Ann Joo Resources

[winston]

not vested

Ann Joo swings to profit in 2Q on higher sales, declares six sen dividend

by Syafiqah Salim

Ann Joo Resources Bhd reported a net profit of RM83.7 million for the second quarter ended June 30, 2021 (2QFY21), compared with a net loss of RM56.72 million a year ago.

The group attributed this to higher sales and improved profit margins resulting from a higher selling price, which were fundamentally driven by a robust recovery in China demand.

Export prices remained significantly higher than in 2QFY20, despite the price correction triggered by China’s efforts.

Quarterly revenue soared 94.88% to RM674.07 million, from RM345.89 million a year earlier, on higher selling price and export tonnage, partly offset by lower domestic sales tonnage due to mandatory business closures.

On a quarter-on-quarter basis, net profit rose 13.67% from RM73.61 million in 1QFY21, while revenue grew 16.89% from RM576.69 million.

Looking ahead, the group said it will continue to focus on exports, riding on the recovery of the global market.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... n-dividend

[winston]

not vested

Ann Joo’s 3Q net profit falls 17% q-o-q as revenue drops on lower export sales

by Syafiqah Salim

Ann Joo Resources Bhd's net profit for the third quarter ended Sept 30, 2021 (3QFY21) fell 17.46% quarter-on-quarter (q-o-q) to RM69.08 million from RM83.7 million in 2QFY21.

Revenue dropped 39.81% to RM405.69 million from RM674.07 million previously, its filing with the local bourse showed.

Earnings per share fell to 12.74 sen from 15.48 sen.

Ann Joo has returned to the black compared with a year ago, when it reported a net loss of RM18.92 million in 3QFY21, primarily due to improved profit margins resulting from higher selling price, which were driven by a robust recovery in China demand.

This is despite revenue declining 27.58% year-on-year from RM560.21 million on lower export sales.

steel demand is expected to recover in 2022, fundamentally supported by the country’s ongoing pump priming.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... port-sales

[winston]

not vested

Ann Joo proposes one-for-four rights issue with warrants, to raise up to RM166m

By Syafiqah Salim

Under the rights issue, one new share will be offered for every four shares held, with each rights share coming with one free warrant, according to the company’s filing with the stock exchange on Tuesday.

The entitlement date for the exercise will be determined at a later date, but the assumed price is RM1.05, which represents a discount of 15.4% from the theoretical ex-rights price (TRP) of Ann Joo shares, which is RM1.24.

Meanwhile, the exercise price of the warrants is assumed to be RM1.24, which is equivalent to the TRP of Ann Joo shares calculated based on the five-day volume-weighted average price of RM1.2895 up to June 21.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/718350