KUALA LUMPUR (Aug 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

CelcomDigi Bhd's (KL:CDB) net profit rose 18% in the second quarter to RM406.02 million, compared to RM342.52 million a year earlier, driven by lower depreciation charges and tax incentives. Revenue slightly declined by 0.5% to RM3.11 billion from RM3.12 billion due to lower earnings from services and enterprise segments. The company declared a second interim dividend of 3.5 sen per share, bringing the year-to-date payout to seven sen. — CelcomDigi’s 2Q net profit rises 18%, cuts earnings forecasts, pays 3.5 sen dividend

Genting Bhd (KL:GENTING) said it is seeking legal advice following allegations by the Nevada gaming regulator that it failed to ban criminals from its Resorts World Las Vegas. The company stated that Resorts World Las Vegas LLC, its subsidiary, is actively communicating with the Nevada Gaming Control Board and is committed to resolving the issues and ensuring compliance with all regulations. — Genting seeking legal advice on complaint against Resorts World Las Vegas

Insurer and reinsurer MNRB Holdings Bhd’s (KL:MNRB) net profit for its first quarter ended June 30, 2024 surged 32.6% to RM92.2 million from RM69.54 million a year ago, driven by stronger reinsurance and general takaful businesses. Revenue slightly decreased by 0.5% to RM941.05 million from RM945.35 million a year ago, mainly due to a dip in its family takaful segment. No dividend was declared for the quarter. — Better reinsurance and general takaful lift MNRB Holdings 1Q net profit up 33%

Engineering supporting services provider SFP Tech Holdings Bhd's (KL:SFPTECH) net profit for 2QFY2024 grew by 21.22% to RM12.89 million from RM10.63 million a year earlier, driven by higher orders in its engineering supporting services (ESS) segment. Revenue increased by 24.56% to RM45.39 million from RM36.44 million. This marks the company's highest quarterly net profit and revenue since its listing on the ACE Market in June 2022. No dividend was declared for the quarter. — SFP Tech’s 2Q net profit up 21% amid higher orders at engineering supporting services division

SBC Corporation Bhd (KL:SBCCORP) is selling a 2.2-acre land in Kuala Lumpur for RM36.6 million to MEGX Holdings Sdn Bhd. The sale, through its subsidiary Kiara East Property Sdn Bhd, is aimed at generating cash flow for development projects. The group expects to record a consolidated gain of RM23.75 million from the disposal in the financial year ending March 31, 2025. — SBC Corporation sells 2.2-acre land for RM37 mil

Mi Technovation Bhd's (KL:MI) net profit for the second quarter ended June 30, 2024 increased by 21.3% to RM27.6 million from RM22.7 million in the same period last year, supported by higher revenue. Revenue grew 51.3% year-on-year to RM127.2 million from RM84.1 million, with 56.6% coming from its semiconductor equipment business and 41.2% from its semiconductor material business. The company declared a first interim dividend of 2.5 sen per share. — Mi Technovation’s 2Q net profit up 21% on higher revenue, declares 2.5 sen dividend

Bumi Armada Bhd's (KL:ARMADA) subsidiary, Bumi Armada Holdings Labuan Ltd, has secured syndicated facilities totalling up to US$400 million (RM1.77 billion) to refinance a RM1.5 billion sukuk issued in 2014. The facilities include a US$135 million conventional term loan and a US$265 million Islamic Murabahah facility. The funds will be used to redeem the sukuk and its related liabilities. — Bumi Armada unit secures US$400m syndicated facilities to refinance RM1.5b sukuk

Privately owned rail construction company Dhaya Maju Infrastructure (Asia) Sdn Bhd has agreed to acquire up to a 51% stake in electrical engineering firm Pestech International Bhd (KL:PESTECH). This move follows IJM Corp Bhd's(KL:IJM) decision to withdraw from acquiring a 44.83% stake in Pestech. Dhaya Maju will subscribe to at least 1.03 billion shares at 15.5 sen each, totalling approximately RM160.07 million. — Dhaya Maju to acquire 51% stake in Pestech for RM160m

Petronas Chemicals (KL:PCHEM) reported a 24% increase in net profit for the second quarter ended June 30, 2024, rising to RM777 million from RM628 million a year earlier, driven by higher sales volume and finance income. Revenue also grew 8.6% year-on-year to RM7.73 billion from RM7.11 billion. The company declared a first interim dividend of 10 sen per share, totalling RM800 million, payable September 12. — Petronas Chemicals’ 2Q net profit climbs 24%, declares 10 sen dividend

Medical bed manufacturer LKL International Bhd (KL:LKL) announced a partnership with Karl Group to explore and collaborate on hospital furniture manufacturing in the Philippines. Under the memorandum of understanding, LKL will provide technical expertise, technology, training, and assist with identifying investors and financial support. This partnership aims to expand LKL's business operations and enhance its market presence in the Philippines, addressing the growing demand for quality hospital furniture and healthcare solutions. — LKL signs pact with Karl Group to explore hospital furniture manufacturing in Philippines

ITMAX System Bhd (KL:ITMAX) has secured an additional RM539.46 million order from Kuala Lumpur City Hall (DBKL) to install 5,000 more surveillance cameras and video signages in Kuala Lumpur. The contract, which spans 120 months, includes 12 months for installation and 108 months for service subscription. The start date will be determined based on an agreed work schedule. — ITMAX bags additional orders worth RM539m from DBKL

Parkson Retail Asia Ltd (PRA), a 67.96%-owned subsidiary of Parkson Holdings Bhd (KL:PARKSON), has applied to exit the Singapore Exchange (SGX) watch-list, as its average daily market capitalisation has surpassed the S$40 million threshold. PRA, which was placed on the watch-list in December 2019 due to consecutive years of losses, has requested SGX approval to remove its watch-list status. Shareholders and potential investors have been advised to proceed with caution until the outcome is announced. — Parkson’s unit Parkson Retail Asia seeks exit from SGX watch-list

Lagenda Properties Bhd (KL:LAGENDA) has appointed Loh Lai Pui as its new chief financial officer (CFO) effective Friday. Loh, with a degree in accounting and finance from Lancaster University and over 23 years of experience, previously served as CFO at property development and plantation company Ayer Holdings Bhd (KL:AYER) for nearly three years. — Lagenda Properties appoints ex-Ayer Holding CFO as new finance chief

Mohamed Rafe Mohamed Haneef, currently group CEO of MBSB Bhd (KL:MBSB), will take over as CEO of MBSB Bank Bhd August 19, following Nor Azam M Taib's departure in June. Rafe, a Harvard graduate with extensive experience in banking, became MBSB group CEO last year after the merger with MIDF. — Mohamed Rafe appointed MBSB Bank CEO