business growth


Record earnings for Maybank Indonesia

PETALING JAYA: PT Bank Maybank Indonesia Tbk’s (Maybank Indonesia) profit after tax and minority interests (patami) for the financial year ended Dec 31, 2018 surged 21.6% to a new high of Rp2.2 trillion (RM640 million) on the back of higher net interest income (NII) and continued improvement in asset quality.

The bank’s profit before tax (PBT) jumped 20.5% to a record Rp3 trillion, its highest achievement to date, while NII grew 5.2% to Rp8.1 trillion in December 2018 compared with Rp7.7 trillion in the previous corresponding period, it said in a statement today.

Additionally, it said continuous implementation of disciplined pricing coupled with improved operational efficiencies enabled the bank to contain pressures on interest margin, resulting in improvement in net interest margin by 7 basis points (bps) to 5.2%.

The bank’s asset quality also improved significantly as reflected by lower non-performing loan (NPL) levels of 2.6% (gross) and 1.5% (net) as at Dec 31, 2018 compared with 2.8% (gross) and 1.7% (net) respectively in the previous year.

Following that, Maybank Indonesia was able to reduce its loan loss provisions by 38.6% to Rp1.3 trillion as of December 2018.

Its loans grew 6.3% to Rp133.3 trillion from Rp125.4 trillion in the previous year.

It also maintained a strong capital position with total capital reaching Rp26.1 trillion in FY18, while capital adequacy ratio (CAR) improved to 19% from 17.5%.

Maybank Indonesia president commissioner and Maybank group president and CEO Datuk Abdul Farid Alias said the bank’s outstanding results for FY18 testify to its commitment towards sustainable business growth, as well as its relentless pursuit in ensuring sound asset quality, improved operational efficiency and better overall productivity.

“Although the operating environment continues to remain challenging, we believe that we are poised for further growth in the coming year,” he added.

Global shipping rates dip in sign of slowdown

SINGAPORE: Freight rates for dry-bulk and container ships, carriers of most of the world’s raw materials and finished goods, have plunged over the last six months in the latest sign the global economy is slowing significantly. The Baltic Dry Index, measure of ship transport costs for materials like iron ore and coal, has fallen by […]

Chatime Malaysia outlines aggressive expansion plans

KUALA LUMPUR, Jan 21 — After recording an impressive business growth within one year of a ‘comeback’, food and beverage provider Chatime Malaysia Sdn Bhd aims to be the world’s biggest Chatime operator by year-end. Group managing director…

S’wak-based Supreme makes strong debut on LEAP Market

KUALA LUMPUR: Supreme Consolidated Resources Bhd (Supreme) made a strong debut on Bursa Malaysia’s LEAP Market yesterday, with its shares opening at a premium of RM0.60 per share, 20 per cent over the Initial Public Offering (IPO) price of RM0.50. Supreme’s market debut also marks the first company from Sarawak to be listed on the […]

Aeon Credit service’s Q3 net profit increases to RM87m

KUALA LUMPUR, Dec 20 — Aeon Credit Service (M) Bhd’s net profit for the third quarter ended Nov 30, 2018, increased to RM87.13 million from RM70.55 million chalked up in the same period last year. Revenue rose to RM348.49 million from…

BFood posts 21% increase in Q2 net profit

PETALING JAYA: Berjaya Food Bhd’s second quarter net profit ended Oct 31 was 21.0% higher due to higher profit contributions from Starbucks Coffee operations in tandem with the higher revenue achieved.

In addition, the group had ceased consolidation of the losses from its Kenny Rogers Roasters (KRR) operations in Indonesia following its disposal in the previous financial year.

The group made a net profit of RM7 million for the quarter under review, compared with RM5.8 million for the corresponding quarter in the preceding year.

This was on 35.9% higher revenue of RM166.6 million, compared with RM160.8 million for the corresponding quarter in 2017 mainly due to the same-store-sales growth recorded by Starbucks as well as additional Starbucks cafes operating in Malaysia.

The board has recommended a second interim dividend of one sen per share in respect of the financial year ending April 30, 2019 to be payable on Jan 25, 2019. The entitlement date has been fixed on Jan 9, 2019. Total dividend declared for the financial period ended Oct 31 amounts to two sen per share.

The group is engaged in developing and operating the Starbucks Coffee brand in Malaysia and Brunei, developing and operating the KRR chain in Malaysia as well as Jollibean and two other brands in Singapore.

The key factors that affect the performance of all food and beverage businesses include mainly the festive seasons, tourism, eating out culture, raw material costs, among others.

The board believes that the renewed consumer confidence level, coupled with the group’s expansion plans, will fuel the group’s business growth and should augur well for the group’s operations going forward.

For the cumulative six month period ended Oct 31, the group posted a net profit of RM13.3 million, compared with RM11.2 million for the same period in 2017.

This was on 4.1% higher revenue of RM328 million, compared with RM315.2 million for the same period in 2017.

Cargill exploring new investment opportunities in Malaysia

KUALA LUMPUR, Dec 1 — Agriculture services company Cargill Holdings (Malaysia) Sdn Bhd, which celebrated its 40th anniversary in the country this year, is exploring new investment opportunities. Chairman and Chief Executive Officer David…

Hong Leong Bank Q1 net profit climbs to RM706.92m

KUALA LUMPUR, Nov 28 — Hong Leong Bank Bhd’s net profit rose to RM706.92 million in the first quarter (Q1) ended September 30, 2018, up 10.6 per cent from RM638.97 million recorded in the same period a year ago. Revenue increased to RM1.25…

US holiday sales hopes provide uptick for stocks, oil rout checks enthusiasm

TOKYO, Nov 26 — Asian stocks and US equity futures posted modest gains today on hopes of solid US holiday sales, though plunging oil prices fanned worries about a dimming outlook for the global economy. Investors were also cautious before US and…

Oil slides to one-year low at end of volatile trading week

LONDON, Nov 23 — Oil prices slumped to one-year lows today on lingering concerns over high crude supplies, while stocks diverged at the end of another volatile week for global markets. The pound dropped versus the dollar, a day after spiking on…