collaborations in technology and sustainability, and the launch of a vibrant digital art festival, these stories showcase the dynamic progress and resilience driving the nation forward.
Stay informed with updates on public transportation innovations, corporate reporting standards, and Malaysia’s commitments to environmental and artistic advancements.

Go Hub Posts Strong Growth

Go Hub Capital Berhad reported RM9.89 million in revenue for Q3 FY2024, with its transportation IT solutions segment contributing 80.42 per cent of total revenue.
Profit After Tax (PAT) grew 21.59 per cent to RM1.07 million despite RM1.28 million in one-off listing expenses from its July 2024 Bursa Malaysia debut.
Excluding these expenses, PAT would have reached RM2.35 million.
The company achieved a Profit Before Tax (PBT) of RM1.30 million, driven by strong gross profit margins from ongoing bus projects.
Moving forward, Go Hub plans to enhance its IT capabilities through a new integrated centre in the Klang Valley, aligned with Malaysia’s public transport initiatives under Budget 2025.
As of November 21, its share price closed at RM1.34, with a market capitalization of RM536 million.

Globetronics, ChipMOS Join Forces

Globetronics Technology Bhd (GTB) has partnered with Taiwan’s ChipMOS Technologies Inc. to enhance semiconductor packaging and testing services.
Under the three-year agreement, valued at a minimum of RM145 million, GTB will handle advanced dicing, packaging, and testing for integrated circuit products supplied by ChipMOS.
The collaboration combines GTB’s expertise in backend semiconductor services with ChipMOS’s leadership in integrated circuit manufacturing, aiming to improve production efficiency and product quality.
This partnership reinforces GTB’s role in the global semiconductor supply chain and strengthens Malaysia’s position in the technology sector.

AIZO Reports Resilient Results

AIZO Group Berhad recorded RM28.05 million in revenue for Q2 FY2025, demonstrating resilience despite challenges.
The Civil Engineering division contributed RM19.84 million, though lower than the previous year, while the Bituminous Products segment grew to RM6.95 million, driven by strong demand for Coating Enamel products.
The company reported a net loss of RM2.93 million due to higher administrative expenses, yet maintained positive EBITDA of RM1.01 million.
Recent contract wins, including a RM36.79 million sewage system upgrade and RM24.1 million infrastructure project, bring its order book to RM224.1 million.
AIZO’s share price closed at RM0.140, with a market capitalisation of RM264.2 million.

Malaysia Responds to COP29 Criticism

The Ministry of Natural Resources and Environmental Sustainability (NRES) has addressed claims by Rimbawatch regarding Malaysia’s COP29 delegation, emphasizing the inclusion of sustainability divisions from major companies like PETRONAS and TNB, which are key players in the National Energy Transition Roadmap.
NRES clarified that corporate delegates do not participate in UNFCCC negotiations, which are limited to government representatives.
It also noted that Party Overflow Badges were allocated based on first-come, first-served registration and prioritization of themes like energy transition.
The ministry reaffirmed Malaysia’s commitment to achieving net zero by 2050 and ensuring a just and equitable transition while acknowledging feedback for improvements ahead of COP30 in Brazil.

ACCA Simplifies Corporate Reporting

ACCA has released Principles of Good Corporate Reporting to address growing complexities in corporate reporting amid evolving frameworks, rising stakeholder expectations, and technological advancements.
The report outlines eight guiding principles, including embedding connectivity, applying proportionality, ensuring comparability, and balancing financial and sustainability reporting.
The guidance aims to foster responsible and sustainable practices while aiding businesses, policymakers, and regulators in navigating modern reporting challenges.

IMMERSIO 2024 Launches

IMMERSIO 2024, a new media art festival, kicked off today at GMBB Kuala Lumpur, featuring over 50 digital artworks and installations from 32 artists and collectives across Southeast Asia. Running from November 22 to December 22, 2024, the festival explores the theme of “Maya” and offers a three-part immersive experience with the Maya Exhibition, Malaysia and Southeast Asia Collectives, and iNYALA student showcases.
The event highlights cultural diversity and technological innovation, showcasing works from Malaysia, Indonesia, Japan, Singapore, Thailand, and Vietnam. IMMERSIO 2024 is co-organised by Filamen and Pixelworld, with support from GMBB, EPSON Malaysia, and others.

Tex Cycle Reports Strong Growth

Tex Cycle Technology (M) Berhad posted a 120.2 per cent increase in Profit Before Tax (PBT) to RM3.4 million in Q3 FY2024, driven by a 27.7 per cent rise in revenue to RM10.6 million from its Recovery and Recycling Services division.
Quarter-on-quarter, revenue increased by 28.8 per cent, while PBT grew by 19.3 per cent, showcasing the impact of strategic expansion and operational efficiencies.
Key developments include a partnership to establish Sabah’s first integrated scheduled waste management facility and agreements to manufacture and distribute BiobiN® systems in Malaysia.
Tex Cycle also acquired a 60 per cent stake in Safety & Environmental Laboratory Sdn Bhd for RM8.4 million.
Its share price closed at RM1.04, with a market capitalization of RM292.4 million.