Tag: Local Biz

WIKA Books Sales of Rp7.18 Trillion in Q2-2022

JAKARTA, Sep 2, 2022 – (ACN Newswire) – PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA] successfully booked a gross profit of Rp627.24 billion in Q2-2022 or 14.8% higher on a year-on-year basis (YoY) as recorded in the financial statement for the period ended on 30 June 2022. This figure was supported by the Company's sales of Rp7.18 trillion or 6.2% higher YoY.

WIKA's President Director, Agung Budi Waskito (Agung BW) said the improvement in sales performance was enabled by a 2% increase in infrastructure and building sector, 9.8% increase in industry sector, and 167.6% increase in realty & property sector YoY. Most of the revenue in realty & property sector was contributed by the hotel business as a result of the State-owned Enterprises or BUMN hotel holding process by WIKA's subsidiary, WIKA Realty.

As at July, WIKA has secured new contracts worth Rp14.67 trillion. The largest contributors were the infrastructure and building sector of 58.4% and the industry sector of 22.7%. The high number of new contracts in these sectors is also due to the strategic infrastructure development program that is being promoted by the Indonesian Government to face the G20.

PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA]

Contact:
Mahendra Vijaya
Sekretaris Perusahaan
Email: mahendra.v@wikamail.id
Website: https://www.wika.co.id/

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

BoB Financial and Snapdeal Launch Co-Branded JCB RuPay Contactless Credit Card

MUMBAI, INDIA, Sep 2, 2022 – (ACN Newswire) – BOB Financial Solutions Limited (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB) and Snapdeal in partnership with National Payments Corporation of India (NPCI) and JCB International Co. Ltd. have announced the launch of the Snapdeal BoB JCB RuPay Credit Card. The card is designed keeping in mind the purchase behaviour of shopping enthusiasts and will offer a host of attractive benefits and rewards. The card will also be usable at international merchants and ATMs through the extensive JCB global network.

Users of the co-branded credit card will receive up to 5% unlimited cashback (accrued as 20 reward points on every INR 100 spent) on the Snapdeal app and website. Activation of the co-branded credit card within 30 days of issuance will entitle the cardholder to shopping benefits on Snapdeal worth up to INR 500.

The card also offers 10 reward points per INR 100 spent on online, grocery and departmental store spends. For purchases in all other categories, customers will get 4 reward points for every INR 100 spent. The cardholders will also enjoy free Add-On cards for family members, waiver of 1% fuel surcharge, easy EMI options (pre and post purchase), and periodic offers across merchants.

Commenting on the partnership, Shailendra Singh, MD & CEO, BOB Financial said, "We are happy to launch our co-branded credit card with Snapdeal, in partnership with NPCI, at a time when both new customer acquisition as well as usage from smaller cities and towns continue to grow at an impressive pace. The challenges brought about by the pandemic have resulted in a rapid adoption of digital payments even in interior locations of the country. Our co-branded credit card will offer additional value to this large segment of customers that constitute Bharat!".

Himanshu Chakrawarti, President, Snapdeal Limited said, "Snapdeal's target audience is the value-savvy, mid-income, price-conscious buyers who predominantly live in the smaller cities of India. The partnership between BOB Financial, NPCI and Snapdeal brings together parties with a deep understanding of this mega-segment of consumers and how they are evolving in terms of their use of technology and digital payments. Our co-branded card is another important step in offering additional value to our users."

Ms. Praveena Rai, COO, NPCI said, "We are happy to associate with BOB Financial and Snapdeal for the launch of the distinctive co-branded JCB RuPay Contactless Credit Card. We believe that this proposition will appeal strongly to millions of Snapdeal and BOB Financial's customers at large by offering them a unique and rewarding experience. At NPCI, we are strategically focussing on creating a wide array of offerings in the credit segment for the customers to experience delightful and memorable retail as well as e-commerce shopping."

Mr. Yoshiki Kaneko, President and COO, JCB International Co. Ltd. said, "We are extremely excited to partner with BFSL and Snapdeal through our esteemed network partner RuPay. This product, besides offering great value and benefits within India, comes with unique benefits and privileges internationally. This includes access to exclusive JCB in-city lounges at many key international travel destinations and special discounts exclusively for JCB cardmembers at many international merchants. We are sure the cardmembers will enjoy the benefits of carrying this card with them wherever they go."

About BOB Financial Solutions Limited

BOB Financial Solutions Limited was established in the year 1994. It is a Non-Banking Financial Company, wholly owned by Bank of Baroda. The Company's primary business is in credit cards with its key differentiator being simple, easy-to-understand products that are fairly priced and efficiently serviced. A pioneer in the space of credit cards, BOB Financial offers an array of products catering to all segments of customers. It is leveraging state-of-the-art technology to provide unique payment solutions to its customers. For more information, visit www.bobfinancial.com

Media contact for BFSL:
Ashutosh Kumar
9811174731
ashutosh.kumar@bobfinancial.com

About Snapdeal

Snapdeal is one of India's best known e-commerce companies and has an exclusive focus on the value segment with more than 90% of the products on its platform priced under Rs. 1,000. Snapdeal as a brand is synonymous with value e-commerce: good quality, trendy and affordably priced products that fulfill the aspirational needs of value-conscious buyers. Over the last several years, the company has enhanced its expertise in catering to the value segment of the Indian e- commerce market, comprising mid-income users who have a budget-led approach to spending and access the Internet primarily through their mobile phones. Snapdeal receives more than 86% of its orders from outside metro cities, with more than 72% of its orders coming from buyers living in Tier 2+ cities & towns. It covers 96.65% of India's pin codes and has served buyers from more than 2,500 cities. Founded in 2007 as a coupon booklet business, it transformed itself into an e-commerce deals platform in 2010. Subsequently, it launched the Snapdeal e-commerce marketplace in 2012.

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. JCB issues cards across various countries and regions internationally with more than 140 million cardmembers. JCB Cards are accepted at tens of millions of merchants globally through its vast acceptance network. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en

Media contact for JCB
Ayaka Nakajima
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@jcb.co.jp

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India's aspiration to be a fully digital society. For more information, visit: https://www.npci.org.in/

Media contact:
Shruti Singh
9654497747
shruti.singh@npci.org.in

Priyanka Chavda
9619378489
priyanka.chavda@npci.org.in

Adfactors PR
Banali Banerjee/Pragya Sahay
9769610385/7982347652
banali.banerjee@adfactorspr.com / pragya.sahay@adfactorspr.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

aCommerce and Johnson & Johnson Launch Sustainable Packaging Solution for a Better E-commerce Future in the Philippines

BANGKOK & MANILA, Sep 1, 2022 – (ACN Newswire) – aCommerce Group, the largest end-to-end e-commerce enabler in Southeast Asia, has partnered with Johnson & Johnson Philippines, part of the largest and most broadly based healthcare company in the world, in a joint venture to offer a sustainable packaging alternative and 100% recyclable solution in the Philippines.


The solution was developed through a wide-scale collaboration to reduce e-commerce waste and create a sustainable future for e-commerce in Southeast Asia. The forecasted amount of plastic savings from this initiative would be equal to 106,684 SQM of plastic – the equivalent to the area of 254 basketball courts. The new packaging solution will replace previously non-recyclable packaging materials with new, innovative, green, and simple packaging, rolling out through the month of August.

The paper used in the new packaging is 100% recyclable, non-toxic, and biodegradable. The innovative VoidFill acts as a box filler, replacing the plastic bubble wrap, and offers superior protection from damages by filling any excess space in the box. An additional cushioning layer is added to fragile deliveries to ensure outstanding control against shock and vibrations. The final layer, the Geami WrapPak layer, is added to avoid any surface abrasions, minor handling damages, and internal impact.

Both companies' sustainability goals are naturally aligned. "As part of our responsibility to the environment. aCommerce will continue to invest in a sustainable future. We are excited to offer recyclable and biodegradable solutions using cutting-edge material engineering. We are truly fortunate to have like-minded partners such as Johnson & Johnson, that take action in order to create a cleaner future," said Paul Srivorakul, Group Chief Executive Officer at aCommerce.

"We are committed to doing our part to leave a better world for future generations. We are excited to pilot our green e-commerce initiative with Shopee and Lazada, knowing that this 'first step' will help reduce plastic pollution that goes into our landfills and into our waterways. We hope that our consumers will take advantage of the offer when they order their favorite Johnson & Johnson products through Shopee and Lazada. Our consumers win, and so will our environment," said Denise Peralta, Johnson & Johnson Philippines head of e-commerce.

Visit Johnson & Johnson stores and shop responsibly and worry-free:
Shopee: https://shopee.ph/johnsonandjohnson.ph
Lazada: https://www.lazada.com.ph/shop/johnson-johnson

Released for aCommerce Group by MT Multimedia Co Ltd
Wasana Wongsiri (Jiab), T: +66 84 359 0659, E: wasana.w@mtmultimedia.com

Johnson & Johnson (Philippines), Inc. (J&J Philippines) launched J&J PH Chat & Shop as its official social-commerce platform to simplify purchasing of various consumer health products. Powered by aCommerce, it delivers a fully-automated experience – 24/7 shopping via Chatbot with a live agent ready to assist customers during business hours, and seamless, easy navigation even for new users. https://facebook.com/jnjphchatshop.

aCommerce (SET: ACOM) revolutionized e-commerce enablement with a cutting-edge platform & technology stack, EcommerceIQ. Proprietary software includes innovative omnichannel management software. We drive brands to achieve e-commerce goals with high-performance digital marketing, online store development & management, data & analytics, customer care, fulfillment, & delivery services. Visit https://acommerce.asia.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Samaiden Group Posts 182% Jump in Full-Year Revenue

PETALING JAYA, Malaysia, Aug 30, 2022 – (ACN Newswire) – 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 for the fourth quarter ended 30 June 2022 (4Q FY2022), revenue increased 113.35% to RM53.68 million compared with RM25.16 million recorded in 4Q FY2021.
Group Managing Director of Samaiden, Ir. Chow Pui Hee


Samaiden registered profit before tax (PBT) of RM4.78 million for 4Q FY2022, which is an increase of 104.27% compared with RM2.34 million in 4Q FY2021 while profit after tax (PAT) recorded an increase of 95.43% to RM3.42 million compared with RM1.75 million in the corresponding quarter of the previous financial year.

For the full year ended 30 June 2022 (FY2022), Samaiden registered revenue of RM150.72 million, which is an increase of 182.0% compared with RM53.44 million recorded in FY2021. Samaiden recorded a 103.73% gain in PBT to RM16.40 million in FY2022 compared with RM8.05 million while PAT increased 101.52% to RM11.93 million in FY2022 compared with RM5.92 million in the corresponding period of the previous financial year.

EPCC services contributed more than 95% of Samaiden's total revenue for the year. Its other businesses are environmental consultancy and operation and maintenance.

Group Managing Director of Samaiden, Ir. Chow Pui Hee said, "Our performance for FY2022 can be largely attributed to the increase in the number of EPCC projects and the contract value of these projects. We will continue to seek opportunities to secure more EPCC projects given government initiatives in encouraging sustainable energy sources as well as private sector adoption of RE as part of their Environmental, Social and Governance (ESG) initiatives."

"These opportunities cover solar PV systems and also solar and non-solar power plants where we can leverage on our core competency and experience in providing end-to-end services. Beyond the domestic market, we are also seeking opportunities in Southeast Asia where ESG initiatives are also picking up. We announced in August 2022 to incorporate a joint venture company pursuant to the partnership with Aneka Jaringan Holdings Berhad to penetrate the RE market in Indonesia. This latest announcement is in addition to the setting up of a company in Vietnam in 2021 for potential solar projects."

"We are cautiously optimistic for FY2023 as we also look to expand our presence through collaborating with our major shareholder, Chudenko Corporation, for projects in Malaysia and the region that will be beneficial for both parties. We are also encouraged by the recent government announcement approving the allocation of 1,200 MW of solar power as well as a new option for businesses to procure RE through the virtual power purchase agreement, which will start in the fourth quarter of 2022 through a quota of 600MW."

Samaiden has an outstanding orderbook of RM358.0 million as of 30 June 2022 that will contribute positively to our financial performance over the next three years.

About Samaiden Group Berhad

Samaiden Group Berhad, through its subsidiary is a renewable energy (RE) specialist incorporated in 2013, principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants. Samaiden Group's other activities include the provision of RE and environmental consulting services, as well as operation and maintenance (O&M) services. For more information, visit samaiden.com.my.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

PLS Plantations PAT up by 109.6%

KUALA LUMPUR, Aug 30, 2022 – (ACN Newswire) – PLS Plantations Berhad recorded a net profit after tax (PAT) of RM35.0 million, a strong conclusion to the financial year ended 30 June 2022 (FY2022). This represents an increase of 109.6% compared to RM16.7 million in the preceding financial year ended 30 June 2021 (FY2021). Total revenue for FY2022 stood at an all-time high of RM184.1 million, up 36.5% compared to RM134.8 million in FY2021 driven by increased sales and higher average selling prices of fresh fruit bunches (FFB).

Annual PAT was further moderated by several factors, including the recognition of fair value loss in biological assets of RM5.2 million compared to a RM1.4 million gain in the preceding quarter (Q3FY2022), higher tax, administration expenses, and a one-off provision for doubtful debt in the manufacturing and trading segment which the Company incurred in the last quarter of FY2022.

Net profit after tax and minority interest (PATMI) for the year stood at RM27.3 million, up 118.4% from RM12.5 million in the preceding financial year. The positive performance was mainly due to the improved quarter on quarter (QoQ) revenue of RM44.8 million up by 41.8% from RM31.6 million in the corresponding quarter for the period ended 31 June 2021 (Q5FY2021).

For the fourth quarter ended 30 June 2022 (Q4FY2022), PLS Plantations saw a dip in its PBT to RM4.8 million or 12.7% lower compared to RM5.5 million in Q5FY2021. Overall QoQ PAT saw a decrease to RM0.6 million, a decrease of 82.5% compared to RM3.7 million in the corresponding quarter last year. Earnings per share (EPS) currently stands at -0.10 sen (diluted) compared to 0.65 sen last year.

PLS Plantations Group CEO Lee Hun Kheng said, "It has been an eventful year for PLS Plantations. In addition to diversifying the business into different cash crops, we are also building our distribution channels and diversifying into downstream products, specifically into durian consumer products. We are focused on rolling out our Agropreneur Programme and building the Integrated Agrotech Park. Our collaboration with both the Federal and State Government and ecosystem partners will be the backbone of our efforts to play a role in strengthening the local agrofood ecology and network which will contribute to the nation's overall food security. Over the coming months, we will be executing a series of partnerships that will allow PLS to fast track our crop diversification efforts – specifically intercropping and cash crops."

The key initiatives for FY2022 initiated by PLS Plantations as part of its plan to become the nation's leading sustainable agrofood company are:

i. a joint venture with Landasan Erajaya Sdn Bhd ("LESB") on a proposed collaboration to undertake intercropping with cash crops, durian and other forest plantation activities;
ii. signing of Memorandum of Understanding ("MoU") with the Ministry of Agriculture and Food Industries ("MAFI") to conduct an in-depth study and put forward a proposal for the national food security agenda; and
iii. launched the PLS Agropreneur Programme and PLS Integrated Agrotech Park to strengthen the local agrofood ecosystem.

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 1995. 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.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Malaysian Genomics Reports RM28.36 Million Full-Year Revenue

PETALING JAYA, Malaysia, Aug 30, 2022 – (ACN Newswire) – Malaysian Genomics Resource Centre Berhad, a leading genomics and biopharmaceutical specialist, reported revenue of RM6.33 million for the fourth quarter ended 30 June 2022 (4Q 2022) compared with the loss of RM0.07 million in the corresponding quarter of the previous financial year (4Q 2021) on higher contribution from the biopharmaceutical business and continued organic growth of the genetic testing business.
Sasha Nordin, Chief Executive Officer of Malaysian Genomics


The Group recorded a profit before tax (PBT) of RM2.97 million for the quarter under review compared with a loss before tax (LBT) of RM2.11 million in 4Q 2021 due to higher profit margin from the biopharmaceutical business as well as efficient cost monitoring.

For the financial year ended 30 June 2022 (FY2022), Malaysian Genomics registered revenue of RM28.36 million, which is an increase of RM26.58 million compared with RM1.78 million reported in the corresponding period of the previous financial year (FY2021) from growth of the biopharmaceutical business comprising of immunotherapy and cell therapies as well as COVID-19-related products and services.

The Group recorded PBT of RM6.18 million for FY2022 compared with LBT of RM4.29 million in FY2021 mainly due to higher revenue as a result of higher margin as well as cost efficiencies.

Earnings per share for 4Q 2022 stood at 3.25 sen compared with the loss per share of 1.94 sen in the corresponding quarter of the previous financial year.

En. Sasha Nordin, Chief Executive Officer of Malaysian Genomics said, "We continue to see improvement in the Group's financial performance, and this is attributable to the introduction of biopharmaceutical services as well as our aggressive push to market genetic testing services. Towards the tail-end of the quarter under review, we acquired a 51% stake in kidney dialysis operator Aquahealth Sdn Bhd in which we intend to introduce a holistic approach to kidney healthcare through our suite of products and services. We also have plans to open more such centres across Malaysia given the projected increase in the number of kidney patients."

"We are also expanding in Southeast Asia and the Middle East with a series of agreements that we recently inked in which we collaborate with local partners to promote, market and distribute our biopharmaceutical and genetic testing services."

About Malaysian Genomics Resource Centre Berhad

Malaysian Genomics Resource Centre Berhad ("Malaysian Genomics" or "the Group") is a leading genomics and biopharmaceutical company based in Southeast Asia. The Group was established in 2004 and listed on the Bursa Malaysia stock exchange in 2010. From pioneering work in genome sequencing, bioinformatics analysis, and genetic screening services, Malaysian Genomics has expanded into the biopharmaceutical sector with the manufacturing of cell therapies including immunotherapy for various types of cancer.

Utilising its high-throughput sequencing lab, advanced microarray facility, and new state-of-the-art cell processing lab, the Group is committed to improving access to the latest in precision and personalised healthcare solutions to improve the lives of patients. For more information, visit www.mgrc.com.my.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Argus Research: Society Pass (Nasdaq: SOPA) – Building a Loyalty-Driven E-Commerce Platform in Southeast Asia

SINGAPORE, Aug 29, 2022 – (ACN Newswire) – Argus Research Company ("Argus Research") issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) ("SoPa").

Click Here (on Society Pass website) or Here (on Argus Research website) to view the full Argus Research Equity Research Report. https://tinyurl.com/ArgusResearch-SOPA-26August

Summary Points:

– Society Pass Inc. ("SoPa"), founded in 2018 and based in Singapore, operates e-commerce platforms in Southeast Asia ("SEA"). SoPa focuses on the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore, and Thailand, which together account for more than 80% of the Southeast Asian population. SoPa's vertical markets include Lifestyle, Grocery and Food Delivery, Mobile Telecommunications, Loyalty, Travel, and Digital Media. Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

– SoPa's business model is based upon acquiring smaller e-commerce companies with high growth potential at a relatively low cost and expanding its user base across a robust product and service ecosystem. SoPa plans to integrate these diverse businesses by attracting and retaining customers through a loyalty program called Society Points, which has entered beta testing and is expected to launch broadly in the beginning of 2023. Loyalty program members will be able to redeem points to make purchases directly from Society Pass or from affiliated merchants. They will also receive personalized promotions and discounts based on the company's data capabilities and understanding of consumer shopping behaviour. Argus Research believes that this open-loop loyalty program differentiates Society Pass from other regional competitors.

– As of August 2022, SoPa has amassed more than 3.3 million registered consumers and over 205,700 affiliated merchants and brands. Second-quarter 2022 revenues of approximately $500,000 reflect the nascent stage of its platform rollout.

– Argus Research has a favourable view of SoPa's target markets given its still limited e-commerce capabilities and strong projected growth. Vietnam, Indonesia, Philippines, Singapore, and Thailand all have young, rapidly-growing populations with a median age of 25-32, compared to an estimated 42 in China, a much more mature market. SEA economies are also growing at a faster-than-average rate. According to the International Monetary Fund, since 2010, SEA has averaged 4.6% GDP growth, compared to 0.7% in Japan, 0.8% in the EU, and 1.7% in the US.

– Argus Research forecasts 2022 revenues of $7 million and 2023 revenue of $30 million, primarily driven by Leflair and supported by Pushkart, Handycart, and other recently completed acquisitions. Argus Research expects the broad launch of the Society Points programs to accelerate the revenue growth trajectory, and Argus Research forecasts a revenue run rate of approximately $40 million by the end of 2023 (for entities whose acquisition have already closed).

– SoPa's recent market cap near $50 million is close to one-time 2023 year-end revenue run-rate forecast of $40 million, and well below the average multiple of four-to-five times for a basket of comparable e-commerce peers. Argus Research believes the current valuation does not seem to reflect adequately SoPa's growth prospects, driven by acquisitions, the loyalty points program, and continued economic recovery in SEA. Further, Argus Research thinks that the restructuring of Leflair to a separate entity that can eventually support its own public listing can unlock shareholder value for SoPa, with an attractive return on capital, under a holding company model.

– To value Society Pass, Argus Research applies a six-times multiple to a year-end 2023 revenue run-rate forecast of $40 million, discounted back one period at 10%. Argus Research then adjusts based on its outlook for $15 million in cash and share count of 30 million at the end of 2022, and arrive at a fair value estimate for SOPA of $8 per share, well above current levels.

– In Argus Research's view, a premium to the peer average is warranted, given the early stage of Society Pass' revenue-growth trajectory. Argus Research notes that its revenue assumptions could change significantly, as the company continues its M&A strategy and integrates new companies into its product and service ecosystem.

About Society Pass Inc

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa's business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The SoPa loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan, the leading local restaurant delivery service in Philippines. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Binasat Posts 55.0% Increase in FY2022 Revenue to RM83.51 Million

KUALA LUMPUR, Aug 29, 2022 – (ACN Newswire) – Binasat Communications Berhad, an all-round solution provider of network engineering and services, today reported revenue of RM83.51 million for the full-year ended 30 June 2022 (FY2022), a 55.08% increase compared with RM53.85 million for the corresponding period of the last financial year (FY2021) mainly attributable to higher revenue from civil mechanical and engineering works, recurring teleport services and revenue from transmission and distribution network facility services and engineering, procurement, construction and commissioning (EPCC) of solar farm facilities.
Binasat Communications' office in Technology Park Malaysia, Bukit Jalil, Kuala Lumpur


For the period under review, Binasat recorded a 50.74% gain in GP to RM18.22 million compared with the preceding year corresponding period on higher revenue from transmission and distribution network facility services and EPCC of solar farm facilities.

Binasat registered 63.53% increase in PBT for FY2022 compared with RM12.09 million in FY2021 mainly due to increase in GP and additional rental income of RM0.39 million The Group's PAT gained 123.27% to RM5.41 million compared with RM2.42 million.

The Group recorded RM14.96 million for the fourth quarter ended 30 June 2022 (4Q FY2022), a 15.20% decrease compared with RM17.64 million recorded in the corresponding quarter of the previous year (4Q FY2021) mainly attributable to lower revenue from civil infrastructure and fiber optic cabling works.

Binasat registered a 52.54% gain in gross profit (GP) to RM4.51 million in 4Q FY2022 compared with RM2.95 million in 4Q FY2021 on a reduction in the number of mobile network maintenance services sites although fixed costs continued to be incurred resulting in lower gross margin. Binasat's profit before tax (PBT) increased 145.72% to RM2.44 million compared with RM0.99 million in the same quarter of the previous year while profit after tax (PAT) gained 254.31% to RM1.55 million compared with RM0.40 million.

Executive Director cum Chief Executive Officer, Zulamran Bin Hamat, said, "We believe that with the reopening and gradual recovery of the economy, more telecommunications and satellite services will be needed by businesses and organisations. We are now focused on expanding satellite operations by targeting the maritime and oil and gas industries as these industries increasingly adopt the VSAT system."

"The Group intends to leverage on its Approved Supplier & Partner status with Ericsson (Malaysia) Sdn Bhd and Huawei Malaysia to win projects as Digital Nasional Berhad has announced a partnership with Ericsson for the national digital infrastructure initiative while Huawei is assisting major mobile network operators to upgrade their 4G network capacity."

"We are optimistic for the economic outlook as the Group is also participating in Phase 1 of the Point of Presence (PoP) fiber infrastructure project and we have tendered for Phase 2 of the PoP project. Both phases have a combined value of RM8.0 billion and have to be completed in three years. At the same time, we are also participating in the construction of 5G towers in Kuala Lumpur."

Binasat Communications Berhad: 195 [BURSA: BINACOM], https://www.binacom.com.my/

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Genetec’s Quarterly Performance Jumps by 126%

BANGI, Malaysia, Aug 29, 2022 – (ACN Newswire) – Technology leader in providing fully customised, intelligent manufacturing automation solutions, Genetec Technology Berhad continued its performance momentum into the new financial year, recording a surge in profit after tax (PAT) of RM18.6 million representing a 126.8% jump compared to RM8.2 million registered for the corresponding quarter of the preceding financial year (Q1FY2022).

Genetec's recorded a profit before tax (PBT) of RM19.4 million higher by 31.1% compared to RM14.8 million posted in the preceding quarter of 2022 (Q4FY2022), contributed by higher revenue from the e-mobility, electric vehicle (EV) & energy storage (RM60.9 million up 25.8%) and hard disk drive (HDD) segments (RM12.2 million up 20.8%) respectively.

PAT was boosted on the back of strong revenue growth momentum for the quarter at RM73.2 million, an increase of 81.6% from RM40.3 million for the corresponding quarter (QoQ) and up 24.7% from RM58.7 million for the preceding quarter (Q4FY2022). Earnings per share stood at 2.68 sen (fully diluted) in Q1FY2023 compared to 1.18 sen QoQ. Gearing ratio dropped from 0.41 to 0.34 times from the preceding quarter, whilst cash and cash equivalents remains healthy, providing the Company with stretch room to execute its growth activities and plans ahead of the fresh orders and industry demand growth.

Genetec commented, "The momentum in the EV and energy storage continues to grow, driven by consumer demand and supportive policies as the world pivots towards renewables in the race to combat climate change. Global sales of EV have doubled up in 2021. The total number of EVs have grown steadily in 2022, with with 2 million sold in the first quarter, up 75% from the same period in 2021[1]. This shift to electric heralds the beginning of a new ecosystem which Genetec is part of. In addition to vehicles, countries and companies will need to roll out the charging and servicing ecosystem to support this new generation of transport vehicles. In tandem with global digitalisation, the needs for the building blocks such as energy and data storage will continue to rise. This is where Genetec is strong and we will continue to improve on our offerings through research and development whilst deepening our share of market in the e-mobility, energy storage and HDD segments. Meanwhile, we remain vigilant of the macroeconomic headwinds and supply chain challenges and will continue to adopt a prudent stance in our cost and financial management."

Genetec's also highlighted that its land acquisition from Utusan Melayu (Malaysia) Berhad (UMMB) in Bandar Baru Bangi, comprising a parcel of land of 6.348 hectares or 683,293 square feet (sq ft) and the buildings within the said area, is on track with the targeted completion set for the second quarter ended 30 September 2023 (Q2FY2024) and will focus their attention on deepening their business relationships with clients and suppliers, talent building and retention ahead heightened competition and macro headwinds globally.

[1] Source: Global EV Outlook 2022 https://tinyurl.com/GlobalElectricVehicle-Outlook

About Genetec Technology Berhad

Genetec Technology Berhad ('Genetec' or 'the Group') is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the ACE Market of Bursa Malaysia Securities Berhad (Stock code: 0104) since 2005. Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors. For more information on Genetec, please visit www.genetec.net.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Leon Fuat Berhad Posts 35.8% Increase in Q2 Revenue to RM250.93 Million

SHAH ALAM, Malaysia, Aug 29, 2022 – (ACN Newswire) – Leon Fuat Berhad, a manufacturer and trader of steel products specialising in rolled long and flat steel, today reported a 35.8% increase in revenue to RM250.93 million for the second quarter ended 30 June 2022 (Q2FY2022) compared with RM184.78 million recorded in the corresponding quarter of the preceding financial year (Q2FY2021).

Calvin Ooi Shang How, Executive Director of Leon Fuat


The Group recorded profit before tax (PBT) of RM18.04 million for Q2FY2022, a 57.6% decrease from RM42.57 million registered in Q2FY2021 while recording profit after tax (PAT) of RM14.02 million, which is a 56.3% decrease from RM32.12 million reported in the corresponding quarter of the preceding financial year.

For the quarter under review, the trading segment contributed 38.4% to revenue while the processing segment contributed 61.5%.

For the six months ended 30 June 2022 (1H 2022), Leon Fuat registered a 32.2% increase in revenue to RM523.95 million compared with RM396.26 million recorded in the six months ended 30 June 2021 (1H 2021). For the period under review, the Company reported PBT of RM49.85 million, a 41.4% decrease from RM85.10 million recorded in 1H 2021 while for 1H 2022, PAT decreased 44.4% to RM37.91 million compared with RM68.23 million recorded in 1H 2021.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, "We saw higher overall revenue on the increased contributions from the trading and processing of steel products, but a combination of lower overall gross profit margin and inventories written down of RM13.88 million in the current quarter as certain inventories were measured at its estimated net realisable value weighed on PBT."

"The outlook for the global economy remains volatile on a combination of China's slowdown, the Russia-Ukraine war and tighter monetary policy in response to inflation. While the domestic economy has so far weathered the challenges on a combination of resilient exports and private consumption, uncertainties remain because of the potential risks from supply-chain disruptions and rising commodity prices leading to inflationary pressure."

"We are more neutral as to the prospects for the remaining quarters of the year given these challenges especially with the softening of steel prices and the weaker ringgit. We have increased monitoring of steel prices and related currencies and continue to take proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management, to reduce any negative impact which may arise. The Group will strive to keep operating costs at manageable levels while enhancing operating capabilities and efficiencies to meet customer requirements and to ensure timely satisfaction of customer orders."

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

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