KUALA LUMPUR (Feb 22): Here is a brief recap of some corporate news and announcements that made the headlines on Wednesday:

Petronas Chemicals Group Bhd (PCG) has signed a memorandum of understanding with Sarawak state-owned Sarawak Petchem Sdn Bhd to conduct a joint feasibility study to develop a low-carbon ammonia and urea plant in Bintulu. This confirms a story by The Edge which reported that Petroliam Nasional Bhd (Petronas) and the Sarawak state government will sign a preliminary agreement to facilitate discussions and assess the feasibility of the project, citing sources. PCG said the two companies will conduct a joint comprehensive study on the technical and commercial aspects — among other considerations — in meeting rising demand for cleaner energy solutions by tapping into renewable energy potential within the region. — Petronas Chemicals inks MOU with Sarawak Petchem for low-carbon ammonia plant in Sarawak, confirms The Edge report

Reneuco Bhd and Citaglobal Bhd said that their consortium has secured a 30-year concession to supply electricity to the East Coast Rail Line (ECRL). As part of the concession, the consortium will develop the transmission and distribution interconnection facilities valued at RM600 million, and to operate and maintain the assets over a 30-year period. Citaglobal has a 60% stake in the consortium, while Reneuco holds the remaining 40%. The supply contract is exclusive and will provide electricity and renewable energy of up to 100MW to the ECRL network for both traction and non-traction systems. — Citaglobal-Reneuco consortium wins 30-year concession to power up ECRL

Sime Darby Bhd’s net profit for the second quarter ended Dec 31, 2023 (2QFY2024) surged to RM2.29 billion from RM389 million, due mainly to the RM2 billion gain on the disposal of Ramsay Sime Darby Health Care in December 2023. The conglomerate’s quarterly revenue rose to RM15.55 billion from RM11.29 billion. Earnings per share rose to 33.60 sen, from 5.70 sen. Sime Darby declared a dividend of three sen per share, to be paid on March 27. For the cumulative six months ended Dec 31, 2023, Sime Darby’s net profit jumped to RM2.88 billion from RM596 million a year earlier, on the back of revenue of RM29.53 billion, versus RM23.47 billion previously. — Sime Darby’s 2Q net profit surges to RM2.29 bil on disposal of healthcare division

Malaysian Pacific Industries Bhd (MPI) said its net profit surged over 75% in the second quarter ended Dec 31, 2023 from a year earlier thanks to lower expenses, as it also logged other operating income. Net profit for the quarter was RM32.15 million compared to RM18.33 million over the same period last year. Revenue for the quarter dipped 0.7% year-on-year to RM522.75 million, from RM526.42 million, due to a decline in its Asian and European segments. For its first six months, MPI’s net profit fell 31.48% to RM48.67 million, from RM71.03 million in the same period a year ago. Revenue for the June-December period fell 5% to RM1.04 billion, from RM1.09 billion. — Malaysian Pacific Industries 2Q net profit surges 75% as other income helps

The Israel-Palestine conflict boycott of the Starbucks franchise dragged Berjaya Food Bhd (BFood) down to a record net loss of RM42.58 million for the second quarter ended Dec 31, 2023 (2QFY2024) against a net profit of RM35.49 million a year earlier. Earnings were also hurt by a RM10.5 million one-off loss from the disposal of its entire equity interest in Jollibean Foods Pte Ltd. Quarterly revenue fell 38.19% to RM182.55 million versus RM295.32 million previously, on lower sales because of the boycott. Likewise, for the six months ended Dec 31, 2023, BFood fell into the red with a net loss of RM23.55 million as compared to a net profit of RM70.19 million in the same period a year earlier, while revenue fell 20.28% to RM461.09 million from RM578.37 million. — Starbucks boycott drags Berjaya Food into 2Q red, record low earnings

Apex Healthcare Bhd said its net profit fell 42.41% in the fourth quarter from a year earlier but declared a special dividend following a record year thanks to a disposal gain. Net profit for the three months ended Dec 31, 2023 was RM20.06 million from RM34.84 million largely due to lower share of earnings from associates. Revenue for the quarter, however, rose 8.85% year-on-year to RM240 million from RM220.49 million. The company booked a one-off gain of RM321.7 million from the partial stake disposal of Straits Apex Sdn Bhd, boosting the company’s net profit for FY2023 over threefold to a record high of RM397.99 million compared with RM100.98 million in FY2022, while full-year revenue rose 6.66% to RM936.17 million against RM877.74 million in FY2022. Apex Healthcare declared a final dividend of 2.5 sen per share, along with a special dividend of 20 sen per share, bringing the total dividend per share for FY2023 to 25 sen. — Apex Healthcare closes FY2023 on record high earnings, announces special dividend

Hong Leong Industries Bhd’s (HLI) net profit for the second quarter jumped 39.36% year-on-year, attributed mainly to a favourable sales mix of motorcycle models and a disposal gain on its fibre cement board manufacturing business. Net profit for the second quarter ended Dec 31, 2023 (2QFY2024) increased to RM102.47 million — the highest since 4QFY2018 when the group logged a net profit of RM106.55 million — versus RM73.53 million in the prior year. However, quarterly revenue fell 11.65% to RM743.55 million, from RM841.61 million in 2QFY2023, due to lower sales. The group declared a special dividend of 50 sen per share for the quarter under review. This brings the year-to-date dividend to 70 sen per share, exceeding the total dividend of 57 sen for FY2023 and 52 sen for FY2022. For the first half, HLI’s net profit grew 22.35% to RM190.14 million from RM155.41 million, although revenue decreased by 8.5% to RM1.58 billion from RM1.73 billion. — Hong Leong Industries books highest quarterly profit since 4QFY2018, declares 50 sen special dividend

LBS Bina Group Bhd reported a 31% growth in its fourth quarter net profit, underpinned by increased contribution from its property development business and better progress of construction activities. Net profit for the quarter ended Dec 31, 2023 (4QFY2023) rose to RM36.55 million, from RM27.90 million a year earlier. Quarterly revenue surged 58.88% to RM596.72 million from RM375.58 million, which the group attributed to higher on-site development activities across ongoing projects. For the full year, LBS Bina’s net profit rose 9.13% to RM140.27 million or 7.70 sen per share, from RM128.54 million or 6.87 sen per share in FY2022. Full-year revenue increased 6.07% to RM1.83 billion, from RM1.72 billion. — LBS Bina posts 31% growth in 4Q earnings amid higher contribution from property biz

Sunway Bhd closed its fourth quarter for the financial year 2023 (4QFY2023) with a 29.8% year-on-year jump in net profit to RM265.9 million and its highest annual revenue of RM6.14 billion since the group's listing in 2011. The group made RM61.08 million more net profit in its 4QFY2023, compared with the RM204.82 million it made in the corresponding quarter of 2022, supported mainly by improved contributions from its property investment, construction, trading and manufacturing, and quarry businesses. Quarterly revenue expanded by 22% to RM1.87 billion from RM1.53 billion, attributed to higher contributions from most business segments. It declared a second interim dividend of 3.5 sen per share for FY2023, bringing its payout for the year to 5.5 sen, its bourse filing showed. For the full FY2023, the group's net profit rose 10.3% to RM737.8 million from RM668.5 million in FY2022, as revenue climbed 18% to its record high of RM6.14 billion from RM5.2 billion in FY2022. — Sunway closes FY2023 with 30% jump in 4Q profit and a record high annual revenue

Sunway Construction Group Bhd (SunCon) has secured a RM720.99 million shopping mall project in the Kinta district in Perak, in a related party transaction. Its wholly-owned unit, Sunway Construction Sdn Bhd, received the contract from Sunway Bhd’s indirect subsidiary, Sunway Lost World Water Park Sdn Bhd, for earthworks and main building works of a commercial development containing a six-floor shopping complex, cinema and shops. The project will begin on March 1 and is expected to be completed by Jan 31, 2027. This latest award raises SunCon's total secured new projects for the current year to RM831 million. — Sunway Construction clinches RM721m shopping mall project in Perak

Kuala Lumpur Kepong Bhd (KLK) has redesignated its chief executive officer Tan Sri Lee Oi Hian as executive chairman, following the retirement of Tun Raja Muhammad Alias Raja Muhammad Ali as the group's non-executive chairman. Lee is also the chairman of KLK's controlling company, Batu Kawan Bhd. The Lee family owns over 55% of Batu Kawan, which in turn has a 47.16% stake in KLK. — KLK redesignates CEO Lee Oi Hian as executive chairman as Raja Muhammad Alias retires