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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Chin Teck 3Q Net Profit Doubles on Higher Revenue, Declares 28 Sen Dividend

Chin Teck Plantations Bhd's net profit nearly doubled to RM22.69 million for its third quarter ended May 31, 2024 (3QFY2024), from RM11.44 million a year earlier, driven by higher revenue from increased sales volumes.

Key Takeaways:

  • Net Profit Surge: Chin Teck's net profit for 3QFY2024 surged to RM22.69 million, up from RM11.44 million a year earlier.

    • Earnings per Share: EPS rose to 24.83 sen from 12.52 sen.

  • Revenue Growth: Revenue for the quarter increased by 41.7% year-on-year to RM66.6 million from RM47 million, attributed to higher sales volumes of fresh fruit bunches (FFB), crude palm oil, and palm kernels.

  • Nine-Month Performance: For the first nine months of FY2024, net profit rose over 63% year-on-year to RM64.8 million from RM39.7 million, while revenue increased 15.98% to RM181 million from RM156.1 million.

  • Dividend Declaration: Chin Teck has declared a second interim dividend of eight sen per share and a special dividend of 20 sen per share, payable on August 30, with an ex-date of August 13.

  • Future Prospects: The company expects FFB production to increase, which would positively impact plantation profits for the remainder of FY2024.

  • Market Reaction: Shares in Chin Teck gained five sen, or 0.66%, to RM7.60 at Monday's market close, giving the group a market capitalisation of RM694.36 million.

Chin Teck’s strong financial performance in the third quarter highlights the company’s growth trajectory, driven by higher sales volumes and effective revenue strategies, while the declared dividends reflect its commitment to rewarding shareholders.

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