Destini

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3Q Results

Revenue: -60%
EPS:- -75%
NAV 0.11

https://www.bursamalaysia.com/market_in ... id=3213333

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Destini secures maiden solar power project with power purchase deal from Indah Water Konsortium

by Shazni Ong

Destini Bhd says it has secured its first solar project from Indah Water Konsortium Sdn Bhd (IWK) for the engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems at 1,177 IWK sewerage treatment plants across Malaysia.

In a statement, Destini said it will bear the EPCC cost of the solar PV systems. In return, IWK will buy the electricity generated from these systems from Destini, based on a fixed discounted tariff for the next 20 years.

IWK is anticipated to save a minimum average of 10% on electricity cost on its 1,177 sewerage treatment plants throughout the contract period.

Apart from this project, Destini is actively exploring opportunities to secure additional concessionary renewable energy projects in Malaysia.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... konsortium

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The Board of Directors of Destini is pleased to announce that Destini Prima Sdn Bhd (“DPSB”), a wholly-owned subsidiary of Destini, had on 20 January 2022, received 2 letter of awards from Ministry of Defence Malaysia.

First letter of award (“Letter of Award 1”) is for the extension of the existing contract to provide maintenance, repair and overhaul services and the supply of safety and survival equipment to the Royal Malaysian Air Force (“Contract 1”). The Contract 1 ceiling is estimated at RM88.0 million.

Second letter of award (“Letter of Award 2”) is to provide maintenance, repair and overhaul services and supply of component and spare parts for safety and survival equipment to the Malaysian Army Aviation (“Contract 2”). The value of Contract 2 is approximately RM0.99 million.

https://www.bursamalaysia.com/market_in ... id=3227719
Both the Letter of Award 1 and Letter of Award 2 were accepted by DPSB on 20 January 2022.

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4Q Results

Revenue: -48%
Profit: RM 680,000
NAV: 0.10

https://www.bursamalaysia.com/market_in ... id=3238049

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Destini bags contract to provide tubular handling services off Terengganu coast

by Ahmad Naqib Idris

Under the agreement, DOS is required to provide a bank guarantee of RM459,918.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... ganu-coast

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Destini seeks shareholder approval to diversify into renewable energy

by Shazni Ong

anticipates that its new business activities in the renewable energy sector may contribute to 25% or more of net profit of the group and/or result in a diversion of more than 25% of the net assets of the group towards the aforesaid new business activities moving forward.

Destini posted a net loss of RM247.8 million in FY19 on revenue of RM297.74 million and a net loss of RM190.64 million in FY20.

It managed to return to the black in FY21 with a net profit of RM3.08 million.

Given the competitive nature of the aviation and defence, energy, land systems and marine industries, the group had embarked on cost-cutting measures.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... ble-energy

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Destini secures RM531.4mil contract from MoT

The contract is for the Level 4 maintenance, repair and overhaul (MRO) of 35 trainsets operated by Keretapi Tanah Melayu Bhd (KTMB) for the next four and a half years.

Source: The Star

https://www.thestar.com.my/business/bus ... t-from-mot

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Destini delivers six MD530G helicopters to Malaysian army

KUALA LUMPUR (June 13): Destini Bhd (Destini) has completed the delivery of six MD530G helicopters to the Malaysian army, after concluding the Final Acceptance Test.

In a statement Monday (June 13), Destini said with the delivery of the six multipurpose armed reconnaissance helicopters, the group could leverage its expertise in maintenance, repair and overhaul (MRO) to secure MRO services on the helicopters and on other army air unit assets.

“Halaman Optima Sdn Bhd (HOSB) was awarded the contract to deliver the helicopters, worth RM321 million, by the Ministry of Defence in 2015.

“In 2017, Destini Group acquired a 70% equity interest in HOSB through its wholly-owned subsidiary Destini Prima Sdn Bhd,” Destini said in a filing with Bursa Malaysia on Monday

The MD530G helicopters are manufactured by United States aerospace company MD Helicopter Inc.

The helicopters will be stationed in the Eastern Sabah Security Command (Esscom) and the army’s air base in Kluang, Johor.

Source: Bernama

https://www.theedgemarkets.com/article/ ... ysian-army

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2Q Results

Revenue: +8%
Loss: RM 1.3m
NAV: Rm 0.10

https://www.bursamalaysia.com/market_in ... id=3288548

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Destini unit slapped with winding-up petition after failing to settle payment to IRB

by Izzul Ikram

KUALA LUMPUR (Sept 6): Destini Bhd’s indirect subsidiary, Destini Shipbuilding and Engineering Sdn Bhd (DSBE), has been served with a winding-up petition from the government after it failed to pay RM6.24 million of a settlement payment proposal to the Inland Revenue Board (IRB).

DSBE had been embroiled in a legal dispute with the IRB in relation to RM6.58 million it owed the agency in outstanding tax for the year of assessment 2016, which culminated with a summary judgement being granted by the High Court last year ordering DSBE to pay IRB the sum.

“The hearing date of the winding-up petition is fixed on Nov 8, 2022,” it added.

Destini said DSBE is not a major subsidiary of the company and that the RM3 million investment in DSBE was made via its wholly owned subsidiary Destini Armada Sdn Bhd.

It added that the winding-up petition has no financial and operational impact on the group, in view of the judgement sum of RM6.58 million having already been incorporated as tax liability in its financial statements.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ayment-irb