03/09/2024

BIZ & FINANCE TUESDAY | SEP 3, 2024

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Fajarbaru turns around with RM55.47m net profit in FY24

SC warns public of deepfake investment scams using names of celebrities, firms PETALING JAYA: The Securities Commission Malaysia (SC) yesterday cautioned the public on investment scam tactics using deepfakes created through artificial intel ligence (AI) to mimic prominent people and names of reputable companies. The SC has recently discovered a number of deepfake videos on Facebook. Perpetrators of these scams typically start by posting deepfake videos on social media platforms, which can then be disseminated across mess aging apps. These videos “feature” certain public figures or companies, in an apparent bid to lend credibility to their work. Through the use of AI technology, the video is manipulated to closely resemble the voices of these public figures including lip-syncing, making the socalled investment opportunities appear genuine. Typically, SC said in a statement that these deepfake videos would also promote investments purportedly offered by reputable companies. The postings include a “Learn More” button or link, redirecting interested parties to a sign-up page that gathers their personal information. Unsuspecting public accessing the link will also be asked to download an application, which could expose them to cybercrime risk. Once signed up, potential victims are contacted by agents who then deceive them, by asking to transfer money or provide further personal details. The SC, with the assistance of Meta, has removed such videos in order to curb access by the Malaysian public who may fall victims to these scams. In addition, the SC will also work with Malaysian Communications and Multimedia Commission and relevant authorities to take appropriate action against such investment scam activities. In addition, the public is advised to be vigilant in evaluating investment offers including ensuring that they do not transfer or deposit money into suspicious accounts. The public is also encouraged to verify investment offers via the SC Investment Checker at www.sc.com.my/investment checker.

o Builder registers revenue of RM497.4m, the highest since its listing in 1998

KUALA LUMPUR: Fajarbaru Builder Group Bhd reported a net profit of RM55.47 million for the financial year ended June 30, 2024 (FY24), swinging back into the black from a net loss of RM16.64 million a year ago. Driven by increased contributions from the property development segment, the group’s revenue was RM497.41 million, the highest since the group’s 1998 initial public offering (IPO) and more-than-doubling from RM224.06 million for the year ended June 30, 2023 (FY23). For the quarter ended June 30, 2024 (Q4’24), the group reported a net profit of RM4.5 million, compared to a net loss of RM20.23 million a year ago. Q4’24 revenue was RM154.99 million, more-than-doubling from RM72.84 million in last year’s corresponding period. This improved quarterly financial performance was primarily driven by the property development segment. In FY24, Fajarbaru’s stronger financial performance was primarily driven by the property development segment, which reported a more-than-fourfold rise in profit before tax (PBT) to RM96.51 million in FY24, from RM21.05 million in FY23. Segment revenue was RM306.23 million, a more-than fourfold jump from RM70.52 million a year ago. The higher revenue and PBT were mainly attributed to the Vierra Residence @ Kinrara development, which recorded continuous incremental work progress as compared to a year ago.

Fajarbaru’s construction order book totals approximately RM1.01 billion, with RM68 million allocated to internal development projects. The group’s tender book stands at RM4.41 billion as of June 30, 2024. Fajarbaru group executive chairman Tan Sri Chan Kong Choy ( pix ) said: “We are pleased to report solid financial results for FY24, driven by the improved performance of our property development and construction segments. Notably, the group achieved its highest revenue since our IPO in 1998, along with its best net profit since FY18. Our strong performance is a testament to the steady interest in our real estate projects, along with our expertise and credibility in the construction industry.” “We are proactively pursuing new opportunities by participating in tenders across both the private and public sectors. By capitalising on our expertise in high-rise buildings, infrastructure, and railway projects, we are strategically positioned to expand our construction orderbook. Our aim is to secure and execute major projects throughout Malaysia, reinforcing our commitment to delivering excellence across the nation,” he added. In line with their long-term growth plan for the property development segment, Chan said the group will work towards strengthening their brand reputation as a premier property developer besides exploring opportunities to

thousands of commuters daily. Powerwell’s involvement in the RTS Link project underscores its commitment to supporting key infrastructure developments which enhance regional connectivity and economic growth. The RTS Link, which is set to commence operations by the end of 2026, will play a crucial role in improving the flow of people and goods between Malaysia and Singapore, making it one of the most anticipated cross border infrastructure projects in Southeast Asia. – Bernama increase the size of their land bank through strategic acquisitions, supporting future development projects. “As we enter FY25, we will focus on sustaining our revenue growth by capitalising on new opportunities throughout our diverse segments namely construction, property development and plantation. We look forward to another strong year of growth,” remarked Chan.

Powerwell secures RM9.78m orders for RTS Link package KUALA LUMPUR: Powerwell Holdings Bhd has secured two purchase orders totaling RM9.78 million for the Johor Bahru-Singapore Rapid Transit System (RTS) Link Package 2A project. In a statement yesterday, the electrical solutions provider said these orders awarded by Raiden M&E Sdn Bhd are for the RTS Link Bukit Chagar Station, including the centre) and Package 6 (depot and power supply) of the project, encompassing critical installations at the Wadi Hana Depot and the RTS Link Bukit Chagar station, it said. The RTS Link, a significant infrastructure initiative designed to improve cross-border connectivity between Johor Bahru and Singapore, is progressing steadily with construction having reached over 65% completion on both sides to date.

Immigration, Customs, and Quarantine Complex (ICQC) in Johor Bahru, and Woodlands in Singapore. The orders are extension orders related to Package 4 (station and operations control

Once completed, the RTS Link will significantly ease congestion at the Causeway, providing a seamless travel experience for

CelcomDigi wins Ookla award for best mobile coverage in Malaysia

PETALING JAYA: CelcomDigi Bhd yesterday received recognition as Malaysia’s Best Mobile Coverage network from the Ookla® Speedtest Awards. The achievement is based on Ookla’s Speedtest report for Malaysia in the first and second quarter of 2024 (Q1-Q2 2024), measuring the extent of a telco’s network coverage and service quality in the country. With a solid 4G network covering 97% of populated areas nationwide, CelcomDigi topped the Best Mobile Coverage category with a coverage score of 30.73. It recorded a scan count of close to 249 million, on over 303,000 devices and a verified coverage area spanning 106,366km nationwide. CelcomDigi CEO Datuk Idham Nawawi said this achievement is tangible evidence of their

commitment to customer excellence, with a deep focus on continuous improvements to provide the best possible network experience for their customers. “We are working hard to build Malaysia’s leading digital network, a cutting-edge technology infrastructure designed to deliver seamless, high quality 4G and 5G services to all Malaysians nationwide,” he added. By end 2024, 75% of the company’s network will be modernised, making it the largest and most modern digital network in the country. This 18,000 site strong 5G-ready network is primed to enable fast deployment of 5G and 5G-Advanced technology across its wide footprint and is ready to be commissioned as one of the largest advanced 5G networks in the region.