News | Sapura Industrial rises after declaring special dividend of two sen

KUALA LUMPUR (Sept 23): Sapura Industrial Bhd rose today after declaring a special dividend of two sen for the financial year ending Jan 31, 2022 (FY22).

The counter went up as much as 1.5 sen or 1.97% to 77.5 sen in early trade.

At 10.55am, the stock was traded at 76.5 sen, still up five sen or 0.66%.

The group said in a bourse filing yesterday the special dividend will be paid on Nov 17.

The ex-date for the special dividend falls on Oct 29.

Meanwhile, the company announced yesterday that its net loss for the second quarter ended July 31, 2021 (2QFY22) widened to RM2.69 million from RM737,000 a year ago due to non-recurring income amounting to approximately RM4.1 million relating to write-back of advances extended by Sapura Industrial to its former subsidiary Sapura Schulz Hydroforming Sdn Bhd (SSH) following the distribution of proceeds by the liquidator of SSH to its unsecured creditors.

Sapura Industrial’s quarterly revenue also fell 51.83% to RM16.23 million from RM33.68 million, mainly due to the non-production periods during the movement control order (MCO) in June and July as a result of the nationwide lockdown implemented by the government to curb the Covid-19 pandemic.

However, for the first half ended July 31, 2021 (1HFY22), the group’s net loss narrowed to RM2.65 million from RM5.68 million a year earlier.

Revenue for the period rose 11.45% to RM62.78 million from RM56.33 million the year before.

On its prospects, the company said any global supply chain interruption, developments in policies and regulations as well as economic and currency uncertainties are primary factors that could affect its performance.

“The group will continue to exercise prudence in its business dealings and has intensified its efforts to further strengthen operational efficiency and implement more stringent cost-cutting measures,” it said. – THE EDGE

by Tan Siew Mung

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