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

 “The property segment reported new sales of about RM26mil during the quarter (under review),” Naim said in explanatory notes to its latest quarterly results.
SOURCE: The Star Online (1 June 2014)