SHAH ALAM, Malaysia, Feb 25, 2022 - (ACN Newswire) - Leon Fuat Berhad ("Leon Fuat" or the "Group"), a manufacturer and trader of steel products, specialising in rolled long and flat products today released the Group's financial results for the fourth quarter ended 31 December 2021 ("Q4FY2021") recording 61.8% growth in profit after tax ("PAT") to RM29.09 million compared with RM17.98 million in the corresponding quarter of the preceding year ("Q4FY2020").
The Group is pleased to note that for the quarter under review, revenue increased by 27.8% to RM254.21 million compared with RM198.96 million in Q4FY2020 while profit before tax ("PBT") recorded a 106.5% increase to RM38.61 million compared with RM18.70 million.

On a segmental basis, revenue from trading of steel products registered a 26.5% increase to RM81.95 million while revenue from processing of steel products recorded a 28.4% rise to RM172.18 million. The trading segment's contribution to revenue stood at 32.2% in Q4FY2021 compared with 32.6% in the corresponding quarter of FY2020 while the processing segment's contribution stood at 67.7% compared with 67.4% in Q4FY2020.

For the financial year ended 31 December 2021 ("FY2021"), PAT grew 377.6% to RM135.98 million compared with RM28.47 million in the preceding financial year. PBT increased 418.1% to RM172.85 million compared with RM33.36 million while revenue gained 50.4% to RM886.58 million compared with RM589.58 million registered in FY2020.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, "The Group's financial performance for the quarter under review was supported by higher revenue and better gross profit margin from the rise in average selling prices in both the trading and processing of steel products. For the financial year as a whole, revenue was also supported by higher overall average selling prices that also resulting in better overall gross profit margin".

"We are maintaining our cautious outlook for 2022 on downside risks arising from decelerating economic growth amid continued COVID-19 flareups across the world, diminishing policy support and lingering supply bottlenecks. While the Malaysian economy is expected to grow by 5.5% to 6.5% this year on continued external demand and private sector expenditure, we note concerns over new virus variants, inflation and financial stress that could weigh on economic recovery too".

"We will continue to monitor the movement of steel prices as we anticipate commodity price volatility due to global factors. Our monitoring will also continue for foreign currencies while negotiating forward contracts where necessary and having prudent inventory management. The Group will continue to actively address COVID-19 concerns by adhering strictly to standard operating procedures and having in place emergency response teams in three of our major subsidiaries".

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLeon Fuat Berhad ("Leon Fuat" or the "Group"), a manufacturer and trader of steel products, specialising in rolled long and flat products today released the Group's financial results for the fourth quarter ended 31 December 2021 ("Q4FY2021") recording 61.8% growth in profit after tax ("PAT") to RM29.09 million compared with RM17.98 million in the corresponding quarter of the preceding year ("Q4FY2020").

FPM's partner programs represent an excellent opportunity for a primary or additional income stream in which you generate money by attracting new clients on...

NYDIG, a company specialising in providing Bitcoin investment and technology solutions, announced on Feb. 1 the launch of an employee bitcoin savings plan that allows employees to convert a portion of their salary into bitcoin. (Read More)

NFT Investments, a London-based incubator specialising in the market for non-fungible tokens has entered into a non-binding letter of intent for the acquisition of Pluto Digital PLC for £96 million ($127,5m).

Accel DeFi (ACCEL), a latest venture founded in late 2021 when 3 different projects joined forces to create a single multi-utility token (ACCEL), is going to redefine decentralized finance. With a market cap of over $6M, ACCEL is currently live on Ethereum Network (ETH) and Binance Smart Chain (BSC).

Accel Defi brings the best of crypto, defi, and blockchain all together under one roof.

Accel DeFi is a consulting firm specialising in marketing, FinTech, and Decentralized Finance. It is a group of DeFi experts with a history of successful business initiatives to serve as a framework for this new organization. Accel Defi combines the finest of crypto, defi, and blockchain technologies under one platform. A platform to construct your projects, pay for services with cryptocurrency, monitor the charts of the recent projects, and uncover the deal flow for the latest projects.

With a total supply of 5B, the ACCEL token is going to power Accel DeFi, a decentralized distribution network. Accel DeFi's brains have worked on some of the most significant advancements in the DeFi space.

Redefining Web3 and DeFi

ACCEL DeFi aims to redefine Web3 and decentralized finance by offering various solutions for the cryptosphere.

ACCEL offers a variety of products and services.

Products

UnREKT App

UnREKT is a trading application that will enable the creation of conventional limit orders for decentralized tokens. UnREKT will be built on top of current exchanges rather than creating ACCEL's own decentralized exchange. UnREKT will become the most utilised and sought after trading application available by tackling the apparent flaws in existing DEX's, offering traders with the security and use of a CEX, but the flexibility of trading microcrypto on numerous DEX's. Traders will no longer have to worry about manually halting losses or staying up late to monitor a chart since the UnREKT app will do it for them.

ArbiBridge

ArbiBridge is a multi-chain bridge that connects layer 1 and layer 2 networks, as well as tokens and coins. Creating Accel's own cross-chain bridge will allow Accel product users to perform cross-chain transactions effortlessly and conveniently.

XRATIO Pay

XRATIO Pay is a service payment system that aims to provide safe and secure payments to crypto for developers and anyone to use. We can provide a service similar to freelancing platforms like Fiverr and Upwork, but decentralized, by bringing the gig economy to crypto and using a unique payment escrow mechanism. Payment is kept in escrow through a contract under this system, and as contract milestones are met, payment is released to the service provider. If the service provider fails to fulfil their obligations under the contract, the client may register a complaint/dispute over payment and the status of the services delivered.

Accel NFT Marketplace

Accel also provides a use case-based NFT minting and sales platform that imposes a sales fee depending on NFT collecting parameters.

Accel Portfolio

As an ACCEL token staker, you will earn a pro rata share of all payouts to the staking pool.

Accel Trader App

An iOS/Android app that unifies the functionalities and trader utilities offered by all ACCEL partners into one mobile location.

Accel Wallet

Secure crypto wallet with a ledger architecture that allows for zero-fee Accel wallet to Accel wallet transfers.

XRATIO Tools

XRATIO tools is a trading tools platform that gives information on charts, price movements, new pair and trending pair information, as well as buy and sell information and other contract interaction information of a token.

Services

Accel DeFi University

Accel will create the first ever DAO-based educational crypto community with Accel Defi University.

Accel Defi investors will receive access to a developing system of information and tools to assist their complete crypto experience through Accel's database and network.

Accel Product Development

Token and contract development, implementation, and launch assistance based on demand and client requirements.

Accel Gaming

Platform for game publishing and gaming decks for blockchain Metaverse and NFT asset-based games.

Crypto Services Marketplace

A service marketplace that lists crypto service providers and accepts XRATIO payments for guaranteed service payments.

Launchpad

An all-in-one Accel team committed to assisting developers in the creation, launch, and customization of their own smart contracts.

Marketing

An in-house marketing and audience development team is available for hiring for both internal and external projects.

AMA's

AMA hosting is used to link communities and provide a platform for external project developers to reach a larger audience and discuss utilities/projects in progress.

Basis of Accel DeFi Ecosystem

The Accel DeFi project was initiated with the objective of providing decentralized solutions for businesses and individuals. Accel has spent considerable work identifying flaws in thousands of tokens. Accel's goal is to combine the greatest aspects of various projects into a single promising token.

The Accel team has put itself up for success with a highly skilled staff consisting of intangible skill sets and an in-depth grasp of the crypto markets.

Backstory

Accel DeFi was launched in late 2021, when three separate projects agreed to collaborate and develop a single multi-utility token that would alter decentralised finance as we know it.

Tokenomics

Name: Accel Token

Ticker: ACCEL

Blockchain: Ethereum Network

Max Supply: 5,000,000,000 (5 Billion)

Fee on Buys and Sells: 10%

• 5% Rewards to stakers

• 3% Development

• 2% Sustainment

Audited by Solidity Finance prior to launch

Successful Launch and Pre-Sale

On January 07 2022, ACCEL completed its launch on Ethereum Network (ETH) with a market cap of over 6 million USD. The token has a total supply of 3.5 million since the launch, and over 3500 holders.

The ‘Accel BNB Presale' (ABPS) token also went live on Binance Smart Chain (BSC) on January 03, 2022.

The token is listed on the Decentralized Exchange, HotBit. ACCEL has also been listed on CoinMarketCap and CoinGecko on 9th of January 2022.

With further planned partnerships and marketing projects forthcoming, ACCEL is expected to launch on Polygon and Arbitrum networks in the coming months.

ACCEL Vision

ACCEL is bringing a revolution to the token industry, with the goal of assisting other young entrepreneurs in launching their own crypto businesses and serving as a catalyst to offer them the best chance of success possible. Accel DeFi is offering many utilities to small market tokens that are backed by a corporation providing the largest market possible.

With over 90 individuals including an internal product development team, social marketing team and content creation team; Accel DeFi is fully equipped to accelerate DeFi to new heights.

Further details can be found on Accel DeFi's official website.

About ACCEL DeFi

Accel DeFi is a consulting firm specialising in marketing, FinTech, and Decentralized Finance. It is a group of DeFi experts with a history of successful business initiatives to serve as a framework for this new organization. Accel Defi combines the finest of crypto, defi, and blockchain technologies under one platform. A platform to construct your projects, pay for services with cryptocurrency, monitor the charts of the recent projects, and uncover the deal flow for the latest projects.

Website | Twitter | Facebook | Youtube | Clubhouse | Discord | Reddit | Instagram | Telegram | Telegram (Announcements)

References

CoinMarketCap: https://coinmarketcap.com/currencies/accel/

CoinGecko: https://www.coingecko.com/en/coins/accel-defi

Hotbit: https://www.hotbit.io/exchange?symbol=ACCEL_USDT

WETH/ACCEL Dextools: https://www.dextools.io/app/ether/pair-explorer/0x9219df155698b27498d4cdd5494b30cf2d3b4911

BNB/ABPS Dextools: https://www.dextools.io/app/bsc/pair-explorer/0xe7162214f693d5e3fe188167a1bd05583bcf4fb0

Chan is taking on an expanded role, covering operations, product, data and regulatory reporting.

Banks should be in a strong position to support landlords, but unfortunately, this is rarely the case.