Friday’s corporate snapshot presented a broad mix of quarterly and full-year results from Malaysia’s blue-chip and mid-cap groups, with some majors underscoring record profits and generous dividends while others faced reversals driven by forex and commodity cycles. CIMB Group Holdings Bhd delivered a robust fourth quarter, lifting full-year earnings to a record level and signaling continued strength in core banking activities. Tenaga Nasional Bhd rode a reversal of impairments and forex gains to push quarterly and full-year profits higher, supported by stronger electricity demand. Allianz Malaysia Bhd posted meaningful gains in both quarterly and yearly profit on higher insurance and investment results, even as some business lines softened. PPB Group Bhd saw a dip in quarterly profits due to softer associate contributions, even as revenue rose across most segments. Together, these results set the tone for a sector-wide review that includes healthcare, manufacturing, and property stocks, with a spotlight on dividends, earnings quality, and the path ahead for 2025.
CIMB Group, Tenaga Nasional, Allianz Malaysia, PPB Group
CIMB Group Holdings Bhd, trading as KL:CIMB, reported a fourth-quarter net profit of RM1.8 billion for the quarter ended December 31, 2024 (4QFY2024), up nearly 5% from RM1.72 billion a year earlier. This result helped lift the group’s full-year net profit to a record RM7.73 billion, marking an all-time high for the year. The bank’s management announced a second interim dividend of 20 sen per share, contributing to an annual dividend for the full year of 47 sen per share, another record. In terms of the income mix, CIMB’s net interest income for the quarter rose marginally to RM2.79 billion, while non-interest income declined by 5.72% to RM782.34 million. Income from Islamic banking operations grew 7.29% to RM1.2 billion, underscoring continued strength in Shariah-compliant banking activities despite broader revenue softness in other segments. The quarterly results underscore CIMB’s ability to sustain profitability amid competitive pressures and a shifting interest rate environment, while maintaining a progressive dividend policy aligned with capital strength and earnings quality. The release signals that CIMB’s profitability in 2024 remained anchored by core banking operations, with the broader financial services group sustaining momentum through diversification of income streams and prudent risk management.
Tenaga Nasional Bhd (TNB), listed as KL:TENAGA, reported a notable 64% year-on-year jump in net profit for 4QFY2024, rising to RM954.5 million from RM583.9 million in the prior year. The uplift was driven in part by a reversal of impairment provisions in receivables and financial instruments, which lifted quarterly earnings. Revenue for the quarter stood at RM14.39 billion, a 5% increase year-on-year, supported by higher electricity sales. For the full year FY2024, TNB’s total net profit surged by nearly 70% to RM4.69 billion, the highest since FY2018, propelled by gains on foreign exchange translation and higher electricity sales. Total revenue increased by 6.9% to RM56.74 billion from RM53.06 billion. The company also declared a dividend of 26 sen per share for the year, bringing the total FY2024 dividend to 51 sen per share, the highest since 2020. The board’s decision underscores TNB’s ability to translate improved operating performance into shareholder returns, even as the energy sector continues to navigate pricing dynamics and regulatory considerations. This performance reinforces TNB’s role as a key revenue driver for the market, even in a macro environment characterized by currency fluctuations and financing costs.
Allianz Malaysia Bhd (KL:ALLIANZ) posted a 4QFY2024 net profit of RM230.71 million, up 19.1% year-on-year from RM193.69 million, supported by higher net results from its investment-linked protection business and insurance portfolios. Quarterly revenue rose 14.8% to RM1.50 billion from RM1.31 billion, aided by stronger contributions across both life and general segments. For the full year, Allianz Malaysia’s net profit advanced 5.4% to RM770.74 million from RM730.91 million in FY2023, while revenue climbed 14.4% to RM5.65 billion from RM4.94 billion. The group did not declare a dividend for the quarter. Allianz Malaysia’s results point to a resilient, diversified earnings mix within the insurance and protection space, with momentum carried by its investment-linked products and general insurance charges, though the quarterly cadence suggests cautious dividend policy in line with capital management and regulatory considerations.
PPB Group Bhd (KL:PPB) reported a 4QFY2024 net profit of RM365.20 million, down 17.3% from RM441.40 million a year earlier, reflecting lower contributions from its 18.8%-owned associate Wilmar International Ltd, even as the group’s core segments showed strength. Revenue for the quarter rose 13.3% year-on-year to RM1.43 billion from RM1.26 billion, reflecting broad-based growth across its operating divisions, even as Wilmar’s contribution to the group’s earnings declined. For FY2024, PPB’s net profit declined 12.5% to RM1.22 billion from RM1.39 billion in FY2023, while total revenue fell 5.9% to RM5.39 billion from RM5.72 billion. The group declared a final dividend of 30 sen per share, bringing the total dividend for the year to 42 sen per share, matching the prior year’s payout. The weaker quarterly performance was a reminder of Wilmar-related sensitivities and the close tie between PPB’s earnings and its associate’s performance, even as the company maintained a positive long-term trajectory in its diversified consumer, agribusiness, and food segments.
Across these four companies, the quarter and year-end results illustrate a blend of record highs and cyclical headwinds. CIMB’s record profitability and elevated dividend yield highlight strength in the Malaysian banking sector, while TNB’s earnings rebound underscores the resilience of the energy utility in a volatile environment of currency movements and commodity dynamics. Allianz Malaysia demonstrated steady profitability with a robust insurance and investment-linked revenue engine, yet maintained a measured dividend stance. PPB’s results reflect the vulnerability of earnings to associate performance, even as the group posted revenue growth and maintained a respectable dividend policy. Taken together, these updates offer a snapshot of how a range of sectors—banking, energy, insurance, and diversified consumer groups—are navigating 2024’s end and preparing for the 2025 operating environment, including considerations of capital allocation, currency risk, and growth investments.
KPJ Healthcare and Pharmaniaga
KPJ Healthcare Bhd (KL:KPJ) delivered a strong fourth quarter, with net profit surging 64% year-on-year to RM120.52 million in 4QFY2024 from RM73.39 million a year earlier. The quarter’s revenue rose 15% year-on-year to RM1.05 billion, reflecting higher patient visits and bed capacity that outpaced growth in costs and expenses. For FY2024, KPJ’s net profit climbed 34% to RM353.82 million, while revenue grew about 15% to RM3.92 billion, supported by increased patient traffic and a broader base of services across its hospital network. In a move signaling confidence in sustained earnings, KPJ declared a special dividend of 0.10 sen per share alongside an interim dividend of 1.05 sen per share, bringing the total dividend for FY2024 to 4.15 sen per share, up from 3.35 sen in FY2023. The combination of higher patient volumes and strategic capacity expansion points to a positive trajectory for KPJ, even as the sector grapples with cost management and regulatory considerations.
Pharmaniaga Bhd (KL:PHARMA) has begun to emerge from its recent operational challenges, posting a 4QFY2024 net profit of RM2.35 million, in contrast to a net loss of RM35.4 million a year earlier. Quarterly revenue rose 17.3% year-on-year to RM926.4 million, underpinned by new product launches, price adjustments, and growth in Indonesia where the company expanded its footprint with new branches. For FY2024, the company returned to profitability with a net profit of RM131.8 million, reversing the previous year’s loss of RM80.2 million. Revenue for the year rose 10.4% to RM3.76 billion. No dividend was declared for FY2024. The performance signals a successful turnaround driven by the integration of new insulin-related products and improved operational efficiency, alongside disciplined cost controls that helped restore margin strength. Pharmaniaga’s progress also reflects the importance of regulatory approvals and manufacturing readiness in bringing new products to market, a key differentiator in the company’s growth trajectory.
KPJ Healthcare’s turnaround in profitability and Pharmaniaga’s regained profitability encapsulate a broader narrative in Malaysia’s healthcare and pharmaceutical services sector. These results highlight the sector’s resilience, aided by patient demand, capacity utilization, and strategic product lines that contribute to steadier revenue streams amid a competitive landscape. The absence of any declared dividends from Pharmaniaga for the year versus KPJ’s mixed dividend approach suggests differing capital allocation strategies as firms balance growth investments with shareholder rewards. Still, both companies demonstrated how a well-executed expansion of services, strengthened hospital networks, and thoughtful pricing strategies can translate into meaningful earnings improvements, even in a period marked by macroeconomic uncertainties and evolving healthcare technologies.
Capital A and AirAsia X
Capital A Bhd (KL:CAPITALA) closed 2024 on a difficult note, reporting a larger net loss of RM1.57 billion in 4Q2024 compared with a RM345.31 million loss a year earlier. The deterioration occurred despite higher revenue in continuing operations, as forex losses weighed heavily on the quarter’s bottom line. Revenue for the quarter rose 33.87% to RM443.33 million, reflecting improved activity in its logistics, maintenance, repair, and overhaul (MRO) services, and digital businesses within its broader platform. For FY2024, Capital A posted a net loss of RM475.11 million, reversing the prior year’s net profit of RM255.32 million. Full-year revenue from continuing operations increased 16.98% to a record RM1.5 billion, underscoring resilience in some core segments, but the overall profitability was hammered by foreign exchange losses that overshadowed revenue gains. The group did not declare a dividend for the quarter, and the last dividend paid was 90 sen per share in FY2019, signaling a shift in capital return policy as the company navigates a complex restructuring path and a transition toward higher-value services within its logistics and digital arms.
AirAsia X Bhd (KL:AAX) reported a 4QFY2024 net profit of RM22.56 million, down 17.6% from RM27.37 million a year earlier, as forex losses weighed on the bottom line. The quarter’s net forex loss amounted to RM34.48 million, reversing a RM50.6 million gain seen in 4QFY2023. Despite the pressures from currency movements, revenue for the quarter rose 6.6% to RM872.35 million, supported by a 20% increase in passenger volume and a 9% rise in ancillary revenue per passenger, which helped offset currency-related headwinds to some extent. For FY2024, AirAsia X posted a net profit of RM229.14 million, down 37.5% from the prior year, while revenue climbed 28.4% to RM3.25 billion. Importantly, the company achieved a third consecutive full-year profit since FY2022, illustrating a partial recovery in the high-demand long-haul segment, even as forex volatility remained a meaningful risk. No dividend was declared for the latest quarter, reflecting ongoing caution in capital allocation and cash flow management as the airline navigates a capital-intensive environment with elevated fuel costs and softening yields in some routes.
These two Capital A and AirAsia X narratives reflect a common challenge facing carriers and platform-based businesses: the outsized impact of currency movements on earnings, even when revenue trends show improvement. The forex drag on Capital A’s 4Q2024 results underscores the risks of a globally integrated business model where currency exposures can trump underlying demand growth. AirAsia X’s experience further illustrates how currency swings can erode quarterly profitability despite positive indicators in passenger volumes and ancillary revenue. Investors monitoring these names will likely focus on efforts to hedge risk, stabilize cash flows, and advance strategic priorities—particularly in scaling operations and optimizing the balance between growth investments and capital discipline as the sector moves deeper into 2025.
Batu Kawan, KLK, S P Setia, Tropicana
Batu Kawan Bhd (KL:BKAWAN) reported a net profit of RM127.6 million for the first quarter ended December 31, 2024 (1QFY2025), up 14.2% from RM111.74 million a year earlier. The improvement was driven by higher selling prices for palm products and an increase in sales volume, along with a paper gain. Quarterly revenue rose 5% to RM6.12 billion from RM5.83 billion in 1QFY2024. The company did not declare a dividend for 1QFY2025. The results point to continued strength in plantation and related businesses, with palm product pricing and volume dynamics acting as key drivers of quarterly profitability, even as macro conditions and commodity cycles remain variable.
Kuala Lumpur Kepong Bhd (KL:KLK), Batu Kawan’s plantation affiliate, posted a 2.9% year-on-year fall in its first-quarter net profit to RM220.46 million, as the sector’s other businesses—manufacturing, property, and investments—experienced subdued results. Quarterly revenue increased 5.5% to RM5.95 billion, supported by higher crude palm oil and palm kernel (PK) prices, even as overall profitability tempered by softer performance from non-plantation segments. No dividend was declared for the quarter. KLK’s earnings mix suggests plantation strength can be offset by weaker manufacturing and other activities, reinforcing the need for diversification to maintain earnings resilience in a volatile agricultural cycle and global demand environment.
S P Setia Bhd (KL:SPSETIA) reported a 4QFY2024 net profit of RM103.57 million, down 30% year-on-year from RM148.24 million as lower contributions from its Australian project and higher interest costs weighed on quarterly results. Revenue for the quarter declined 23% to RM1.06 billion from RM1.38 billion in 4QFY2023, reflecting lower property development revenue following UNO Melbourne’s handover in 2023 and project timing differences in the central region. Despite the softer fourth quarter, SP Setia’s full-year net profit surged 93% to RM575.95 million from RM298.57 million in FY2023, while revenue rose 21% to a record RM5.29 billion from RM4.37 billion, buoyed by higher land sales and a more favorable project mix. The group declared a dividend of 2.88 sen per share for FY2024, the highest since FY2018 when it paid 8.55 sen per share, signaling a strategic return to shareholder rewards amidst a longer-term growth plan that emphasizes land bank monetization and project delivery. The mixed quarterly outcome underscores the cyclicality of large-scale property development, though the annual performance demonstrates that the group’s overall trajectory remains positive, supported by execution in its core markets and a robust land bank.
T Tropicana Corp Bhd (KL:TROP) returned to profitability in 4QFY2024 with revenue rising 41.1% year-on-year to RM520.9 million. The quarter delivered a net profit of RM224.54 million, reversing a RM158.92 million net loss recorded in 4QFY2023. Revenue growth was driven by improved progress billings and land disposals, with notable project activity across Klang Valley locations in both southern and northern segments, complemented by land disposals in Gelang Patah, Johor worth RM185.3 million. For FY2024, Tropicana posted a widened net loss of RM195.91 million from RM174.19 million in FY2023, largely due to one-off losses from the divestment of investment properties. Excluding these one-off items, the group would have reported a profit before tax of RM172.7 million. The results illustrate a strong fourth quarter performance, supported by project execution and monetization of land assets, while the annual figure reflects the impact of non-operational factors that weighed on overall profitability.
FGV, Farm Fresh, Unisem, PIE Industrial
FGV Holdings Bhd (KL:FGV) posted a 65% year-on-year rise in net profit for the fourth quarter to RM116.21 million from RM70.44 million, driven by higher fresh fruit bunch prices and stronger sugar division utilization. Quarterly revenue rose 10.4% to RM5.92 billion in 4QFY2024 from RM5.36 billion in 4QFY2023. For FY2024, net profit more than doubled to RM276.25 million from RM101.62 million in FY2023, as full-year revenue rose 14.4% to RM22.16 billion from RM19.36 billion. The company announced a final dividend of five sen per share, higher than the three sen paid in FY2023. FGV also signaled ongoing evaluation of its dairy expansion strategy, noting that it is considering alternative options to expand its dairy farming business after its RM4.5 billion plan to develop an integrated dairy farm in Chuping, Perlis lapsed two months earlier. The combination of stronger commodity prices and capacity utilization contributed to a more favorable year-end result, while strategic shifts remain a focal point for the next phase of growth.
Farm Fresh Bhd (KL:FFB) reported a net profit of RM25.86 million in the 3QFY2025 quarter ended December 31, 2024, up 26.5% from RM20.44 million a year ago. The quarter’s revenue rose 16.5% year-on-year to RM246.6 million from RM211.6 million, driven by strong Malaysian sales from new product launches and higher-margin offerings, partially offset by higher administrative costs due to the expansion of Inside Scoop outlets. For 9MFY2025, Farm Fresh’s net profit nearly doubled to RM78 million from RM39.6 million in 9MFY2024, as revenue grew 23.9% to RM737.4 million from RM595.4 million. The company did not propose any dividend for the quarter under review. The results underline Farm Fresh’s growth trajectory in its premium dairy and beverage segments, with margin expansion supported by product mix and expanding retail footprint.
Unisem (M) Bhd (KL:UNISEM) reported a significant drop in 4QFY2024 net profit, slipping 69.4% to RM8.7 million from RM28.44 million a year earlier. The decline occurred despite revenue rising 17.4% to RM411.78 million from RM350.79 million, supported by higher sales volume even as costs rose and margins compressed due to changes in product mix and other cost pressures. For FY2024, Unisem’s net profit declined 24.4% to RM60.67 million from RM80.24 million in FY2023, even as revenue grew 9.8% to RM1.58 billion from RM1.44 billion, helped by stronger demand from the US and Europe. The company declared a fourth interim dividend of two sen per share, payable on April 3, reflecting a modest but stable dividend policy in a volatile macroscape. The earnings deterioration in 4QFY2024 highlights ongoing cost containment challenges and the need to optimize the product mix to sustain profitability in a high-cost environment.
PIE Industrial Bhd (KL:PIE) posted a 4QFY2024 net profit of RM17.29 million, down 38.2% year-on-year from RM27.97 million, as weaker demand for its electronics manufacturing services (EMS) weighed on earnings. Quarterly revenue fell 15.4% to RM251.53 million from RM297.15 million in 4QFY2023, reflecting lower demand from both new and existing EMS customers. The company ended FY2024 on a softer footing, reporting the weakest annual earnings and revenue in four years since FY2020. Annual net profit declined 27.8% to RM53.13 million from RM73.57 million in FY2023, while revenue contracted 19.8% to RM975.45 million from RM1.22 billion. No dividend was declared for the quarter. PIE Industrial’s results underscore the sensitivity of EMS players to global demand cycles and the need for ongoing product diversification and efficiency initiatives to weather downturns.
Cape EMS, Guan Chong, Inta Bina
Cape EMS Bhd (KL:CAPEEMS) posted its second straight quarterly net loss of RM48.84 million for 4QFY2024, as weak demand, increased allowances for expected credit losses, and a reduced gross profit margin weighed on the bottom line. This marks the weakest quarterly result since the group’s listing in March 2023, reflecting the challenges faced by the electronics manufacturing services sector amid slow demand and tighter credit conditions. Cape EMS had logged a net profit of RM5.5 million in 4QFY2023, illustrating the deterioration in 4QFY2024. The annual performance followed suit, with FY2024 posting a net loss of RM45.68 million, compared to a net profit of RM44.38 million in FY2023. The absence of any dividend for the quarter aligns with the company’s cautious stance as it works through liquidity and margin pressures, while the market watches for signs of stabilization in demand across its EMS operations.
Guan Chong Bhd (KL:GCB) outlined a strategic plan to reward shareholders through a two-step capital-raising initiative designed to enhance trading liquidity and strengthen working capital. The company proposed a bonus issue on the basis of four new shares for every three existing shares held, aimed at widening the equity base and supporting liquidity. Following the bonus issue, Guan Chong will undertake a bonus issue of warrants on the basis of one warrant for every four shares held, with the objective of raising RM470 million in fresh funds over the coming three years. The warrants are structured to provide a potential funding mechanism to support expansion and optimization of the cocoa grinding and related operations, while giving investors an additional instrument to participate in potential future growth. The leadership emphasized that the plan would be executed in a manner designed to bolster liquidity and provide capital for strategic initiatives, aligning with the company’s long-term growth agenda in a capital-intensive sector.
Inta Bina Group Bhd (KL:INTA) secured a RM181 million contract to undertake the construction of a mixed commercial development project in Kuala Langat, Selangor. The contract, awarded by Eco Sanctuary Sdn Bhd, covers phases one to four of the Seruma Integrated Development at Eco Santuari. The project represents a significant expansion in Inta Bina’s order book, highlighting the company’s strength in delivering complex mixed-use developments and its ability to secure large-scale assignments in a competitive contracting market. The construction program is expected to contribute meaningfully to revenue and earnings across the next several quarters, supporting Inta Bina’s strategy to diversify its portfolio beyond traditional residential projects and into integrated urban developments that combine retail, commercial, and residential components.
In summary, the row of corporate updates paints a picture of a market with pockets of resilience and pockets of stress. The EMS sector’s pressure persists, with Cape EMS signaling ongoing demand weakness and margin compression, while Guan Chong’s strategic actions seek to bolster liquidity and capital availability for future growth. Inta Bina’s new contract contributes positively to a diversified project mix, potentially providing a tailwind for future revenue streams. As always, investors will weigh these signals against currency exposures, commodity cycles, and the broader macro backdrop as they absorb the quarter’s earnings and contemplate the implications for 2025.
Conclusion
The Friday earnings rundown across Malaysia’s listed companies underscored a broad spectrum of performance, from record profits and rising dividends in financials, energy, and insurance to earnings pressures in manufacturing and electronics services. The quarter and year-end results illustrated the ongoing importance of currency management, capital allocation, and strategic expansion in a world where macrovolatility remains a constant. Banking and utilities demonstrated resilience through strong earnings and shareholder rewards, while healthcare, plantations, and consumer-focused groups showed mixed trajectories shaped by demand, pricing dynamics, and associate performance. Companies highlighted in these reports also emphasized ongoing plans to diversify revenue streams, optimize cost structures, and pursue strategic investments to sustain growth into 2025.
Across the board, the year-end narratives reinforce the notion that earnings quality, balance sheet strength, and disciplined capital deployment remain central for investors navigating a complex, multi-sector environment. While some names delivered record profits and dividend upgrades, others faced forex headwinds, commodity cycles, or project-specific challenges that tempered quarterly gains. The unfolding year will hinge on how these players manage currency risk, sustain earnings momentum in core operations, and execute on their strategic initiatives to drive sustainable shareholder value.
