Kuala Lumpur News

In the latest installment of Kuala Lumpur News, Malaysian companies showcase resilience and growth despite challenging economic conditions. From technology to hospitality and construction, businesses are leveraging strategic initiatives, new market opportunities, and innovative solutions to drive revenue and profitability. This roundup highlights key updates from prominent players across various sectors, reflecting their adaptability and forward-thinking approaches.

DuitNow QR Goes Global

GHL, now part of NTT DATA Payment Services, has expanded its DuitNow QR service to support cross-border payments. Over 480,000 GHL-powered merchant terminals across Malaysia now accept international payment platforms, including Alipay+, Weixin Pay, UnionPay, and others from ASEAN nations. The integration enables tourists to make cashless payments via their mobile banking or eWallet apps.
Tealive, a major lifestyle tea brand, has adopted the service, enhancing convenience for tourists at its 800 outlets. Recent data shows inbound QR transactions surged by 550%, significantly boosting Malaysia’s tourism-related spending. Currently, 80% of DuitNow merchants support the service, with more financial institutions joining soon.

Cybersecurity Trends 2025

Palo Alto Networks has released its 2025 cybersecurity predictions for the Asia Pacific, highlighting key trends shaping the region.
Organizations will increasingly rely on unified AI-driven platforms for cybersecurity, addressing tool complexity and skill shortages.
Deepfakes are set to become mainstream, posing heightened risks for corporate and political deception.
Quantum security threats remain a concern, with nation-states targeting sensitive data for future decryption as quantum computing advances.
Organizations are urged to adopt quantum-resistant measures.
Transparency in AI use will be critical to maintaining customer trust, with regulators emphasizing ethics and data protection.
Supply chain security and product integrity will see increased focus, particularly in cloud environments, where real-time monitoring will be essential.

Flexidynamic Reports Strong Growth

Flexidynamic Holdings Berhad achieved a 294.4% revenue increase to RM19.23 million in Q3 FY2024, driven by domestic demand, infrastructure projects, and M&E engineering works.
Profit after tax surged by 190.0% to RM0.82 million, reflecting improved gross margins and deferred tax asset recognition.
For the nine-month period, revenue rose 7.18% to RM31.73 million, with profit after tax reaching RM1.88 million.
The company attributes its success to strategic diversification and infrastructure contributions, including the Loji Rawatan Air Chupak project and upcoming gamma radiation sterilisation services via Gammatech.
Flexidynamic remains optimistic about glove industry recovery amid global demand shifts.

Cropmate IPO Oversubscribed

Cropmate Berhad’s IPO, offering 260 million shares, was oversubscribed by 84.88 times, reflecting strong investor confidence.
The Malaysian public submitted over 21,000 applications, with the Bumiputera portion oversubscribed by 73.19 times and the public portion by 96.57 times.
The IPO includes allocations for institutional investors and Bumiputera investors approved by MITI, alongside shares for eligible directors, employees, and contributors.
Hong Leong Investment Bank Berhad acted as the Principal Adviser, Sponsor, Underwriter, and Bookrunner.
Cropmate is set to debut on Bursa Securities’ ACE Market on 5 December 2024.

Leon Fuat Revenue Steady

Leon Fuat Berhad reported stable revenue of RM230.44 million for Q3FY2024, a 2.5% decline compared to RM236.36 million in Q3FY2023. The trading and processing of steel products contributed 99.8% of revenue, with gross profit at RM18.00 million, slightly down from RM18.12 million due to a RM2.70 million inventory write-down.
Profit before tax fell to RM0.84 million from RM3.99 million in Q3FY2023, impacted by reduced foreign exchange gains and increased operational costs. Despite challenges, the Group remains focused on efficiency and cost management to sustain its performance.

OCR Posts PBT Growth

OCR Group Berhad reported a 69.8% profit before tax (PBT) growth to RM3.27 million for 9M FY2024, driven by effective cost management and project costing optimisation. Revenue for the period stood at RM90.6 million.
In Q3 FY2024, OCR achieved revenue of RM9.9 million and a PBT of RM0.6 million, despite lower contributions from nearing-completion projects. The group raised RM46.8 million via a rights issue to support ongoing and future projects. OCR launched Residensi Akasia under Rumah Selangorku, a key affordable housing initiative with a gross development value of RM287.1 million.

Magma Reports Revenue Surge

Magma Group Berhad posted an 82.45% revenue growth to RM8.289 million in Q3 FY2024, driven by strong occupancy rates, particularly at WOLO Kuala Lumpur, which contributed RM3.97 million. The Hotel Operation segment led revenue generation with RM7.626 million, while the Hotel Management segment recorded RM0.66 million.
The Company reported a Loss After Tax of RM2.951 million, impacted by one-off corporate exercise expenses. Shareholders recently approved the issuance of Redeemable Convertible Notes to raise up to RM100 million for refinancing, facility upgrades, and working capital. Magma aims to enhance Average Room Rates and occupancy as Malaysia’s tourism sector rebounds with initiatives like Visit Malaysia Year 2025.

SCIB Posts Revenue Growth

Sarawak Consolidated Industries Berhad (SCIB) reported a 14.6% revenue increase to RM45.1 million in Q1 FY2025, driven by ongoing construction projects. The Manufacturing division contributed RM32.5 million, bolstered by sales of foundation piles and IBS products for major projects like KUTS and the Sarawak Second Trunk Road.
The EPCC division saw revenue rise to RM12.6 million but recorded a Loss Before Tax of RM2.0 million due to unrealised foreign exchange losses. SCIB secured a RM162 million contract under the PPAM scheme and acquired land in Bintulu for residential projects. Looking ahead, SCIB aims to leverage its manufacturing strengths to capitalize on infrastructure initiatives outlined in Budget 2025.