KUALA LUMPUR (May 31): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

CIMB Group Holdings Bhd's (KL:CIMB) net profit rose 18% in the first quarter from a year earlier as both interest and non-interest income grew faster than costs and provisions. Net profit for the three months ended March 31, 2024 was RM1.94 billion compared with RM1.64 billion over the same period a year earlier. Net interest income grew 7.7% year-on-year to RM3.79 billion while non-interest income surged 24.5% to RM1.84 billion. No dividend was declared for the quarter. CIMB Group 1Q net profit rises 18% as income growth outpaces provisions, costs

Tenaga Nasional Bhd's (KL:TENAGA) net profit fell 28.6% to RM715.7 million in the first quarter ended March 31, 2024 from RM1 billion a year ago due to foreign exchange translation losses and higher tax expenses. Revenue rose 8% to RM13.64 billion from RM12.63 billion. No dividend was announced for the quarter. Tenaga's net profit falls 29% in 1Q due to forex losses and higher taxes

Sime Darby Plantation Bhd (KL:SIMEPLT), said its first quarter net profit tripled from a year earlier, thanks to lower tax and strong downstream operations. Net profit for the three months ended March 31, 2024 was RM211 million compared with RM69 million over the same period a year earlier. Revenue rose 6.7% year-on-year to RM4.34 billion from RM4.07 billion No dividend was announced for the quarter. Sime Darby Plantation's 1Q net profit triples on lower tax, strong downstream ops

Berjaya Corp Bhd's (KL:BJCORP) latest quarterly net profit jumped over 200 times to a nine-year high, thanks largely to divestment and accounting gains. Net profit totalled RM694.58 million for the third quarter ended March 31, 2024 , compared with RM3.26 million over the same period a year ago. Revenue climbed 11.24% year-on-year to RM2.78 billion from RM2.5 billion, led by higher property and lottery sales. No dividend was declared. Berjaya Corp's 3Q net profit jumps to nine-year high on disposal, accounting gains

I-Bhd's (KL:IBHD) first quarter net profit rose six-fold to RM4.07 million from RM675,000 a year earlier, which the group attributed to its "strong financial management and strategic foresight". This is despite revenue for the quarter ended March 31, 2024 slipping 8.6% to RM40.63 million from RM44.46 million previously, said the developer of i-City in Shah Alam. The lower revenue was due to the property development segment’s revenue falling 53% to RM7.99 million from RM17.09 million a year earlier, amid clearance of existing inventory. The developer did not declare any dividend. I-Bhd's 1Q net profit sharply higher, to focus on property development at i-City

Two former directors of MMAG Holdings Bhd’s (KL:MMAG) 95%-owned air cargo logistics unit, M Jets International Sdn Bhd (MJets), have been charged with dishonest misappropriation of property. MMAG notified the bourse of the matter after receiving a letter from the Malaysian Anti-Corruption Commission on Gunasekar Mariappan and Philip Phang Kin Ming being charged at the Shah Alam Sessions Court. According to the transportation and logistics firm, Gunasekar and Phang were slapped with seven charges under Section 403 of the Penal Code — concerning dishonest misappropriation of property — read together with Section 34 of the Act. Former directors of MMAG’s air cargo unit charged with dishonest misappropriation of property

AME Elite Consortium Bhd (KL:AME) is buying three parcels of freehold land, measuring 37.5 acres, in Kulai, Johor for RM106.17 million to develop an industrial cluster. The acquisition was made through its wholly-owned subsidiary Golden Symphony Sdn Bhd, which entered into a sale and purchase agreement with Dahlia Utama Sdn Bhd, the owner of the palm oil estate. AME Elite said that the proposed acquisition, which is expected to be completed by the third quarter of this year, presents a strategic investment opportunity to increase its land bank. AME Elite buys more land in Johor for industrial cluster development

Feytech Holdings Bhd (KL:FEYTECH), an automotive seat manufacturer listed on May 21, proposes to acquire a plot of land measuring 9.76 acres for RM19.98 million from DRB-Hicom Bhd (KL:DRBHCOM)’s unit Proton City Development Corp Sdn Bhd (PCDC). Feytech said it has entered into a sale and purchase agreement with PCDC to acquire the freehold industrial land in Perak, to establish the group’s new manufacturing facility. “The proposed acquisition is in line with the group’s strategy to enhance production capacity for automotive seats and automotive cover in order to meet the growing demands of the automotive industry and allow for future expansion,” it said. Newly listed Feytech buys RM20 mil industrial land from DRB-Hicom’s Proton City