KUALA LUMPUR (May 17): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Hup Seng Industries Bhd (KL:HUPSENG) said its first quarter net profit rose 44.6% RM13.97 million, from RM9.65 million a year earlier, thanks to higher sales and lower material input costs. Revenue for the first quarter ended March 31, 2024 (1QFY2024) was up 8% to RM93.57 million, from RM86.38 million in 1QFY2023. This is Hup Seng’s best quarterly net profit since 4QFY2017, when it reported earnings of RM14.4 million, on the back of stronger demand for biscuits. It also marks the group’s fourth consecutive quarter of earnings growth, exceeding its preceding quarter’s net profit of RM13.7 million. — Hup Seng’s 1Q net profit rises 45%; best quarterly earnings in six years

SEG International Bhd (SEGi) (KL:SEG) said its first-quarter net profit dropped 22.38% to RM3.57 million from RM4.6 million a year ago, primarily due to higher acquisition cost for students at the time of enrolment. Earnings per share for the quarter ended March 31, 2024 (1QFY2024) fell to 0.29 sen from 0.38 sen for 1QFY2023. Revenue increased 8% year-on-year to RM49.67 million from RM45.99 million, driven by an increase in new enrolments. Compared to 4QFY2023, net profit nearly quadrupled from RM896,000, while revenue rose 13.6% from RM43.74 million. — SEGi's 1Q net profit falls 22% amid increased student acquisition cost

Hong Leong Industries Bhd’s (HLI) (KL:HLIND) net profit for its third financial quarter jumped 51% year-on-year, thanks to a RM25 million insurance compensation it received for the disruption caused by floods in its motorcycle business during the third quarter of FY2022. Its net profit for the third financial quarter ended March 31, 2024 (3QFY2024) increased to RM99.43 million versus RM65.91 million a year earlier. However, revenue for the quarter fell 17.9% to RM758.03 million from RM923.35 million in 3QFY2023, due to lower motorcycle sales. The group declared a second interim single tier dividend of 37 sen per share for the quarter under review, with an ex-date of June 4, payable on June 25. This brings the year-to-date dividend to RM1.07 per share, exceeding the total dividend of 57 sen paid for the full financial year ended June 30, 2023 (FY2023) and 52 sen paid for FY2022. — Hong Leong Industries posts 51% jump in 3Q net profit on RM25m insurance compensation

Pansar Bhd (KL:PANSAR) has secured a RM30.1 million contract to undertake facilities management and maintenance for the Borneo Cultures Museum and annex building at the Sarawak Museum Complex in Kuching. The Sarawak-based engineered solutions provider said the job, awarded by the state Public Works Department, involves civil, structural and architectural services, as well as mechanical, electrical, landscape, and housekeeping services. Pansar said the project will run for 39 months from May 27, and is expected to contribute positively to the group’s earnings. Including the latest win, Pansar has announced three contractor project awards since the start of 2024, with a total value of RM429.20 million, all of which are located in Sarawak. — Pansar secures RM30m contract to manage museum building in Kuching

Kawan Food Bhd’s (KL:KAWAN) net profit in the first quarter ended March 31, 2024 (1QFY2024) rose 17.1% to RM9.22 million from RM7.88 million in the same quarter last year, in line with higher revenue. Quarterly revenue improved 9.4% to RM80.64 million from RM73.70 million a year ago, mainly contributed by the local market and rising demand in the North American market. As a result, earnings per share went up to 2.54 sen from 2.17 sen in 1QFY2023. On a quarterly basis, the group’s net profit came in 4.1% higher than the RM8.86 million it logged in the immediate preceding quarter (4QFY2023) while revenue increased by 5.8% from RM76.2 million. — Kawan Food reports stronger 1Q profit, warns ‘signs of recession’ showing in global economy

Malaysian Pacific Industries Bhd (KL:MPI) posted a net profit of RM32.76 million for the third quarter ended March 31, 2024 (3QFY2024), in contrast to a net loss of RM17.83 million a year ago, thanks to higher revenue and better foreign exchange rates. Earnings per share stood at 16.47 sen, against a loss per share of 8.97 sen for 3QFY2023. Quarterly revenue grew 11.5% to RM526.06 million from RM471.86 million last year, driven by higher revenues from its Asia, US and Europe segments. MPI declared a second interim dividend of 25 sen per share, to be paid on June 26, bringing total dividends so far to 35 sen for FY2024. Despite the improved results, MPI expects the semiconductor industry to stay volatile and uncertain in the near future, despite a gradual recovery in certain segments. — MPI expects semiconductor industry to be volatile in near term despite improved earnings, pays 25 sen dividend

S P Setia Bhd (KL:SPSETIA) posted a 39.46% year-on-year jump in its net profit for the first quarter of the year, as it recorded stronger revenue, driven by higher contribution from both its domestic business as well as its operations in Vietnam. Net profit for the quarter ended March 31, 2024 (1QFY2024) rose to RM77.33 million from RM55.45 million in 1QFY2023, with revenue climbing almost 53% to RM1.48 billion from RM967.67 million. Earnings per share rose to 0.56 sen from 0.36 sen. The group's main property development segment achieved a profit before tax (PBT) of RM180.8 million in 1QFY2024, up 38.6% from 1QFY2023, which it attributed to higher contribution from its Eco Xuan development project in Vietnam, supported by land bank management and higher contribution from domestic property development. — S P Setia 1Q profit jumps 40% as revenue climbs, says on track to achieve RM4.4 bil sales target

Thong Guan Industries Bhd (KL:TGUAN) is teaming up with the Kedah State Development Corporation (PKNK) to jointly develop 221 units of shop and office lots with an estimated gross development value (GDV) of RM200 million. The project will be developed on a 20-acre land, the group said, without specifying the location of the plot. Thong Guan said that the project aligns with its strategic planning to diversify into property development and grow a new income source. Under the joint venture, Thong Guan is obligated to pay a guaranteed minimum sum of RM19.75 million, including cash payments of RM15 million in six instalments. PKNK is entitled to six completed commercial units valued at no less than RM4.75 million. Apart from PKNK's entitlement, Thong Guan retains all proceeds from the project, including unsold units, with no further claims from the agency. — Thong Guan teams up with Kedah agency to develop RM200m GDV property project

Iconic Medicare Sdn Bhd (IMED), a wholly-owned unit of Iconic Worldwide Bhd (KL:ICONIC), is suing Jovian Apparel Sdn Bhd over an alleged outstanding sum of RM4.96 million in unpaid face masks supplied by the company to the fashion retailer. Iconic Worldwide said IMED, which is currently a major contributor to the financial performance of the group, had filed a writ of summons and statement of claim against Jovian Apparel on May 13, 2024 at the Penang High Court. According to the statement of claim filed with the court, IMED had supplied customised face masks to Jovian Apparel based on the latter's specification and customised order under the Jovian RTW brand. However, IMED claimed that Jovian Apparel failed to make full payment for the stock delivered, with a sum of RM3.16 million still owed for the face masks which had been delivered and accepted by the fashion retailer, taking into account warehouse charges and interest. On top of that, Jovian Apparel had also placed orders for face masks which IMED had prepared, but, till now, has ignored or refused to provide a delivery schedule for said face masks. The total value of the neglected face masks stood at RM1.80 million as at April 19. — Iconic Worldwide unit sues Jovian Apparel over unpaid face masks totalling RM4.96m

Pertama Digital Bhd (KL:PERTAMA), which runs the digital court bail payment system e-Jamin, said it is in discussions with the relevant authorities to allow the company to continue operating the system. Pertama said its unit Dapat Vista (M) Sdn Bhd had received a “directive letter” dated April 30 from the Office of the Chief Registrar of the Federal Court of Malaysia, requiring it to transfer all e-Jamin funds and accrued interest to the main receiving account of the Prime Minister's Department. Additionally, the company was instructed to cease operations of the e-Jamin system and revert to manual bail processes from May 19 onwards. In response to the letter, Pertama said its subsidiary Dapat Vista is currently "working towards obtaining the approval from the relevant regulatory authorities to continue providing services via e-Jamin moving forward”. — Pertama in talks to continue operating online bail system e-Jamin