KUALA LUMPUR (Aug 21): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Petronas Dagangan Bhd (KL:PETDAG) posted a net profit of RM276.4 million for the second quarter ended June 30, 2024, little changed from RM275.7 million a year earlier, amid higher operating and tax expenses. Quarterly revenue rose 10.4% year-on-year to RM9.84 billion from RM8.91 billion, driven by a 5% increase in both sales volume and average selling prices. The group declared an interim dividend of 20 sen per share, to be paid on September 18. — PetDag posts flat 2Q net profit despite stronger revenue growth, declares 20 sen dividend

Sentoria Group Bhd (KL:SENTORIA) has denied former CEO Datuk Loh Yuen Tuck's claim of constructive dismissal, asserting that Loh breached his contract by not reporting for duty as requested. The company stated it will present its case in court if necessary, in response to a Bursa Malaysia query regarding a related article in The Edge Malaysia. — Sentoria says ex-CEO repudiated contract by failing to report for duty, denies constructive dismissal claim

Tenaga Nasional Bhd (KL:TENAGA) has received a new tax bill of RM1.39 billion from the Inland Revenue Board for the years 2020 and 2021. The utility giant said the latest notices are similar to those received in previous years, which are currently under court dispute. Based on legal advice, TNB believes the assessments are incorrect and intends to appeal the notices promptly. — TNB hit with additional RM1.39b tax bill, planning appeal

Magma Group Bhd (KL:MAGMA) said that its 75%-owned unit, Impiana Selo Tioman Resorts Sdn Bhd, is being sued by Marc Bovell Paul Desmidt and Erin Camille Desmidt for US$974,968 (RM4.59 million). The plaintiffs allege a breach of a sale and purchase agreement for five parcels of land in Tioman, Pahang, claiming no progress in development and that the project will not proceed. — Magma's 75%-subsidiary sued over alleged breach of agreement

Star Media Group Bhd (KL:STAR) reported a significant increase in net profit for 2QFY2024, rising to RM7.49 million from RM791,000 a year earlier. This surge was driven by gains from its property development segment, which offset losses in its print business. Revenue for the quarter increased 27.76% year-on-year to RM74.13 million from RM58.02 million. No dividend was declared for the quarter. — Star Media’s 2Q net profit jumps as property business offset loss at media

Petronas Gas Bhd (KL:PETGAS) has reappointed Datuk Adif Zulkifli as its non-independent, non-executive chairman, effective immediately. He replaces Adnan Zainol Abidin, who resigned due to management changes at Petroliam Nasional Bhd (Petronas). The group also reported a 3.4% decline in net profit to RM469 million for the second quarter ended June 30, 2024, from RM485.4 million a year earlier. Quarterly revenue inched up 0.7% year-on-year to RM1.65 billion from RM1.64 billion. It declared a second interim dividend of 16 sen, payable September 19. — PetGas reappoints Adif Zulkifli as chairman

Palm oil producer Johor Plantations Group Bhd (KL:JPG), which went public last month, saw its net profit nearly quadruple in the second quarter, reaching RM49.74 million compared to RM12.65 million a year earlier. This surge was driven by higher prices and increased sales volume. Revenue rose 34.86% to RM360.91 million from RM267.61 a year ago. The company declared its first interim dividend of 1.25 sen per share, payable on September 24. — Newly listed Johor Plantations’ 2Q net profit nearly quadruples, pays 1.25 sen dividend

Automotive parts manufacturer MCE Holdings Bhd (KL:MCEHLDG) has secured RM52.13 million in contracts from Proton Holdings Bhd to supply automotive electronic and mechatronic components. The five-year contracts, starting in the first quarter of FY2025, include parts like front reading lamps and rear reflectors. The estimated investment for the project is RM2.23 million. — MCE Holdings secures contracts from Proton to supply components

Willowglen MSC Bhd (KL:WILLOW) has secured a RM42.84 million contract from Singapore's Ministry of Education through its subsidiary, Willowglen Services Pte Ltd. The contract, starting on Aug 29, 2024, and ending on Feb 28, 2026, involves the design, supply and installation of security systems. — Willowglen MSC secures RM42.8 mil contract to supply security systems to Singapore's Education Ministry

Petronas, Adnoc, and Storegga have signed an agreement to develop carbon capture and storage (CCS) facilities in the Penyu basin, offshore Malaysia. The project aims to achieve a CO2 capture and storage capacity of at least five million tonnes per year by 2030. It will include studies on CO2 shipping, logistics, and advanced technologies like artificial intelligence to improve storage capacity. — Petronas teams up with Adnoc, Storegga to develop carbon capture and storage hub in Malaysia

South Malaysia Industries Bhd (KL:SMI) has received a RM47 million takeover offer from major shareholders Francis Leong and two Techbase Industries Bhd (KL:TECHBASE) subsidiaries. They are offering 45 sen per share, an 11% premium over SMI's closing price of 40.5 sen on Monday. — South Malaysia Industries gets takeover offer at 45 sen per share

Solarvest Holdings Bhd (KL:SLVEST) and Agmo Holdings Bhd (KL:AGMO) are partnering to develop digital products for the clean energy sector through a joint venture (JV). Solarvest will hold 70% of the JV, while Agmo will have 30%. The JV will focus on creating software, digital platforms, data analytics and technology integration services, with products like a renewable energy certificate platform, a home solar project management system and an electric vehicle platform. The development is expected to take six to 12 months. — Solarvest, Agmo to form joint venture to develop digital products

Mechanical and electrical engineering company Kinergy Advancement Bhd's (KL:KAB) net profit for the second quarter ended June 30, 2024 grew by 66% to RM5.57 million from RM3.35 million a year ago, driven by improved margins from its sustainable energy solutions segment. Quarterly revenue declined to RM41.8 million from RM45 million a year ago. No dividend was declared for the quarter. — KAB net profit jumps 66% in 2QFY2024

AMMB Holdings Bhd (KL:AMBANK) reported a 32.2% increase in net profit to RM500.2 million for the first quarter ended June 30, 2024,compared with RM378.37 million a year ago, driven by lower impairment charges and higher interest income. Net impairments dropped significantly to RM12.3 million from RM190.4 million, while net interest income rose by 6.4% to RM860.9 million from RM808.7 million. However, non-interest income fell by 19.2% due to lower trading gains and a one-off gain in the previous year. No dividend was declared for the quarter. — AMMB’s 1Q net profit up 32% on lower write-down