PROTASCO RECORDS JUMP IN 1H PROFIT

PROTASCO RECORDS JUMP IN 1H PROFIT

Improved performance following a turnaround in second quarter net profit

KAJANG, 28 AUGUST 2019: Protasco Berhad’s turnaround is continuing to gather strength, posting a nine-time jump in its first half net profit to RM8.7 million despite a slightly lower revenue for the six months ended 30 June 2019.

The Group’s first half net profit surged 882 percent to RM8.7 million from RM881,000 in the first half last year. This improved performance came despite revenue dropping 11 percent to RM354.9 million, due to lesser periodic works awarded to its Maintenance segment.

For the second quarter, Protasco posted a RM4.6 million net profit, against a loss of RM407,000 in the same quarter last year.

This improved performance was the result of the Group’s right-sizing exercise that commenced in September 2018. The said exercise contributed to lower operating expenses which decreased 25.6 percent to RM53.8 million in the first half.

Aside from controlling cost and expenses, Protasco has seen a turnaround in its Construction segment, which posted a pre-tax profit of RM11.6 million in the first half against a loss of RM1.5 million in the preceding year corresponding period. The segment recorded a 54 percent jump in first half revenue to RM145.9 million, mainly due to contributions from the Perumahan Penjawat Awam (PPA) Phase 2 project and Drainage and Irrigation (DID) works awarded.

Its Property Development segment recorded higher revenue of RM3.4 million due to sales of units in its DeCentrum City development in Kajang.

“The transformation we are undergoing is not easy, but we are beginning to see results. Each segment is beginning to pick up momentum and move towards profitability. Our strategy is to ensure this momentum continues and will sustain us for the long run,” said Dato’ Sri Ir Chong Ket Pen, Executive Vice Chairman and Group Managing Director.

MALAYSIA BOARD OF TECHNOLOGISTS AWARDS DAMANSARA REALTY’S TRAINING & CONSULTANCY UNIT INDUSTRY AWARD FOR BIOMEDICAL FIELD CONTRIBUTIONS

MALAYSIA BOARD OF TECHNOLOGISTS AWARDS DAMANSARA REALTY’S TRAINING & CONSULTANCY UNIT INDUSTRY AWARD FOR BIOMEDICAL FIELD CONTRIBUTIONS

From left to right- Ts. Mohd Nazrol bin Marzuke, MBOT Registrar; YB Tan Sri Dato’ Academician (Dr.) Ts. Ahmad Zaidee bin Laidin, President of MBOT;  YB Dato’ Haji Mahfuz bin Haji Omar, Deputy Minister of Human Resources; and Ts. Brian Iskandar bin Zulkarim, Group Managing Director of Damansara Realty Berhad. 

KUALA LUMPUR, 25 NOVEMBER 2019 – Damansara Realty Berhad’s (DBhd) subsidiary, Damansara PMC Services Sdn Bhd (DPMC) received the “Malaysia Board of Technologists (MBOT) Most Supportive Industry Award” in recognition of its expertise in the biomedical technology and technical fields as well as contributions in elevating the industry efficiencies at MBOT’s Professional Modular Programme (Cyber Security) inaugural ceremony today.

The MBOT awards also endorses DPMC’s training programmes and efforts in helping students, practitioners, technicians and technologists qualify for MBOT’s registry and further elevate their professions in the biomedical field.

Graced by YB Dato’ Haji Mahfuz Haji Omar, Deputy Minister of Human Resource, the inauguration event also saw DPMC along with 14 other companies exchanged a Memorandum of Understanding (MoU) with MBOT, officially appointing them as a member of MBOT’s Technology Expert Panel (TEP) for related technology fields recognised by the MBOT.

As a TEP member, DPMC will be one of MBOT’s industry experts, providing advisory on the development and enhancement of industry standards for related technology fields recognised by the MBOT. This appointment will create a cooperative alliance between DPMC and MBOT to elevate Health and Medical Technology as an advanced field in the future.

“Today marks a major milestone for DBhd, and it is an honour to receive this recognition from MBOT. In addition to MBOT Industry Award, our appointment as a TEP member really speaks volumes for DPMC who has always taken an active role in uplifting the professions of technologists and technicians in Malaysia via high-quality training,” said Group Managing Director, Ts. Brian Iskandar Zulkarim.

Furthering DPMC’s contributions to the industry, the company has also established collaborations with local educational institutions such as Kolej Kemahiran Tinggi MARA (KKTM) and University Malaya (UM) to further equip its technical students, industrial engineers and technicians with industry-ready technical and soft skills, particularly in the biomedical field.

This initiative is in support of the government’s focus on Technical Vocational Education and Training (TVET) towards developing more skilled and certified technical personnel in Malaysia.

“We already have four Technologists (Ts.) in Damansara Realty and one of them is DPMC’s Executive Director. Under this MoU, our four Technologists will form part of MBOT’s Technological and Technical Accreditation Council (TTAC) who will help conduct professional assessments for MBOT’s technology accreditation programs. We believe that training and upskilling talent is a critical step forward to keeping ourselves relevant, future-proofing our workforce to meet the challenges of the future, such as Industry 4.0.” he added.

In 2019, DPMC has successfully upskilled more than 200 technical personnel and 35 of them were subsequently hired into 15 medical equipment principals and distributors including Fujifilm (M) Sdn. Bhd., Canon Medical System Sdn. Bhd., and Ebdesk Malaysia Sdn. Bhd.

DAMANSARA REALTY’S JOINT DEVELOPMENT COUNTRY GARDEN CENTRAL PARK LAUNCHES THIRD PHASE DOUBLE-STOREY TERRACED HOUSES

DAMANSARA REALTY BERHAD’S NET PROFIT MORE THAN DOUBLES TO RM9.8 MILLION

DAMANSARA REALTY BERHAD’S NET PROFIT MORE THAN DOUBLES TO RM9.8 MILLION

KUALA LUMPUR, 12 November 2019 – Damansara Realty Berhad (DBhd) saw its net profit more than double to RM9.8 million ended 30 September 2019, jumping 111 percent from RM4.6 million for the same period last year.

The Group also recorded a 54% increase in its profit before tax to RM12.6 million for the cumulative nine months despite a slight drop in revenue. DBhd’s outstanding profit growth is attributed to lower operating expenses, improved operational efficiency and contributions from its Central Park joint development project in Johor Bahru with Country Garden Group.

“Our business focus moving forward will be on high-growth markets and higher-margin projects for continued profitability and to sustain our growth track record,” said DBhd’s Group Managing Director, Ts. Brian Iskandar Zulkarim.

DBhd’s Property and Land Development (PLD) segment saw higher contributions to revenue last year due to sales of the remaining shop lots in Aliff Square 2, Johor Bahru, which is now fully sold.

“While we look to renew our existing Integrated Facilities Management (IFM) contracts, we’ve successfully secured new IFM contracts worth RM133.91 million as at November 2019 from our tender book value of nearly RM500 million,” Ts. Brian Iskandar added.

In September, DBhd had secured a contract to supply skilled cleaning operatives worth RM21.2 million to one of Malaysia Airports Holdings Berhad (MAHB) subsidiaries.

“These secured contracts speak volumes for our committed efforts in expanding our services beyond the traditional facilities management engineering services,” said Ts. Brian Iskandar.

In October, DBhd and its joint venture partner Country Garden, launched Phase Three of the Central Park development in Johor Bahru, which currently comprises 216 double-storey terrace units with an estimated gross development value (GDV) of RM187 million.

The Group is also working on launching its Aliff Square 3 commercial project in Tampoi, Johor, by the end of this year, comprising of 68 units of shop-lots to cater for an existing waiting list of interested buyers.

Additionally, DBhd’s joint development project with state investment arm, Menteri Besar Negeri Sembilan Incorporation (MBNSI) at the 50-acre commercial land in Sendayan is being slated to start sometime in 2020.

DAMANSARA REALTY ANNOUNCES A STRONG SECOND QUARTER, DELIVERING ON ITS GROWTH STRATEGY

DAMANSARA REALTY ANNOUNCES A STRONG SECOND QUARTER, DELIVERING ON ITS GROWTH STRATEGY

KUALA LUMPUR, 15 August 2019 – Damansara Realty Berhad (DBhd) saw its net profit more than tripled to RM6.2 million for the first six months of the financial year ending December FY2019, from RM1.4 million for the same period last year. Its profit before tax for the second quarter jumped more than 14 times to RM4.8 million from RM333,000 in the corresponding quarter last year.

Continuing its drive to generate better quality earnings, DBhd’s profit growth in the first half came despite a marginal drop in revenue by 3.7 percent to RM140.2 million. The slightly lower revenue arose from a smaller contribution from its Property Land Development (PLD) segment, having sold most of its properties in Kuantan and Johor Bahru last year and the expiry of some Integrated Facilities Management (IFM) contracts earlier in the year.

“We are encouraged by our first half results, despite having expired contracts we have successfully secured new contracts worth approximately RM80 million in the first half of the year. Currently, our tender book stands at RM313 million up to Q2 2019 with an exciting 26 percent success rate. This have placed us on a path for sustained growth and position DBhd closer to our financial goals,” said Ts. Brian Iskandar Zulkarim, Group Managing Director.

In July, DBhd announced a joint development project with state investment arm, Menteri Besar Negeri Sembilan Incorporation (MBNSI), with a gross development value of more than RM771 million. Located in Bandar Seri Sendayan, the 50-acres commercial land is earmarked for a mixed development comprises of shop lots, commercial podiums and residential units to begin in 2020.

“The Group has successfully opened up more opportunities through strategic alliances by partnering with a state-owned entity. This partnership will help produce better quality earnings for both parties in the upcoming years,” he added.

Earlier last month, DBhd was awarded a contract worth RM62 million to develop and manage a parking facility in Manila’s Madrigal Business Park (MBP) through its Philippine’s subsidiary, including an option to renew the management contract and build additional levels to cater for future demand in the area.

DBHD EXPANDS REGIONAL FOOTPRINT, LANDS RM62 MILLION PARKING MANAGEMENT CONTRACT RENEWAL IN THE PHILIPPINES

DBHD EXPANDS REGIONAL FOOTPRINT, LANDS RM62 MILLION PARKING MANAGEMENT CONTRACT RENEWAL IN THE PHILIPPINES

Kuala Lumpur, 2 July 2019 – Damansara Realty Berhad (DBhd or the Group), through its wholly owned subsidiary, Metro Parking Management Philippines Inc. (MPP), has announced that it was awarded a contract to develop and manage parking facility in southern Manila, Philippines.

The RM62 million estimated contract is based on the renewal of 702 existing parking bays at the Madrigal Business Park (MBP). This 20 year-contract will also include the construction of an additional 208-bays of steel deck parking structure in MBP; a bustling business hub in the affluent suburb near Alabang Town Centre, one of Metro Manila’s best-known shopping and lifestyle centers.

The contract also provides management rights to the company that will contribute to sustainable income for the next 20 years with an additional five years, as and when MPP constructs additional level of the steel deck parking bays to cater for future growing demands in the area.

The contract value is also expected to grow within 20 percent to 40 percent in tandem with the increase of parking rates as stipulated in the contract with MBP.

“We are excited about this new business venture in the Philippines. It gives us the opportunity to apply our specialties in construction and facilities management services,” said Group Managing Director Ts. Brian Iskandar Zulkarim.

“It has always been our focus to explore more of high growth markets such as the Philippines and we will continue to broaden our services and offerings, leveraging on our specialties,” he added.

“Our goal is for Metro Parking to maintain its position as the most preferred car park management company in the Philippines while strengthening its place as the top three in Malaysia,” said Ts. Brian.

Groundworks on the 28,000 sq ft plot will commence within the next six (6) months’ time and are expected to be completed sometime in Q3 2020.

DBhd recently announced plans to raise up to RM15.9 million through a private placement, of which RM12.8 million will be used to finance the expansion of its IFM segment, including capital funding required for this parking facility contract in the Philippines.

*Ts. stands for the title of ‘Professional Technologist’ awarded by the Malaysia Board of Technologists (MBOT).

-End-

PRICEWORTH SIGNS LOG SUPPLY AGREEMENT, YAYASAN SABAH’S INNOPRISE GETS BOARD REPRESENTATION AND RIGHT TO APPOINT CEO

PRICEWORTH SIGNS LOG SUPPLY AGREEMENT, YAYASAN SABAH’S INNOPRISE GETS BOARD REPRESENTATION AND RIGHT TO APPOINT CEO

KOTA KINABALU, 7 OCTOBER 2019: Priceworth International Bhd has signed a log supply agreement with Innoprise Corporation Sdn Bhd’s subsidiary Rakyat Berjaya Sdn Bhd, following the terms of the memorandum of understanding (MOU) signed on 3 September.

Under the agreement signed today, Priceworth will receive logs worth up to a 30 percent stake and to be paid for via an issue of new shares. Priceworth may negotiate a further log supply agreement once it has received all the logs under the agreement signed today.

At the same time, Innoprise, the investment holding vehicle of state-owned Yayasan Sabah, will be entitled to appoint two directors to the board, and has the right to appoint the Chief Executive Officer, Priceworth said in an announcement to Bursa Malaysia.

Innoprise may nominate and appoint two non-independent non-executive directors and a chief executive officer upon the issue of the new shares following the completion and acceptance of a due diligence exercise within two months from the date of the agreement, the company said.

“With this, the PWI Group will resume logging activities in the Yayasan Concession areas which will ensure a constant Log Supply for the PWI Group’s Plywood and Sawn timber mills. PWI also looks forward to the resumption of logging operations in Forest Management Unit (FMU) 5,” says executive director Richard Koo.

Priceworth and Yayasan Sabah will foster more downstream activities in Sabah’s timber industry, while complementing each other’s strengths in Sustainable Forest Management. This partnership supports the call of Chief Minister Datuk Seri Panglima Mohd Shafie Apdal to create more employment opportunities for the people of Sabah and is aimed at helping Sabah’s timber industry move up the value chain and produce higher value wood products.

“While this agreement would not have any material effect on the company for this financial year ending 2020, we expect this agreement to contribute positively to Priceworth’s bottom line as soon as the next financial year,” he continued.

Priceworth has been working on expanding its downstream operations, which included a new line for the production of container flooring. The resumption of Priceworth’s operations and a sustainable supply of raw material would enable the contribution of higher value-added products to the state’s exports.

For more details, please refer to the company’s announcement to Bursa Malaysia at http://www.bursamalaysia.com/market/listed-companies/company-announcements/

YAYASAN SABAH’S INNOPRISE SIGNS MOU TO EMERGE WITH A 30% STAKE IN PRICEWORTH

YAYASAN SABAH’S INNOPRISE SIGNS MOU TO EMERGE WITH A 30% STAKE IN PRICEWORTH

KOTA KINABALU, 3 SEPTEMBER 2019: Priceworth International Bhd has signed a Memorandum of Understanding (MOU) for a logs supply agreement wherein  the  new shares issue as part-payment for the logs supplied , could see Yayasan Sabah’s Innoprise Corporation Sdn Bhd (“Innoprise’) emerge with a total stake of up to 30 percent in the listed Sandakan timber group.

Innoprise is the investment holding vehicle of Yayasan Sabah for its various investments which includes the various subsidiaries companies owned by Yayasan Sabah. Yayasan Sabah is a Sabah State sanctioned organization that exists to promote educational and economic opportunities for the benefit of the people of Sabah.

Yayasan Sabah is currently in possession of the state’s largest timber and forest plantation/ concession in Sabah and accordingly control over a significant supply of timber logs. Priceworth and Yayasan Sabah are fleshing out a framework for a partnership to foster more downstream activities in Sabah’s timber industry, while complementing each other’s strengths in Sustainable Forest Management, Priceworth said in an announcement to Bursa Malaysia. This partnership supports the call of Chief Minister Datuk Seri Panglima Mohd Shafie Apdal to create more employment opportunities for the people of Sabah, and is aimed at helping Sabah’s timber industry move up the value chain and produce higher value wood products.

In a MOU signed on 3 September 2019, Priceworth and Innoprise set out a framework  for the execution of a log supply agreement between Priceworth and Yayasan Sabah which will result in a share issue to Innoprise that would bring Innoprise’s total shareholding in Priceworth to 30 percent stake.

In respect of the log supply agreement, Priceworth has agreed to make a payment-in-kind in new Priceworth share issue to Innoprise which would result in Innoprise emerging with a 30 percent stake in Priceworth.  Additionally, for the new Priceworth share issued, ICSB shall have the option to pay for the new Priceworth shares in cash.  The new Priceworth shares to be issued shall be at RM 0.05 sen per share based on a 10% discount.

Yayasan Sabah will also be appointing Priceworth subsidiary Maxland as its logging contractor for identified areas of forest concessions.

To prepare for the intended share subscription agreement, Innoprise will conduct a due diligence of Priceworth. Priceworth in turn will conduct a due diligence of timber concessions which Yayasan Sabah has identified for the logs to be supplied to Priceworth’s plywood and sawn timber operations, and the container flooring manufacturing line.

Furthermore, Innoprise  and Priceworth will use their best efforts to obtain government approvals for Priceworth to resume log harvesting operations, Priceworth said.

“We are well-placed as a partner for Innoprise and Yayasan Sabah as we have the capabilities to excel in the landscape of sustainable timber and forest resources,” said Priceworth executive director Richard Koo.

A joint steering committee will also be formed to monitor on a weekly basis, the progress and implementation of the MOU.

The MOU is not expected to have any material effect on Priceworth for the financial year ending 30 June 2020 but could contribute positively to the integrated timber Group’s future earnings should binding agreements materialise.

“Creating greater value from timber resources along the entire value chain of the industry will open up higher value jobs and entrepreneurship opportunities for locals.  At the same time, Priceworth supports the state government’s vision of developing downstream activities and is fully committed to sustainability. All our Forest Management Units (FMU) comply fully with the relevant laws and practices,” Koo added.

Priceworth has been working on expanding its downstream operations, which included a new line for the production of container flooring.  The resumption of Priceworth’s operations and a sustainable supply of raw material would enable the contribution of higher value-added products to the state’s exports.

Over the last 10 years, Priceworth has invested more than RM100 million in upgraded equipment including eight log fishers which are approved for Reduced Impact Logging (RIL), a forest harvesting technique which helps minimise the environmental impact on forests, soil and water quality.

In December 2018, Chief Minister Datuk Seri Panglima Shafie Apdal announced the intention to repurpose the Palm Oil Industrial Cluster (POIC) in Sandakan by turning it into a hub for the timber industry as Sabah needed to create a downstream value-added timber industry where local products can be manufactured and exported. 

For more details, please refer to the company’s announcement to Bursa Malaysia at http://www.bursamalaysia.com/market/listed-companies/company-announcements/