Key Takeaway: Moody's downgraded Southern Water to junk status , citing financial and operational underperformance, compounding the broader issues facing the UK water sector. Southern Water Ltd’s credit rating was downgraded to junk by Moody’s , with a warning of potential further cuts due to its weak performance history and financial challenges. This downgrade impacts the company’s ability to raise the £4 billion in new debt and £650 million in equity required for its capital plans. The UK water industry is facing heightened scrutiny due to concerns over chronic leaks, sewage spills, and high-interest rates. Southern Water, which supplies over two million people in England, could face severe penalties from the regulator Ofwat , which may limit funds for essential upgrades. Following the downgrade, Southern Water’s 2026 bonds dropped 2.7 pence to around 85 pence on the pound. Despite the rating cut, Southern Water assured customers that services would continue unaffected, hig
Johor Plantations: Reported a 13% rise in 3Q net profit to RM77.1 million on stronger crude palm oil (CPO) prices and higher sales volume. Revenue increased by 18% to RM404.13 million, with an interim dividend of 1.25 sen per share. Year-to-date net profit surged 69%.
United Plantations: Declared a 60 sen per share dividend, including a 20 sen special dividend, alongside a one-for-two bonus issue. However, 3Q profit fell 8.8% to RM215.03 million due to increased operating expenses. Revenue grew slightly by 1.4% to RM547.67 million.
VSTECS: Posted a record-high revenue of RM841.76 million in 3Q, driving net profit up 54% to RM19.58 million, supported by consumer and enterprise product growth. Announced a 2.8 sen dividend for the quarter.
Swift Haulage: 3Q net profit fell nearly 80% to RM5.77 million, impacted by higher finance costs and lack of one-off gains. Revenue grew by 8.9% to RM183.06 million.
Malaysia Marine and Heavy Engineering: Turned profitable in 3Q with a net profit of RM15.27 million versus a net loss of RM105.21 million last year, as revenue soared by 42% to RM906.46 million.
Bumi Armada: Secured a two-year charter extension worth RM331 million for its Armada TGT1 FPSO vessel, extending the contract with Hoang Long Joint Operating Co for offshore Vietnam’s Te Giac Trang field.
Dayang Enterprise: Awarded two additional contracts for pan-Malaysia services from Petronas for offshore maintenance, construction, and modification. Contracts are for five years with extension options.
Pasdec: Expects a net gain of RM68 million from the sale of industrial land in Kuantan, Pahang, to Petroluxe Refinery for RM73.5 million, aimed at working capital and debt reduction.
Scientex: Announced a RM1.5 billion multi-currency Sukuk Wakalah Programme to fund capital expenditure, refinancing, and working capital requirements.
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