Chin Hin Group Property plans first bonus issue in nearly two decades

• Shareholders of the company will receive one bonus share for every existing share held, the company said in a filing.

KUALA LUMPUR (Feb 26): Chin Hin Group Property Bhd (KL:CHGP) is planning a bonus share issue, its first in nearly two decades, despite a sharp drop in net profit in the final quarter of 2024.

Shareholders of the company will receive one bonus share for every existing share held, the company said in a filing. The real estate developer has not declared any dividend for years, and its last bonus issue was in 2007 when the company was known as Boon Koon Group Bhd.

The entitlement date will be determined later, the company said.

Chin Hin also reported that its net profit fell 67% to RM4.55 million in the three months ended Dec 31, 2024 (4QFY2024) largely due to a decline in contribution from a joint venture (JV) project that has been completed. 

Share of profits from a joint venture fell to a mere RM274,000 from RM22.36 million in 4QFY2023, according to a separate filing. The sharp drop more than offset a 14% year-on-year revenue growth to RM188.79 million.

Chin Hin said it still has unbilled sales of RM1.6 billion at the end of 2024, mainly from its ongoing developments — Quaver, Ayanna, Solarvest, Avantro, Crown and Andalan.

The company, which has a commercial vehicles business, also said it is exploring more options and expanding sales and marketing for its Cergas Van that caters to the tourism industry. Chin Hin is also considering electric commercial vehicles in line with the government's push for green vehicles.

For the entire FY2024, Chin Hin Group posted a 25% decline in net profit to RM26.06 million. A much higher finance costs and the lower share of results from the JV project that was completed in 2023, erased a 19% growth in revenue to RM713.81 million.

Shares of Chin Hin Group Property were down three sen or1.3% at RM2.21 at Wednesday’s close, giving it a market capitalisation ofRM1.46 billion ahead of the results announcement.

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