Serba Dinamik

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Serba Dinamik lists two assets worth RM220m to be disposed as part of scheme of arrangement

by Izzul Ikram

The group expects proceeds from the sale of Chakravarthy and Bharat Technologies to fetch an aggregate RM220.08 million, with RM145.08 million expected to come from the sale of Chakravarthy alone.

Source: theedgemarkets.com

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

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Serba Dinamik concludes FY22 with a whopping RM1.09 bil net loss

by Justin Lim

4Q: Net loss of RM327.76 million or loss per share of 8.84 sen, on the back of RM170.25 million in revenue.

Fourth consecutive loss-making quarter, following net losses of RM42.11 million for 1QFY22, RM290.33 million for 2QFY22 and RM434.19 million for 3QFY22.

For the full financial year ended June 30, 2022 (FY22), the PN 17 firm recorded a whopping annual net loss of RM1.09 billion with RM1.35 billion revenue.

Lesser activities in operations and maintenance (O&M) segment, especially from Qatar, the United Arab Emirates and Malaysia.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... l-net-loss

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Serba Dinamik's 1Q net loss widens to RM104.6 mil

by Izzul Ikram

Serba Dinamik Holdings Bhd's net loss swelled to RM104.6 million for the first quarter ended Sept 30, 2022 (1QFY2023), from RM42.11 million a year earlier, dragged by losses across all of the group's segments bar its education and training (E&T) segment, as well as RM67.24 million in corporate expenses and consolidation elimination.

Revenue for the quarter declined 73.28% year-on-year (y-o-y) to RM213.58 million in 1QFY2023 from RM799.35 million previously.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... rm1046-mil

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High Court allows winding-up of Serba Dinamik, three subsidiaries

by Hafiz Yatim

Granted an order to wind up the four companies, which are in debt to the tune of some RM5 billion.

Upon being wound up, the companies will be placed under Victor Saw, a liquidator from PricewaterhouseCoopers (PWC).

Assets to be sold off said to be worth RM700 million.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/651171

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Serba Dinamik finally submits its 2022 annual report after much delay

by Hailey Chung

For FY2022, the group recorded revenue of RM1.35 billion with gross loss of RM1.09 billion mainly due to the outcome from the debt settlement scheme and the presence of the interim liquidator initiatives undertaken.

The company’s cash balance at the end of FY2022 was reduced to RM34.04 million compared to RM434.96 million at end-FY2021, due to negative operating and financing cash flows incurred during FY2022.

Meanwhile, the company’s net assets for FY2022 were RM1.91 billion, a reduction of RM1.06 billion from the value of net assets recorded at FY2021 equivalent to RM2.97 billion.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/651539

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Auditor finds Serba Dinamik has unverified assets, liabilities, revenue and expenses totalling over RM12 bil

by Hailey Chung

By breakdown, Sia listed under assets an unverified property, plant and equipment of RM1.99 billion, unverified inventories of RM1.59 billion, as well as unverified trade and other receivables of RM1.59 billion.

Under liabilities, there is an unverified trade and other payables amounting to RM639.56 million, as well as unverified loans and borrowings totalling RM3.65 billion.

He also indicated RM1.35 billion of unverified revenue and RM1.62 billion of unverified cost of contracts with customers.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/651734

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Serba Dinamik remains in the red; posts narrower net loss of RM90 mil in 2Q

by Sufi Muhamad

Net loss of RM89.67 million in its second quarter ended Dec 31, 2022 (2QFY2023), lower than RM290.33 million in the previous corresponding quarter.

Quarterly revenue shrank by 40.3% to RM105.80 million from RM177.14 million a year ago.

As at Dec 31, 2022, the group’s total loans and borrowings amounted to RM3.61 billion, of which RM2.83 billion was short-term borrowings.

Its receivables remained high at RM1.486 billion versus RM1.586 billion a year ago.

Expects to increase its client base as a vendor for original equipment manufacturers given its integrated facilities in Bintulu, Pengerang and Pasir Gudang, which focus on the oil and gas and power generation industries.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/658190

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Serba Dinamik posts largest quarterly loss of close to RM1 bil on trade receivables impairment

By Syafiqah Salim

KUALA LUMPUR (June 14): Serba Dinamik Holdings Bhd posted its largest quarterly net loss of RM972.91 million for the third quarter ended March 31, 2023 (3QFY2023), mainly due to impairment of trade receivables amounting to RM865.1 million arising from the projects that the company was unable to fulfill.

The troubled oil and gas company, which has been in the red for seven straight quarters, recorded RM89.67 million net loss in 2QFY2023. For 3QFY2022, its net loss was RM434.19 million.

Loss per share increased to 26.1 sen from 11.7 sen.

Quarterly revenue tumbled 97% to RM6.18 million from RM205.48 million, due to lower contribution from all business divisions.

Operations and maintenance (O&M) segment’s revenue contracted 97.42% to RM5 million from RM193.74 million, while engineering, procurement, construction and commissioning posted a 92.24% drop in revenue to RM544,000 from RM7.01 million.

Revenue for information and communications technology decreased to RM241,000 from RM2.69 million while education and training segment’s revenue fell to RM389,000 from RM2.05 million.

Looking ahead, the group anticipates its operations will remain challenging this year due to uncertainty in the global economy as well as the current challenges the company is facing from a liquidity perspective.

“The group views that the O&M segment will remain its core competency and provide the fundamentals of its operations. With the group being classified as a Practice Note 17 (PN17) company, the board pledges to resolve the ongoing issue, including the restructuring and regularisation plan, in the best interests of stakeholders,” it added.

Serba Dinamik slipped into the PN17 status in January last year, after its external auditor Nexia SSY PLT, expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.

As at end-March, the company’s borrowings stood at RM3.72 billion against RM36.45 million in cash.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/671216

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Serba Dinamik narrows net loss in 4Q on higher operating income, lower costs

By Syafiqah Salim

KUALA LUMPUR (Sept 8): Serba Dinamik Holdings Bhd has narrowed its net loss to RM105.02 million in the fourth quarter ended June 30, 2023 (4QFY2023) from RM327.76 million in the previous year’s corresponding quarter, on higher operating income and lower administrative expenses.

The troubled oil and gas outfit’s filing on Friday (Sept 8) showed that operating income more than doubled to RM3.92 million from RM1.63 million in 4QFY2022.

Administrative expenses stood at RM18.54 million, down 90.59% year-on-year (y-o-y) from RM197.02 million.

Although the company trimmed its losses for the quarter, 4QFY2023 revenue fell 96.39% y-o-y to RM6.15 million from RM170.25 million, dragged by revenue from the operations and maintenance segment which fell to RM5.69 million, from RM159.8 million previously.

The education and training segment also recorded a lower revenue of RM454,000 from RM1.67 million.

For the full financial year ended June 30, 2023 (FY2023), Serba Dinamik’s net loss increased to RM1.3 billion versus RM1.09 billion a year earlier. This was after the company’s corporate expenses and consolidation elimination of intergroup transactions.

Full-year revenue also dropped 70.18% y-o-y to RM403.23 million from RM1.35 billion.

On outlook, Serba Dinamik said the group’s business will remain challenging for the remainder of 2023 due to the uncertainty of the global economy as well as the current challenges facing the company from a liquidity perspective.

In addressing its Practice Note 17 status, Serba Dinamik said its board pledges to resolve the ongoing issue, including the restructuring and regularisation plan.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/681789

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Serba Dinamik posts RM80.67m loss in delayed 1Q report

By Chester Tay

KUALA LUMPUR (Dec 8): Serba Dinamik Holdings Bhd has finally released its quarterly results for the fiscal quarter ended Sept 30, 2023 (1QFY2024) on Friday, a day later than its self-set deadline of Thursday, after failing to comply with the stock exchange's requirement to publish it no later than Nov 30.

The latest set of quarterly results unveiled a net loss of RM80.67 million, 23% less than RM104.6 million a year ago, as it recorded lower administrative and other operating expenses, as well as lower finance costs, the group’s stock exchange filing on Friday showed.

Revenue fell by 93.6% to RM13.75 million for 1QFY2024, largely contributed by the Practice Note 17 (PN17) company’s equipment repair and maintenance services. This compared to a revenue of RM213.58 million in the previous year's corresponding quarter.

The PN17 company’s cash and cash equivalents, however, rose 6.4% to RM38.16 million as at 1QFY2024, before taking into account its bank overdrafts and fixed deposits pledged. This compares to the group’s cash position of RM35.87 million a year ago.

After netting bank overdrafts and fixed deposits, the group’s cash position as at 1QFY2024 amounted to RM13.1 million.

Serba Dinamik’s cash flow statement showed that both cash generated from operations and financing activities were negative, while the only positive cash flow was from investing activities, arising from “acquisition of property, plant and equipment”, which gave rise to an inflow of RM42.58 million.

It is unclear how the “acquisition of property, plant and equipment” provided cash inflow to the group.

The stock has been suspended since Jan 18, 2023 after the court granted a winding up order against the company and its three subsidiaries.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/693298