Category: Daily Finance

Yew Lee Pacific Group Berhad Debuts at RM0.285 on ACE Market

Yew Lee Pacific Group Berhad, an established manufacturer principally involved in the manufacturing of industrial brushes as well as trading of industrial hardware and machinery parts, was successfully listed today on the ACE Market of Bursa Malaysia Securities Berhad with an opening price of RM0.285 sen per share, compared with the initial public offering (IPO) price of RM0.28 sen per share.

Ms. Andrea Huong, Independent Non-Executive Director, Yew Lee; Ms. Lim See Tow; Mr. Andrew Yaw; Ms. Ang Poh Yee, COO & Executive Director; En. Mahdzir Bin Othman, Independent Non-Executive Chairman; Mr. Ang Lee Leong, Managing Director; Ms. Chee Wai Ying, Executive Director; Mr. Ang Lee Seng; Datuk Bill Tan, Managing Director of Corporate Finance of M&A Securities; Mr. Danny Wong, Deputy Head of Corporate Finance; Mr. Woon Soon Fai, Financial Adviser of Eco Asia Capital Advisory[L-R]

Thanking the Securities Commission Malaysia, Bursa Securities, M&A Securities Sdn Bhd, Eco Asia Capital Advisory Sdn Bhd and other professionals involved in the IPO, Chairman of Yew Lee Encik Mahdzir Bin Othman said, “I am extremely grateful to share this wonderful moment with the investors, customers and suppliers who have supported our humble company since its inception in 2004 as an industrial brush manufacturer. We are overwhelmed by the positive response and are very pleased with our debut on the ACE Market today.”

The Company is raising RM37.27 million from the IPO exercise. From the IPO proceeds, RM10.9 million would be used for the purchase of additional machinery and equipment, RM7.3 million for the construction of a new warehouse facility and office building in Pusing, Perak, RM1.8 million for renovation of new office in Klang Selangor, RM8.9 million for the repayment of bank borrowings, RM4.57 million for working capital requirements and RM3.8 million for the listing expenses.

Encik Mahdzir also announced that Yew Lee will continue to strengthen their market position as one of the key industry players in the industrial brush industry in Malaysia. “We see this listing as an opportunity to realise our future plans and strategies, including expansion and upgrading of our production facilities as well as developing a range of customisable industrial brushes catering to a diverse customer base.”

“As such, we have also allocated RM3.6 million from our IPO to make advance purchases on materials to support the increase in our manufacturing activities in tandem with the rise in demand of our range of brushes. This will improve our inventory and availability levels and shorten overall lead time for delivery. The purchase of additional machinery and equipment is also to automate production processes and reduce labour costs.”

Yew Lee currently has an estimated market share of 12.4% of the total size of the industrial brush industry in Malaysia of RM254.50 million in 2021, based on the Company’s revenue from the manufacturing of industrial brushes segment of RM31.60 million during the financial year ended 31 December 2021.

The Company plans to automate more of its operations to reduce dependency on labour and intends to expand market share in the trading of machinery parts in the central region of Peninsular Malaysia as well as have a bigger presence in Indonesia and Thailand through Yew Lee Indonesia and Yew Lee Thailand, both of which were established in 2019.

The Company recently declared a first interim dividend of RM0.003 sen per ordinary share in respect of financial year ending 31 December 2022 (FY2022) to be paid on 12 July 2022.

M&A Securities is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Yew Lee’s IPO while Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser for the IPO.

Yew Lee Pacific Group Bhd: https://yewlee.com.my/

PLS Plantations profits surge by 411.5% to RM13.3 million

PLS Plantations Berhad today announced a 411.5% jump in their net profit for their third quarter financial performance for the period ended 31 March 2022 (Q3FY2022). The Company recorded a net profit before tax (PBT) of RM16.1 million, 455.1% higher compared to RM2.9 million recorded in the corresponding quarter for the period ended 31 March 2021 (Q4FY2021). PLS Plantations’ net profit after taxation and minority interest (PATMI) in Q3FY2022 came in at RM12.4 million, 416.7% higher than RM2.4 million in Q4FY2021. Total revenue climbed to RM32.1 million, an increase of 169.8% from RM 18.9 million in Q4FY2021. The increase in revenue and PBT were mainly attributed to the improved contribution made from the sales of fresh fruit bunches (FFB), and frozen durian products from international markets, especially China, as well as the collection of progress payment monies generated under the construction arm.

PLS Plantations’ PATMI for the quarter stood at RM12.4 million, 67.6% higher than RM7.4 million recorded in the preceding quarter ended 31 December 2021 (Q2FY2022). However, total revenue recorded in Q3FY2022 saw a drop of 44% to RM32.1 million, compared to RM57.3 million in Q2FY2022. The lower revenue for the period was attributed to the off-peak durian cycle that resulted in lower harvest numbers. Earnings per share (EPS) for the quarter stood at 2.88 sen (fully diluted) compared to 0.58 sen in Q4FY2021.

PLS Plantations’ Executive Vice Chairman, Tan Sri Dato’ Lim Kang Hoo highlighted, “PLS is working hard to continue the strong execution of our turnaround plan in order to meet our targets and aspirations. In addition to diversifying our revenue streams and improving our operational mechanisms, we have been building the organisation’s bench strength by bringing onboard experienced talent from the industry as well as promoting from within, capable members of the company to senior management positions. Growing our staff strength is crucial – to which PLS has been prioritising the hiring of bright, local talent as the Company ventures into other agricultural and cash crops segments.”

Tan Sri Dato’ Lim concluded, “In addition, we have also set the baseline for our sustainability journey and will be working towards rolling out a sustainability framework to guide our business and operations. Since our Silver3 rating from RAM Sustainability, we have established a ESG working committee to further develop and refine our processes and structures as we continue our progress towards becoming the nation’s leading sustainable agrofood company. We remain guided by ESG values as we move towards future proofing the Company whilst supporting our country’s food security goals.”

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1994. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward- looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Media Contact:
Cheong Sue Fyenn
Narro Communications
E: suefyenn@narrocomms.com
T: +6016 910 7625

PLS Plantations Berhad: https://plsplantations.my/
PLS Plantations Berhad: 9695 / [BURSA: PLS]

Leon Fuat Berhad Posts 29% Increase in Revenue to RM273 Million for Q1 FY2022

Leon Fuat Berhad, a manufacturer and trader of steel products, specialising in rolled long and flat steel products today released the Group’s financial results for the first quarter ended 31 March 2022 (Q1FY2022) registering a 29.1% increase in revenue to RM273.02 million compared with RM211.48 million recorded in the corresponding quarter of the preceding financial year (Q1FY2021).

Calvin Ooi Shang How, Executive Director of Leon Fuat

For the quarter under review, profit before tax (PBT) stood at RM31.81 million, a 25.2% decrease from the PBT of RM42.53 million achieved in Q1FY2021 while profit after tax (“PAT”) stood at RM23.89 million, a 33.8% decrease from the PAT of RM36.11 million recorded in the same quarter of the preceding financial year.

The Group’s trading of steel products segment registered a 21.1% increase in revenue to RM90.00 million in Q1FY2022 compared with RM74.29 million recorded in the corresponding quarter of the preceding financial year while the processing of steel products segment registered a 33.4% rise in revenue to RM182.93 million compared with RM137.11 million achieved in Q1FY2021. The trading segment’s contribution to revenue stood at 33.0% in Q1FY2022 compared with 35.1% in the corresponding quarter of the preceding financial year while the processing segment’s contribution stood at 67.0% compared with 64.8% in Q1FY2021.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, “We recorded higher revenue overall due to higher average selling prices for both trading and processing but this was partially negated by the 8.8 percentage points decrease in overall gross profit margin to 16.4% in the quarter under review compared with 25.2% gross profit margin in the corresponding quarter of the preceding financial year.”

“We continue to seek avenues to diversify as we have done through investing in welded steel pipe production in 2018. Phase 1 of the facilities with two production lines is operational while a further two production lines are being installed and expected to be operational in Q2FY2022. We have also begun Phase 2 of the facilities that we expect to be fully commissioned in the second-half of 2023 which will ultimately increase our production capacity.”

“Our outlook for 2022 remains unchanged as global growth is expected to slow significantly this year largely due to the conflict in Ukraine that has rippled across commodity markets, trade and to some extent financial interlinkages. Domestic economic growth has also been trimmed to between 5.3% and 6.3% in 2022 from the earlier forecast of between 5.5% and 6.5%.”

“Given that downside risks have risen significantly, we have increased monitoring of steel price movement and related foreign currencies and will take proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management, to reduce any negative impact which may arise. We will continue to enhance the operating capabilities and efficiencies in meeting customers’ requirements and to ensure timely satisfaction of customer orders while keeping our operating costs at a manageable level.”

Leon Fuat Berhad: https://www.leonfuat.com.my/
Leon Fuat Berhad: [BURSA: LEFU]

CNERGENZ Berhad Posts RM36.9 Million in Revenue for 1Q FY2022

CNERGENZ Berhad (CNERGENZ), an established electronics manufacturing solutions provider based in Penang, has announced its financial results for the first quarter ended 31 March 2022 (1QFY2022) today. The Company registered revenue of RM36.9 million for the 1QFY2022, primarily contributed from the sales of standalone surface mount technology (SMT) machines and equipment constituting 60.9% of its total revenue. In addition, sales generated from the provision of integrated solutions segment contributed 31.2% to the total revenue.

Further, the Company recorded profit before tax (PBT) of RM4.87 million and achieved net profit (PAT) of RM3.64 million for the period. After excluding one-off expenses relating to the initial public offering amounting to RM0.16 million incurred during the period, the Company’s PBT and PAT stood at RM5.03 million and RM3.80 million, respectively.

Chief Executive Officer of CNERGENZ, Mr. Lye Yhin Choy said, “Manufacturing activities remained robust in 1QFY2022 leading to the continued demand for our integrated solutions in the electronics and semiconductor (E&S) industries. We have also seen a rise in demand for smart factory solutions as customers look to automation to solve manpower woes.”

“We will continue with our plans that we have shared in the run-up to our listing, including the expansion of our facility to enable us to scale up our operations, as well as strengthening our R&D activities to develop new and innovative integrated systems and solutions to the market. To-date, we have secured purchase orders totalling RM82.48 million, which we expect to fulfil by the end of 2022.”

CNERGENZ Bhd: https://cnergenz.com
CNERGENZ Bhd: [BURSA: CNERGENZ]

Samaiden Group Berhad’s 3Q Net Profit Gains 291% to RM4.19 Million

Samaiden Group Berhad, a renewable energy (RE) specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants, today announced that Samaiden Group recorded a 385.03% increase in revenue to RM43.80 million for the third quarter ended 31 March 2022 (3Q FY2022) compared with RM9.03 million registered in the corresponding quarter of FY2021 (3Q FY2021).

Ms. Chow Pui Hee, Group MD of Samaiden

Profit before tax (PBT) for 3Q FY2022 increased by 257.68% to RM5.73 million compared with RM1.60 million achieved in 3Q FY2021, and profit after tax (PAT) registered an increase by 291.22% to RM4.19 million compared with RM1.07 million in 3Q FY2021.

For the nine-month period ended 31 March 2022 (9M FY2022), Samaiden Group recorded a 243.07% increase in revenue to RM97.04 million compared with RM28.28 million in the corresponding period of FY2021 (9M FY2021) while PBT gained 103.38% to RM11.62 million compared with RM5.71 million in the corresponding period of the previous financial year.

Samaiden Group’s PAT gained 104.22% to RM8.51 million in 9M FY2022 compared with RM4.16 million in 9M FY2021.

Group Managing Director of Samaiden, Ir. Ms. Chow Pui Hee said, “We continue to see lots of interest in RE given the government’s push to reduce carbon dioxide emissions under the fourth cycle of the Large-Scale Solar programme (LSS4). This has been encouraging for us in terms of our financial performance as we have secured approximately RM300.0 million in EPCC contracts under the fourth cycle LSS scheme, Net Energy Metering and Self Consumption scheme since the start of FY2022. The new contract wins bring the current outstanding orderbook to RM410.0 million, which will contribute positively to Samaiden Group’s top and bottom line over the next three years.”

“Apart from leveraging our core competency and experience in providing end-to-end EPCC services for solar PV projects, we are expanding sales and technical support locally and in Vietnam. We have also diversified into providing EPCC services for biomass RE power plants and we are in the midst of developing a 1.2 MW biogas power plant in Kelantan that will provide Samaiden Group with a recurring income stream from the sale of electricity produced by the power plant to the state’s power grid.”

“We are cautiously optimistic that Samaiden Group’s financial performance for the rest of FY2022 will be satisfactory as the pipeline of RE projects will increase due to the government’s drive for more environmentally friendly and greener sources of energy.”

Samaiden Group Berhad: https://samaiden.com.my/

Genetec Scales New Heights with Highest Annual Profit to Date

Technology leader in providing fully customised, intelligent manufacturing automation solutions, Genetec Technology Berhad announced its best annual performance to date for the financial year ended 31 March 2022 (FY2022). The Company recorded RM58.1 million profit after tax (PAT) up 1,420.5% from a loss of RM4.4 million in the preceding year. Annual revenue stood at an all-time high at RM223.6 million, up by 130.3% versus RM97.1 million for the period, driven by the electric vehicle (EV) and energy storage segments. Correspondingly, earnings per share (EPS) stood at 7.90 sen for the period, up by 1,395.1% from -0.61 sen.

For the fourth quarter year ended 31 March 2022 (Q4FY2022), Genetec’s PAT stood at RM14.0 million, an increase of 333.3% compared to the loss of RM6.0 million in the corresponding quarter for FY2021 (Q4FY2021). Quarter on quarter (QoQ) revenue stood at RM58.7 million, up by 348.1% versus RM13.1 million for the corresponding quarter.

In comparison with the preceding quarter, Genetec’s Q4FY2022 PAT came in lower by 28.6% compared to RM19.6 million posted in the preceding quarter due to the shorter operating period. The Company continued to maintain a high level of discipline in cost management to moderate the effects of the shorter quarter. Revenue for Q4FY2022 stood at RM58.7 million, a decrease of 10.1% compared to RM65.3 million of the preceding quarter.

Genetec also announced the approval to proceed with a property acquisition from Utusan Melayu Malaysia Berhad (UMMB) in Bandar Baru Bangi. The said property comprises a parcel of land of 6.348 hectares or 683,293 square feet (sq ft), and buildings within the said area with a total gross floor area of 301,509 sq ft and will be purchased at RM53 million.

Genetec said, “Through this acquisition, we aim to consolidate most of our design and development, machining centers and machine assembly in Bandar Baru Bangi to increase further capacity to cater for future demand.

On the overall, the Electric vehicle (EV) and energy storage segments remained dominant contributors to Genetec’s overall revenues with expectations for said segments to grow further in the coming quarters. Genetec commented, “Sales of electric cars worldwide hit 6.6 million in 2021, almost doubling from the previous year. For context, in 2012, only 120,000 electric cars were sold. Today, the same number is sold every week[1]. Due to the population growth and increase in affluence, there is a shift to the current technology driven by the global adoption of renewable energy solutions. Most recently, the European Union (“EU”) announced plans to increase efforts in solar and wind power to hasten the region’s shift to green energy. To achieve this, the EU’s proposal is to allocate EUR210bn (RM987 billion) over the next five years to phase out fossil fuels such that 45% of their energy mix should come from renewables by 2030. This is an advance on the current 40% target suggested less than a year ago[2] and reinforces the seriousness of the move towards electric and renewables. It also amplifies the urgency of the need for more focus and resource allocation to these segments.”

On their part, Genetec is also ramping up their team strength. In 2021, the Company increased their staff strength by 100 to support the increased workload and job orders. “Our investments have always been in Malaysia. Likewise, all our staff are local. We believe in hiring and training local talent and this is evident in our staff force. From our founding members, senior leadership, to staff, most of our staff joined us fresh out of university or technical school and have risen within the ranks to manager and senior managerial levels. The staff stability is crucial to ensure continuity and to provide assurance to our clients that we have the right people and experience to consistently deliver quality products and service.”

Genetec concluded, “It has been an eventful, challenging but rewarding year with many new developments and milestones. Genetec has been working hard to ensure we deliver on our orders in a timely manner, especially given the ongoing geopolitical and economic headwinds. We are also working closely with our clients to ensure we remain a key and important partner in supplying their automation solutions. We are also sharpening our focus on managing our supply chain operations, from planning and demand forecasting, sourcing, materials management to logistics. Working closely with our suppliers is critical to mitigate possible supply-chain disruptions or delivery challenges that will affect our ability to deliver our orders in a timely manner.”

“In the meantime, we remain optimistic that our efforts to deepen our client’s share-of-pocket will yield results in the coming quarters. Our pipeline remains robust, backed by the accelerating demand for EVs across major markets worldwide. Moving forward, Genetec remains focused on growing our workforce and deepening their knowledge and skillsets, especially in EV and energy storage. We are also building on our capacity to be able to take on new orders and projects from existing and new customers. We are committed to growing sustainably whilst developing new growth pathways for local talent to contribute to the progress of the local automation technology segment in Malaysia.”

[1] Source: World Economic Forum – More electric cars are now sold every week than in the whole of 2012
[2] Source: EU plans ‘massive’ increase in green energy to help end reliance on Russia

Genetec Technology Berhad: https://genetec.net/

Seng Fong Holdings Berhad Signs Underwriting Agreement with Hong Leong Investment Bank

Seng Fong Holdings Berhad, a rubber processor producing and trading Standard Malaysia Rubber (SMR) and premium grade block rubber, is pleased to announce that the Company has entered into an underwriting agreement with Hong Leong Investment Bank Berhad (HLIB) for its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad.

Group Managing Director/Chief Executive Officer of HLIB, Ms. Lee Jim Leng; and Managing Director of Seng Fong, Mr. Er Hock Lai [L-R]

According to Seng Fong’s draft prospectus posted on the Securities Commission Malaysia website, the listing exercise involves the IPO of up to 160.87 million ordinary shares or up to 31.0% of the Company’s enlarged number of issued shares comprising a public issue of 90.81 million shares and an offer for sale of up to 70.06 million shares.

Under the agreement, HLIB will underwrite 42.20 million IPO shares made available for application under the retail offering. HLIB is also the Placement Agent for 118.68 million IPO shares allocated to bumiputera investors approved by the Ministry of International Trade and Industry (MITI) as well as other institutional and selected investors.

Managing Director of Seng Fong, Mr. Er Hock Lai said, “We look forward to working with HLIB on our IPO, which we see as crucial for our future growth as the funds raised through the listing exercise will be used for expansion plans. Our plans include the installation of two solar system units to generate electricity in line with the Company’s ESG initiatives to reduce carbon footprint and have more sustainable business operations which will result in savings of approximately RM2.6 million per annum to our Group’s cost of sales.”

“We will also be installing a biomass system to reduce diesel consumption used to generate fuel for our dryer system. This initiative will also help achieve savings of RM3.5 million per year and further our ESG initiatives by making the business more sustainable over the longer term. In addition, we are also planning to increase the total annual capacity of our factories to approximately 166,000 MTS by year 2023 from current total capacity of 142,000 MTS.”

Group Managing Director/Chief Executive Officer of HLIB, Ms. Lee Jim Leng said, “We are pleased to have played a key role in assisting Seng Fong in this IPO exercise. The Company has a solid reputation and a history dating back to 1986. Rubber is a key material in many industries and in particular, the automobile industry where there is steady demand”.

“We have no doubt that Seng Fong will continue to excel and to build upon the foundations set down almost four decades ago. The listing is an effective platform for the Company to move into the next stage of growth”.

Almost all of Seng Fong’s revenue is derived from sales to international customers for FYE2019 to FYE2021.

Seng Fong Holdings Bhd: http://sengfongholdings.com/

CNERGENZ Berhad Lists on ACE Market, Share Price Gains 4.31% to RM0.605 on Debut

CNERGENZ Berhad (CNERGENZ), an established electronics manufacturing solutions provider based in Penang, has made its debut on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities) under the Technology sector, opening at RM0.605 per share, which is a premium of RM0.025 or 4.31% above the IPO price of RM0.58 per share.

Ms. Yeat Soo Ching, Independent Non-Executive Director of Cnergenz; Ms. Alwizah Al-Yafii Binti Ahmad Kamal; Mr. David Lim, Chief Executive Officer of UOB Kay Hian Securities; Mr. Lye Yhin Choy, CEO & Executive Director of Cnergenz; Mr. Kong Chia Liang, COO & Executive Director; Dato’ Azman bin Mahmud, Independent Non-Executive Chairman; Mr. Lye Thim Loong, Chief Corporate Officer & Executive Director; Ms. Ooi Ley Ching, Independent Non-Executive Director [L-R]

Chairman of CNERGENZ, Dato’ Azman bin Mahmud, extended the thanks of the Company to the Securities Commission, Bursa Securities, UOB Kay Hian Securities Sdn Bhd as well as others involved in the IPO exercise, and said, “I would like to thank our investors who have placed their trust and confidence in CNERGENZ, and for their support which has contributed to the success of CNERGENZ’s IPO.”

“I am confident that CNERGENZ will continue its growth trajectory, enhancing its market presence and operations through its future expansion and development plans. We believe that the introduction of CNERGENZ to the stock exchange will bring greater visibility to investors, and highlights the importance of electronics manufacturing solutions in building up an advanced and efficient manufacturing ecosystem in the country, further strengthening Malaysia’s position as a global electronics and semiconductor hub.”

Through its IPO, CNERGENZ has successfully raised RM58.0 million in funds, which are expected to be utilised towards the Company’s facility expansion plans, research and development activities, as well as general working capital purposes.

“I would also like to thank all our suppliers, customers, investors and shareholders, who have made today’s listing a possibility and a memorable event.” Dato’ Azman bin Mahmud added.

CNERGENZ is an electronics manufacturing solutions provider, specialising in surface mount technology manufacturing solutions for the electronics and semiconductor industries. CNERGENZ’s offers its solutions, ranging from integrated solutions such as production line systems and smart factory solutions, to individual machinery, equipment and tools, to its network of over 100 customers operating within the E&S Industries, such as IDMs, OSATs, EMS and electronic products brand owners.

Based in Penang, CNERGENZ’s market base is primarily in Malaysia (save for Melaka and Johor), contributing 71.9% to the Group’s revenue in the recent financial year ended 31 December 2021, and extends to the Company’s overseas markets in Vietnam and Thailand.

UOB Kay Hian is the principal adviser, sponsor, underwriter, and placement agent for CNERGENZ’s IPO.

CNERGENZ Bhd: https://cnergenz.com
CNERGENZ Bhd: [BURSA: CNERGENZ]

Q&M Dental net profit, excluding other gains or losses, increased by 25% to S$7.2 million on S$46.8 million of revenue for quarter ended 31 March 2022

Q&M Dental Group (Singapore) Limited, a leading private dental healthcare group in Asia, reported net profit excluding other gains or losses attributable to shareholders of S$7.2 million for the quarter ended 31 March 2022 (1Q2022) compared to S$5.8 million in the corresponding period (1Q2021).

Dr Ng Chin Siau, Chief Executive Officer of Q&M Dental said, “We are heartened by our continuous strong performance in 1Q2022 following a record-setting year FY2021. Our core dental business will remain strong, and with the abolishing of most of the pandemic restrictions, a positive impact on the economy, we are looking forward to resuming our growth trajectory of expanding our network of clinics in the coming quarters.”

Growth & Expansion in Operations

As at 31 March 2022, the Group’s number of dental outlets in Singapore has grown to 99, from 85 as at 31 March 2021. Similarly in Malaysia, the number of dental outlets has increased to 41, as compared to 36 previously.

The Group also continues to focus on its expansion into medical diagnostics, with its associated Company, Aoxin Q&M Dental Group Limited and through its recent acquisition of 49% shareholding of Acumen Diagnostics Pte. Ltd., raising Q&M’s effective interest in Acumen Diagnostics from 51% to 67%. In the near term, Acumen Diagnostics’ clinical testing laboratory will roll out its pipeline of new tests, including PCR assays for dengue, sepsis and, identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections. Its longer-term plans include the development of new vaccines.

For 1Q2022, revenue contribution from dental and medical clinics was relatively unchanged with a marginal decrease of 2% to S$38.6 million, despite the challenges of the tightening of Safe Management Measures (SMM) due to the rapid spread of the Omicron variant. Revenue contribution from medical laboratory and dental equipment & supplies segment surged by 80% to S$8.2 million on the back of increased revenue from Covid-19 testing from Acumen Diagnostics, the Group’s medical laboratory business, which obtained its medical laboratory license in September 2020.

The Group’s net profit after tax excluding other gains or losses for 1Q2022 increased by 25% to S$7.2 million, from S$5.8 million in the corresponding period last year, translating to an earnings per share of 0.69 Singapore cent.

As at 31 March 2022, the Group had cash and cash equivalents of S$43.5 million with net assets of S$94.9 million. This translates to Net Asset Value per share of 10.10 cents per share.

Outlook & Further Expansion Plans

With the opening up of the Singapore economy gathering pace in 2022, the country expects to see businesses ramping up in most sectors with those that were most severely affected by the pandemic like F&B, tourism to especially benefit. The government is forecasting GDP growth of between 3.0 to 5.0% in 2022, Barring any major changes in the global macroeconomic and political situation or any new adverse developments in the evolving Covid-19 situation, the Group is cautiously optimistic on its business outlook.
The Group intends to continue executing the business plans outlined below:

– Expansion of network of dental clinics in Singapore and Malaysia

The Group currently operates 99 clinics in Singapore. With the economy opening up in 2022, the Group will also intensively increase its reach through organic growth of its dental clinic network in Singapore. This will be supported by an expansion of its team of dentists to undergird the future growth of its operations in Singapore. We will continue to develop, invest and optimise our digital Artificial Intelligence (AI) guided clinical decision support system to provide the most effective and suitable treatment plans for patients. The Group believes it is well-positioned to cater to the rising demand for primary and high-value specialist dental healthcare services of its patients.

Currently, the Group operates 41 clinics in Malaysia. The clinics are located in Johor (16 dental clinics), Kuala Lumpur (9 dental clinics), Selangor (11 dental clinics), Melaka (4 dental clinics) and 1 dental clinic in Negeri Sembilan.

The Group intends to open at least 30 dental clinics a year from 2021 onwards in Singapore and Malaysia for the next 10 years. The eventual number of dental outlets will depend on available opportunities, pertinent market conditions and the evolving Covid-19 situation.

– Expansion into private dental healthcare market in the People’s Republic of China (“PRC”)

The main thrust of the Group’s proposed expansion in PRC is through organic growth to develop a new and sustainable growth pillar that can yield long term value for the Group.

– Expansion in Southeast Asia

The Group is continuously looking out for strategic opportunities to expand its dental business and regional footprint to other Southeast Asian countries.

– Medical Laboratory

The Group will focus on rolling out its clinical testing laboratory pipeline of new tests including PCR assays for dengue sepsis and identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections.

Please see links for PDF documents from SGXNET.
Results: https://tinyurl.com/QnM-1Q2022-Result
Press Release: https://tinyurl.com/QnM-1Q-2022-Release

About Q&M Dental Group (Singapore) Limited (QC7.SI)

Q&M Dental Group (Singapore) Limited (QC7.SI) (“Q&M” or together with its subsidiaries, the “Group”) is a leading private dental healthcare group in Asia.

The Group owns the largest network of private dental outlets in Singapore, operating 99 dental outlets across the country. Underpinned by about 290 experienced dentists and over 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.

Outside of Singapore, the Group has 41 dental clinics and a dental supplies and equipment distribution company in Malaysia, as well as a dental clinic in the People’s Republic of China (“PRC”). Q&M is also the substantial shareholder of Aoxin Q&M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange that operates dental clinics and hospitals primarily in the north- eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within the ASEAN region.

The Q&M College of Dentistry was established in 2019 to offer postgraduate dental education as part of its commitment to continual education and professional development of dentists. It offers Singapore’s first private postgraduate diploma programme in clinical dentistry.

In 2020, the Group expanded into the medical laboratories and research industry with the strategic investment into Acumen Diagnostics Pte. Ltd. (“Acumen”). Acumen currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID-19 testing. It is also working to roll out a pipeline of new tests, including PCR assays for dengue, sepsis and, identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections.

EM2AI Pte Ltd, a wholly-owned subsidiary of the Group that focuses on developing AI-powered solutions to diagnosis and treatment planning has rolled out IDMS, enabling dentists within the Group’s network to administer ethical treatment plans for patients.

The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX- ST”) on 26 November 2009. For more information on the Group, please visit www.QandMDental.com.sg

For more information, please contact:
Waterbrooks Consultants Pte Ltd
Wayne Koo
Tel: +65 9338-8166
Email: wayne.koo@waterbrooks.com.sg

Derek Yeo
Tel: +65 9791-4707
Email: derek@waterbrooks.com.sg

Mitrade wins two esteemed awards at Forex Broker Award 2022

Australian Forex and OTC derivatives trading broker Mitrade has received two esteemed awards by FxDailyInfo at the Forex Broker Award 2022.

Mitrade wins two esteemed awards at Forex Broker Award 2022

Mitrade has been crowned the Most Innovative Broker 2022 and the Best Trading Platform 2022. The awards are given by FxDailyInfo, which rewards Forex brokers for consistent innovation and intuitive trading platforms. To declare winners, FxDailyInfo also takes into account several key factors including ground-breaking technology, cross-platform compatibility, responsive customer service, risk management, and fast growth.

“We are profoundly humbled to receive these distinguished awards. We take this double win as a recognition of our hard work and commitment to make trading easy for all. This milestone is an inspirational motivation for our team, that we are on the right track. This achievement has encouraged our team to bring even more innovation to our trading system and make Mitrade a leading Forex trading platform. Our team strives to make our trading platform more intuitive in the future,” said a representative of Mitrade.

Mitrade went through a massive structural overhaul of its team and resources in 2019. It introduced a proprietary web trading platform, which immediately started gaining worldwide attention and engagement due to its simple user interface and smooth function. Later on, the innovative WebTrader was complemented by mobile apps for Google Play and iOS. The mobile apps brought cross-platform compatibility to Mitrade, making trading on the go possible for everyone.

Earlier this year, Mitrade also bagged four 2022 awards from International Business Magazine — Most Trusted Broker Asia, Best Forex Educational Resources Global, Most Transparent Forex Broker Global and Best Trading Platform Australia.

Continuing its innovation streak, Mitrade has recently upgraded its mobile app with cutting edge features. The app now comes with a built-in economic event calendar that lets traders forecast market trends and craft a winning trading strategy ahead of potential market movements. The mobile app also has a tiered trading educational portal, which guides both beginners and experts.

This innovative spirit has won Mitrade many prestigious awards and added to its immense popularity among the global trading community. Mitrade’s evolving technology, dynamic research tools, and instant-response 24/7 customer service fueled its growth to over 1,100,000 customers in a short span of three years. The Mitrade app on Google Play has surpassed 1 million downloads.

In addition, Mitrade has also won the Most Innovative Forex Fintech Broker 2021 by Global Brands Magazine and Best Mobile Trading Platform 2020 by Forex Awards. More information can be found at www.mitrade.com/about-us/awards.

For media inquiries, please contact Ms Belle Toh at belle.toh@mitrade.com.

About Mitrade
Mitrade is an innovative financial technology group and Forex trading leader. It operates under strict regulations by the Mauritius Financial Services Commission (FSC), Australian Securities and Investments Commission (ASIC) and the Cayman Islands Monetary Authority (CIMA). Mitrade was founded by technology experts and finance veterans who had a mission to simplify trading through consistent innovation. With its self-developed proprietary trading platform, Mitrade is pursuing its mission to provide simplified trading to all. Explore Mitrade at www.mitrade.com.

Mitrade’s OTC derivatives trading contains leverage which can cause the loss of your entire capital.

Source: Mitrade Holding Ltd