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by winston » Thu Jul 13, 2023 5:52 am
Via the deal, the diversified group is to see RM212.5 million in liabilities deconsolidated from the group’s books as Gek Poh replaces it as the new guarantor for Richmore’s bank borrowings,
by winston » Sat Jul 15, 2023 7:06 am
Customers will continue to benefit from a comprehensive range of services at retail, including vehicle sales, flexible financing options, maintenance and repair services, genuine parts availability and warranty support.
by winston » Tue Aug 22, 2023 7:26 am
FTSE announced their inclusion in the small-cap segment of its Asia Pacific ex-Japan ex-China Index in the upcoming semi-annual review in September.
Hap Seng’s recent resurgence appears to be in its early stages but is quite a turnaround for a stock that had seen a 70% year-to-date decline.
This was likely driven by its removal from the MSCI Malaysia Index in May along with Mercedes-Benz’s plan to transition from a dealership model to an agency model for selling its luxury vehicles by year-end.
In a statement last month, Hap Seng revealed the signing of agency and service dealer agreements with the two parties, to be effective from September onwards.
Effective Sept 1, its subsidiary Hap Seng Star Sdn Bhd will take on the role of a non-exclusive agent responsible for facilitating the sale of Mercedes-Benz passenger vehicles.
Additionally, it will provide assistance to Mercedes-Benz in managing and delivering direct sales to their customers in Malaysia.
Furthermore, Hap Seng Star will be appointed as the non-exclusive service dealer to service Mercedes-Benz passenger vehicles in Malaysia.
In Q1 FY2023, the group recorded a significant 67% decline in net profit to RM50.77 million compared with RM156.3 million in the previous year, mainly attributed to the impact of reduced palm oil prices and a sluggish real estate market.
by winston » Thu Aug 24, 2023 9:27 pm
by winston » Fri Aug 25, 2023 7:34 am
Hap Seng said its trading division expects fertilizers prices to stabilise in the second half of the year, bolstered by a recovery in seasonal demand in Brazil, India and Southeast Asia. However, any escalation of geopolitical tensions in Eastern Europe may disrupt Russian and Belarussian exports and may trigger a price increase.
General trading business is expected to benefit from sustained growth in the Malaysian construction sector, boosted by the increase of construction activities for both residential and non-residential developments.
The building materials division expects its quarry, asphalt, and bricks businesses to continue to benefit from the ongoing major projects in East Malaysia and Brunei.
Its Singapore-listed Hafary Holdings Ltd expects demand in both its general and project sectors to be underpinned by the increase in private residential sales and resale transactions in the second half of the year, and the strong pipeline of public housing projects in Singapore as the Housing Development Board continues to ramp-up Build- To-Order flats supply.
by winston » Wed Nov 22, 2023 7:46 am
Palm oil inventories are expected to remain high in the coming months as lower demand is expected from major palm oil importers, India and China, due to high inventories and competition from rival edible oils.
Property division will continue to put in efforts to drive property sales and optimise occupancy rates and rental yield of its investment properties.
In the building material division, it said its quarry, asphalt and bricks businesses are expected to continue to benefit from the ongoing major projects in Sabah, Sarawak and Brunei.
Singapore-listed Hafary Holdings Ltd is projected to benefit from the residential property resale market, which is anticipated to remain relatively stable in the fourth quarter of this year, and the launches of build-to-order flats by the Housing Development Board.
Net profit of RM50.3mil compared with RM563.75mil in the previous corresponding quarter.
by winston » Wed May 29, 2024 7:58 pm
Net profit more than doubled in the first quarter compared to a year earlier, thanks to lower fertiliser costs boosting its plantation earnings, coupled with gains from land sales.
Net profit for the three months ended March 31, 2024 (1QFY2024) was RM137.28 million, compared to RM50.77 million over the same period last year.
Revenue for 1QFY2024 fell 16% year-on-year to RM1.34 billion from RM1.59 billion, attributed to lower contributions from the credit financing, automotive and trading divisions.
The trading division expects stable fertiliser prices and growth in the construction sector to boost demand, while the property division is anticipated to benefit from the recovery of the Malaysian property market in 2024, supported by government initiatives and stable interest rates.
Meanwhile, the plantation division will continue focusing on improving efficiency and yield, it said.
by winston » Wed Aug 28, 2024 8:59 am
by winston » Fri Nov 22, 2024 9:26 am
Net profit for its third quarter ended Sept 30, 2024 (3Q24) surging almost four times year-on-year (y-o-y) to RM193.1mil, despite revenue dipping 3.9% to RM1.48bil.
Higher profit contribution from its plantation, property and credit financing divisions.
by winston » Thu Feb 27, 2025 5:32 pm
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