KUALA LUMPUR (Feb 19): Here is a brief recap of some corporate announcements that made the news on Monday.

Dialog Group Bhd's net profit rose 16.6% to RM148.29 million for its second quarter ended Dec 31, 2023 from RM127.15 million a year earlier, as revenue rose 7.8% to RM859.21 million from RM797 million driven by better performances from both its Malaysian and international operations. The improvement in its Malaysian operation was mainly due to higher production from upstream activities while its international operation's better showing was attributed to activities at the Jubail Supply Base in Saudi Arabia. Dialog 2Q net profit rises 17% on better showing from both Malaysian and international ops

Hup Seng Industries Bhd’s net profit in the fourth quarter ended Dec 31, 2023 (4QFY2023) climbed 10% to RM13.68 million from RM12.44 million a year earlier on the back of the lower cost of certain major input materials. Quarterly topline was up a marginal 0.23% year-on-year to RM95.15 million versus RM94.93 million previously as domestic sales increased while export sales declined. Net profit for the full year surged nearly 73% to a seven-year high of RM45.09 million from RM26.08 million a year earlier as sales rose and costs fell. Revenue increased 12.28% to RM357.27 million from RM318.19 million on higher volume. Hup Seng recommended a special dividend of 0.5 sen per share on top of a third interim dividend of 1.5 sen per share. Hup Seng posts seven-year high 2023 net profit

Hextar Global Bhd’s net profit jumped fivefold to RM23.39 million in 4QFY2023 from RM4.64 million a year ago, underpinned by the stellar performance of the newly diversified fruits segment and improved results from the agriculture and specialty chemicals segments. Quarterly revenue rose by 59.8% to RM214.28 million from RM134.06 million a year ago with the fruits segment contributing RM52.1 million since its diversification into durian trading in November 2023. The group declared a first interim dividend of one sen per share, payable on April 5, 2024. For FY2023, net profit increased by 13.2% to RM56.1 million from RM49.54 million in FY2022, with revenue growing by 12.5% to RM669.44 million from RM594.9 million previously. Hextar Global 4Q profit hits record high on strong agriculture and specialty chemicals performance

MGB Bhd’s net profit more than tripled in 4QFY2023 to RM12.48 million from RM3.71 million a year earlier, thanks to higher progressive billings and cost control. Revenue for the quarter doubled year-on-year to RM305.33 million from RM145.58 million. MGB declared a first interim single-tier dividend of 0.815 sen per share, payable on March 29. For FY2023, net profit totalled RM48.8 million, more than three times higher than the RM15.1 million recorded in FY2022, as revenue jumped 58.6% to RM971.83 million from RM612.8 million in the same period.MGB’s 4Q net profit more than triples on higher billings, cost control https://theedgemalaysia.com/node/701448

Tune Protect Group Bhd said that certain policies underwritten by its subsidiary, Tune Insurance Malaysia Bhd, as part of the Perlindungan Tenang Voucher initiative in 2022 have been deemed unacceptable by the government, potentially resulting in an adverse impact of RM30.8 million on its earnings to be reflected in its results for 4QFY2023. Despite the setback, the group is currently considering an appeal. The group is expected to announce its upcoming results on Feb 22, according to Bloomberg. Tune Protect sees RM31m impact on 4Q results as BNM rejects some Perlindungan Tenang Voucher policies

CN Asia Corporation Bhd was publicly reprimanded by Bursa Malaysia, with the bourse operator fining its seven directors a total of RM225,000 for breaching listing rules. The breach concerned CN Asia’s failure to obtain its shareholders’ approval before diversifying its business to include money lending services by buying Southborn Capital Sdn Bhd on April 15, 2021. Among those penalised were deputy chairman Datuk Seri Tan Choon Hwa, who was fined RM25,000, and executive director Tengku Shamsulbhari Tengku Azman Shah (RM50,000) as well as independent directors Tania Scivetti and Nadanarajah Ramalingam, who were fined RM25,000 each. Bursa reprimands CN Asia, fines its directors for violating listing rules

The takeover offer for Rexit Bhd by its substantial shareholders is "not fair" and "not reasonable”, according to appointed independent adviser MainStreet Advisers Sdn Bhd. MainStreet said shareholders should reject the offer as the offer price of 85 sen per share is a discount to Rexit’s estimated valuations while the joint offerors also intend to maintain the listing status. Independent adviser tells Rexit’s shareholders to reject takeover offer

Public Bank Bhd’s wholly-owned subsidiary Public Bank Vietnam Ltd is buying RHB Bank Bhd’s indirect wholly-owned unit RHB Securities Vietnam Company Ltd for 374 billion dong or RM72.55 million, cash. The disposal will see RHB’s investment banking arm exit Vietnam's stockbroking and securities market, while Public Bank sees the proposed acquisition as a good opportunity to expand its financial services offerings in Vietnam to include securities trading and to participate in the immense growth potential of the country's capital market. Public Bank buys RHB's stockbroking business in Vietnam for RM72.6 mil

Dataprep Holdings Bhd has put on hold its proposed private placement of up to 30% of its enlarged share base to raise up to RM40.17 million after its win of a 30-year concession agreement to develop a passive telecommunications infrastructure project in Bandung, Indonesia, as part of a consortium, with expected investments of around RM95.4 million over three years. The private placement, proposed back in December last year, was mainly to fund working capital for its existing projects. With the introduction of the new telecommunication infrastructure project in Bandung, it is now contemplating other fundraising avenues to meet its funding requirements.  Dataprep halts RM40m private placement, mulls other fundraising for Bandung telco infra project

GFM Services Bhd is looking to raise RM14.78 million via a private placement of 69.05 million shares or 10% of its enlarged share base, with proceeds raised to go towards funding work capital and the purchase of machinery for the maintenance works, turnarounds and shutdowns of oil and gas (O&G) processing plants in Pengerang, Johor. The O&G service works come under an Integrated Turnaround Main Mechanical and Maintenance Mechanical Static (TA4MS) contract Petronas awarded to its wholly-owned unit Highbase Strategic Sdn Bhd’s (HSSB) joint venture with Singapore-based O&G integrated solutions provider Mun Siong Engineering Ltd (MSEL). HSSB owns a 51% stake in the HSSB-MSEL joint venture. The five-year TA4MS contract, which holds an estimated value of RM247.5 million, was awarded to the joint venture in 2019 and is equipped with options for Petronas to extend the job for up to another five years. GFM Services intends to raise RM14.8 mil via private placement for working capital

PA Resources Bhd’s wholly-owned PA Extrusion (M) Sdn Bhd is buying two parcels of adjoining industrial land — measuring a collective 72,840 sq ft — in Kuala Selangor from Niken Steel (M) Sdn Bhd for a total of RM21 million to build a new factory that would increase its production capacity from 3,200 tonnes a month to 7,000 tonnes a month in phases. It will seek financing from financial institutions to satisfy up to 80% of the total purchase price of RM21 million, while the remaining 20% will be financed using internal funds. PA Resources buys land in Kuala Selangor for RM21m to build new factory

Former Employee Provident Fund chief executive officer Tunku Alizakri Raja Muhammad Alias has resigned from his role as non-independent non-executive director of United Plantations Bhd, due to a “perceived conflict of interest”. He departs the board eight months after he joined on June 1, 2023. Former EPF CEO Tunku Alizakri quits United Plantations’ board over ‘perceived conflict of interest’

Jade Marvel Group Bhd’s managing director Eddie Chong Wei Chuan has resigned from his position due to “other personal commitments”, after heading the company for about a year. Meanwhile, the company also announced that it incurred a net loss of RM6.65 million for its third financial quarter ended Dec 31, 2023, which is 87.9% more than the net loss of RM3.54 million a year earlier. Quarterly revenue rose slightly by 4.1% to RM7.41 million, from RM7.11 million. Jade Marvel says MD has resigned due to ‘other personal commitments’, posts bigger 3Q loss