Naim benefits from sale of stake in Dayang

KUCHING: A one-off gains of RM61.7mil from the disposal of shares in associate Dayang Enterprise Holdings Bhd has helped to boost Naim Holdings Bhd’s latest quarter’s earnings by nearly two-fold.

In the first quarter ended March 31 this year (1Q-2014), the group’s pre-tax profit surged to RM101.9mil from RM51.4mil in 1Q-2013, or an increase of 98%. Revenue, on the other hand, climbed to RM154.1mil from RM128.9mil, while earnings per share jumped to 40.44 sen from 17.37 sen.

In January, Naim sold 15 million shares representing 2.7% equity interest in Dayang, an integrated service provider to the oil and gas (O&G) industry, for RM84mil. Naim remains Dayang’s single largest shareholder with current stake of 30.93%.

In 1Q-2014, the property segment contributed RM70.2mil to Naim’s revenue, which was 2.5% higher than RM68.5mil in 1Q-2013, while the segment’s profit rose to RM26.5mil from RM18.2mil