KUALA LUMPUR (Aug 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

KIP REIT (KL:KIPREIT) is acquiring a 4,663-sq metre land in Gerik, Perak, for RM14.8 million, marking its third acquisition this year. The land, which includes a single-storey hypermarket leased to TF Value-Mart, will be financed through bank borrowings with minimal impact on the trust's financing ratio. — KIP REIT acquires land in Gerik for RM14.8m

Semiconductor company D&O Green Technologies Bhd’s (KL:D&O) net profit for 2QFY2024 surged nearly 11 times to RM7.76 million from RM716,000 a year earlier, due to higher revenue across its main business segments. Revenue for the quarter increased by 20.76% to RM265.63 million from RM219.97 million in 2QFY2023, primarily due to higher contribution from the automotive segment. This growth was fuelled by new design wins, particularly in “Smart Lights Emitting-Diode (LED)” ambient lighting, rear combination lamps and headlamp applications. No dividend was declared for the quarter under review. — D&O’s 2Q net profit soars to RM7.76m on higher revenue

Sports Toto Bhd (KL:SPTOTO) posted a net profit of RM67.6 million for the fourth quarter ended June 30, 2024 (4QFY2024), up 8.4% from RM62.3 million a year ago, driven by stronger performance of its principal subsidiary, STM Lottery Sdn Bhd. Quarterly revenue increased 2.1% year-on-year to RM1.65 billion from RM1.62 billion. The company proposed a fourth interim dividend of two sen per share, down from 2.5 sen a year earlier, payable on October 18. This brings total dividends for FY2024 to 10 sen, up from nine sen in the previous year. — Sports Toto’s 4Q net profit rises 8.4%, declares two sen dividend

Original design manufacturer Uchi Technologies Bhd (KL:UCHITEC) said its net profit for 2QFY2024 grew 13.38% to RM32.17 million from RM28.37 million a year earlier, driven by the US dollar's appreciation against the ringgit. Revenue increased 2.15% to RM59.06 million from RM57.81 million in 2QFY2023, amid the strengthening of the US currency. However, revenue in US dollar terms decreased 3% to US$12.5 million, due to lower sales demand for its products and services, the group said. It declared a first interim dividend of 6.5 sen per share, payable on September 26, bringing the group’s year-to-date dividend payout to eight sen. — Uchi Technologies' 2Q net profit grows 13%, declares 6.5 sen dividend

Tomypak Holdings Bhd (KL:TOMYPAK) is selling a property in Senai, Johor, including 4.14 hectares of land and factory buildings, for RM31 million. The sale is part of the company's strategy to monetise non-core assets, with the deal expected to be completed by the fourth quarter of this year. — Tomypak to sell non-core land, factory assets in Senai for RM31m

Telekom Malaysia Bhd (KL:TM) said that its agreement to acquire a stake in Digital Nasional Bhd (DNB) has been terminated after DNB declined TM's request for additional time to seek shareholders' approval. Despite the termination, TM's 5G services for customers remain unaffected as it continues its 5G wholesale subscription with DNB. — DNB calls off share sale agreement with TM

Yong Tai Bhd (KL:YONGTAI) will defend against a lawsuit from Kerjaya Prospek Group Bhd (KL:KERJAYA), which alleges an unpaid contract sum of RM105.14 million. Yong Tai disputes the claims, arguing Kerjaya Prospek breached the contract terms and asserting the outstanding amount is closer to RM36.4 million. Yong Tai also denies all allegations and may consider countersuing. — Yong Tai to defend itself in RM105m contract dispute, may countersue Kerjaya Prospek

Pantech Group Holdings Bhd (KL:PANTECH) plans to list two wholly-owned subsidiaries, Pantech Stainless & Alloy Industries and Pantech Steel Industries, on the Main Market of Bursa Malaysia through a special purpose vehicle (SPV) named Pantech Global Bhd. The listing will allow Pantech to unlock value and provide shareholders with equity participation in the SPV. As part of the process, the SPV will acquire the subsidiaries for a total of RM293.88 million, paid through the issuance of new shares. Following the acquisition, Pantech Global will proceed with an IPO, offering 30.85% of its shares. — Pantech confirms plan to list two subsidiaries on Main Market via SPV

Hibiscus Petroleum Bhd’s (KL:HIBISCS) subsidiary, Straits Hibiscus Sdn Bhd, has agreed to acquire a 30% interest in the Block PM327 production sharing contract through a farm-in arrangement with Petronas Carigali Sdn Bhd. The acquisition is subject to regulatory approvals and other conditions. — Hibiscus Petroleum's indirect unit acquires 30% stake in Block PM327 production sharing contract

Allianz Malaysia Bhd (KL:ALLIANZ) reported a flat net profit for the second quarter ended June 30, 2024 (2QFY2024) amid increased claims for fire and engineering losses, and higher insurance service results from the investment-linked protection business and higher net investment income. Net profit for the quarter was RM167.02 million, up 0.21% from RM166.67 million a year earlier. Revenue increased 17.7% year-on-year to RM1.37 billion from RM1.16 billion, mainly due to higher insurance revenue from both segments. No dividend was declared for the quarter under review. — Allianz Malaysia posts flat 2Q net profit of RM167m

Jati Tinggi Group Bhd (KL:JTGROUP) has secured a RM39.9 million contract to install 33kV XLPE underground cables in Selangor. Its subsidiary, Jati Tinggi Holding Sdn Bhd, received the letter of award from YM Teras Sdn Bhd. The contract, effective immediately, is set to be completed within 660 days. JTHSB must provide a performance bond and purchase insurance before starting work. — Jati Tinggi secures RM39.9m contract to lay underground cables in Selangor

Affin Bank Bhd (KL:AFFIN) saw its net profit edge up 4.7% year-on-year to RM118.58 million in 2QFY2024, up from RM113.23 million the year before, thanks largely to writeback of impairment losses that helped offset a decline in income. Net interest income fell 8% year-on-year to RM170.26 million, while non-interest income fell 29% to RM31.83 million. The lender flagged that margins could continue to narrow in the short term as it grapples with shrinking deposits amid intense competition. No dividend was announced for the quarter. — Affin Bank says margin could continue to narrow in short term, records 4.7% gain in 2Q net profit

MISC Bhd's (KL:MISC) net profit for 2QFY2024 rose 19.43% to RM540.9 million from RM452.9 million a year ago, due to higher profit in the marine and heavy engineering segment, as well as the petroleum and product shipping segment. Revenue, however, dropped 6.2% to RM3.33 billion from RM3.55 billion due to lower earnings from ongoing projects and contract expiries. The group proposed a second interim dividend of eight sen per share, to be paid on September 26. This brings its year-to-date dividend to 16 sen per share for FY2024. — MISC's 2Q net profit grows over 19% to RM540.9 mil, to pay eight sen dividend

Sime Darby Property (KL:SIMEPROP) expects the occupancy rate for Phase 3B of Battersea Power Station in the UK to rise to 50-80% by next year, up from 20% currently. This increase could reduce the impact of an accounting rule that negatively affected its 2QFY2024 results, leading to a larger joint-venture loss of RM87.9 million. The impact is expected to lessen going forward, with no major effects anticipated for the rest of the year. The company is optimistic due to recent improvements, including a UK rate cut. — Sime Darby Property aims to raise Battersea Phase 3B occupancy rate to 50%-80%

Oil and gas services firm Keyfield International Bhd (KL:KEYFIELD) has secured a RM48 million contract to provide an accommodation workboat with a primary charter starting August, valued at RM34.6 million and an extension option worth RM13.4 million. The contract includes crew and on-board services and is expected to boost Keyfield's earnings and net assets for FY2024. — Keyfield bags RM48m accommodation workboat contract

S P Setia Bhd (KL:SPSETIA) has confirmed that Datuk Choong Kai Wai remains its president and CEO, dismissing rumors of his departure. The company emphasised its commitment to achieving strategic goals under Choong's leadership and looks forward to his continued contributions. — S P Setia says CEO Choong Kai Wai will stay, denies report of departure