Menang announces slew of boardroom changes, 4Q results improved on reversal of over-accrued liability

• Two independent directors, Chee Wai Hong and Yee Chun Lin, also resigned from Menang’s boardroom. All cited personal commitments as reasons for their departure.

KUALA LUMPUR (Aug 27): Menang Corp (M) Bhd (KL:MENANG) announced a slew of boardroom changes on Tuesday, including the departure of its executive director Lee Min Huat, who owns 13.53% of the property development and management company, while appointing Datuk Abd Aziz Abu Bakar and Tan Pei Geok as independent directors.

Min Huat, 66, is the son of Menang’s major shareholder Datuk Lee Chin Hwa, who owns a 17.9% stake in the company. Min Huat is also the executive chairman of Scope Industries Bhd (KL:SCOPE).

Two independent directors, Chee Wai Hong and Yee Chun Lin, also resigned from Menang’s boardroom. All cited personal commitments as reasons for their departure.

Abd Aziz, 60, is the president of the Malaysian Association of Tax Accountants.

Meanwhile, Tan, 63, owns 12 million shares or 2.3% of the equity interest in Menang. She also sits on the board of Sunsuria Bhd (KL:SUNSURIA) and Cardiac Vascular Sentral (Kuala Lumpur) Sdn Bhd.

Both were also appointed to the remuneration, nomination and risk committee of Menang.

In a separate filing with Bursa Malaysia, Menang announced that its net profit for its fourth financial quarter ended June 30, 2024 (4QFY2024) surged 30.6% to RM9.14 million from RM7 million a year ago, thanks to the reversal of over-accrued liability and a reduction in finance cost.

This resulted in a higher earnings per share of 1.73 sen for 4QFY2024 compared with 1.37 sen for 4QFY2023.

Revenue, however, fell 4.9% to RM21.45 million from RM22.57 million in 4QFY2023.

No dividend was declared during the quarter under review.

For the full year of FY2024, the group’s net profit surged 50.9% to RM26.08 million from RM17.28 million in FY2023, mainly attributed to the claimed back amount of an income tax overcharge, the reversal of over-accrued liability and a reduction in finance cost.

Revenue also rose 8.1% to RM95.71 million in FY2024 from RM88.52 million in FY2023 on sales recognition of properties, which was offset by lower maintenance work revenue and lower interest income from operating financial assets.

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