KUALA LUMPUR (Aug 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Property developer S P Setia Bhd (KL:SPSETIA) says it has initiated legal action against its former senior management and a former director of the group, over alleged breaches of duties linked to the purchase of lands in Kota Kinabalu, Sabah, and the sale of units under the group’s Aeropod project. The group’s former deputy president and chief operating officer Datuk Wong Tuck Wai, currently CEO of IJM Land Bhd; its former executive vice president Datuk Kow Choong Ming; and its former president cum CEO and director Datuk Khor Chap Jen were among 11 defendants named in the suit. — S P Setia sues former senior management and a former director for alleged breaches of duties

Dialog Group Bhd (KL:DIALOG) is selling its 60% stake in its Saudi Arabian joint venture, Dialog Jubail Supply Base Company Ltd (DJSB), for 47.5 million Saudi riyals (RM55 million) to its JV partner, Sedres Trading & Maritime Services Co Ltd. Sedres currently holds the remaining 40% stake in DJSB, which is primarily engaged in providing logistics services for a supply base and the trading of base oil in Saudi Arabia. — Dialog sells Saudi unit to JV partner for RM55m

Malakoff Corp Bhd’s (KL:MALAKOF) wholly-owned subsidiary Prai Power Sdn Bhd has received a one-year extension to its power purchase agreement (PPA) from Tenaga Nasional Bhd (KL:TENAGA). The PPA extension will commence on Sept 1, 2024, and expires on Aug 31, 2025. — Malakoff’s 350MW Prai power plant gets one-year PPA extension

A consortium led by utility construction and tower fabrication company Rohas Tecnic Bhd (KL:ROHAS) has won a RM123 million contract from Gamuda Bhd (KL:GAMUDA) to provide fabrication and installation works under Package 2 of the Sg Rasau water treatment plant project in Selangor. Rohas said the Rohas-Euco Industries Bhd (REI)-One Ocean Environment Sdn Bhd (OOESB) consortium — comprising REI, a wholly-owned subsidiary of Rohas, and OOESB — last Friday accepted a letter of award issued by Gamuda M&E Sdn Bhd, a subsidiary of Gamuda for the proposed job. The consortium was established to bid for and undertake the execution of the Sungai Rasau Package 2 project. — Rohas Tecnic-led consortium wins RM123m contract for Sg Rasau Package 2 project

Varia Bhd (KL:VARIA), previously known as Stella Holdings Bhd, has secured a RM410.3 million flood mitigation project in Segamat, Johor. The company’s wholly-owned Pembinaan Teguh Maju Sdn Bhd has been appointed by Kator Construction Sdn Bhd as a sub-contractor for the Sungai Muar Phase 3 Package 1 flood mitigation plan. — Varia bags RM410m flood mitigation project in Johor

Public Bank Bhd’s (KL:PBBANK) net profit rose 10% in the second quarter ended June 30, 2024 (2QFY2024) to RM1.78 billion from RM1.62 billion in the same period a year earlier, thanks to higher net interest income and non-interest income. The country’s third largest bank by assets also declared a first interim dividend of 10 sen per share, amounting to RM1.94 billion, payable on September 23. — Public Bank's 2Q net profit rises 10%, declares 10 sen dividend

RHB Bank Bhd’s (KL:RHBBANK) net profit fell by 11% in 2QFY2024 to RM722.31 million compared with RM808.70 million over the same period last year, dragged by provisions. The bank also declared a cash dividend of 15 sen per share, to be paid at a date to be determined later. — RHB Bank’s 2Q net profit down 11%, declares 15 sen dividend

FGV Holdings Bhd (KL:FGV) has returned to the black with a net profit of RM86.38 million in 2QFY2024 compared with a net loss of RM12.9 million a year earlier, on higher profits in the plantation, and logistics and support divisions. This was partially offset by weaker performance in the sugar, and oils and fats divisions in the quarter under review. FGV also saw revenue for the quarter rise by 22.7% to RM5.52 billion from RM4.49 billion in 2QFY2023, driven by higher average crude palm oil price and sales volume. — FGV returns to the black in 2Q, driven by plantation, logistics and support divisions

MBSB Bhd (KL:MBSB), the financial holding company of MBSB Bank Bhd and Malaysian Industrial Development Finance Bhd (MIDF), saw its net profit for 2QFY2024 drop 34.5% to RM54.83 million, from RM83.7 million a year earlier, on higher operating expenses and impairment allowances. Quarterly revenue, however, grew 35% to RM960.85 million from RM711.53 million in 2QFY2023, primarily due to increased financing income and contributions from MIDF integration. — MBSB’s 2Q net profit down 34% on higher opex, impairment allowances

Gas Malaysia Bhd’s (KL:GASMSIA) 2QFY2024 net profit rose 12.5%  to RM110 million from RM97.8 million a year earlier, driven by higher natural gas sales, tolling fees and joint venture contributions.   Quarterly revenue, however, dipped 1.8% to RM1.98 billion from RM2.02 billion due to lower average natural gas selling prices. The group has proposed a first interim dividend of 6.31 sen per share, amounting to RM81 million, to be paid on October 25. — Gas Malaysia posts better 2Q profit amid higher sales and JV contributions, pays 6.31 sen dividend

Sime Darby Bhd (KL:SIME) closed the financial year ended June 30, 2024 (FY2024) on a strong footing, with its net profit more than doubling to RM3.31 billion from RM1.46 billion in the previous year. This was largely due to a RM2 billion gain from the disposal of Ramsay Sime Darby Health Care (RSDH) in December 2023. Revenue for FY2024 saw a 39% jump to RM67.13 billion from RM48.29 billion in FY2023. Sime Darby declared a second interim dividend of 10 sen per share for FY2024, payable on September 30. This brings the total dividend payout for FY2024 to 13 sen per share or RM886 million. For 4QFY2024, however, Sime Darby saw its net profit fall 85.7% to RM89 million from RM622 million a year earlier, mainly due to one-off impairments and provisions at the motors division, losses at the motors operations in China, higher finance costs and deferred tax provisions Nevertheless, revenue for the quarter saw a 41.4% improvement to RM18.8 billion from RM13.29 billion a year earlier. — Sime Darby ends FY2024 on strong footing on disposal gain from Ramsay Sime Darby Health Care stake, declares 10 sen dividend

Inari Amertron Bhd’s (KL:INARI) net profit for 4QFY2024 fell 17.54% to RM54.68 million from RM66.31 million a year earlier amid unfavourable forex movements, higher operating costs and early staging of new products. The weaker profit was despite revenue increasing by 11.5% to RM333.11 million from RM298.75 million, driven by higher loading volumes in the radio frequency (RF) and optoelectronics segments. The outsourced semiconductor assembly and test player declared a fourth interim dividend of 1.4 sen per share, to be paid on October 10. This brings the full-year dividend to 7.7 sen per share, lower than the 8.2 sen per share paid for FY2023. For FY2024, the group’s net profit decreased by 7.21% to RM300.19 million from RM323.54 million despite revenue rising 9.21% to RM1.48 billion from RM1.35 billion. — Inari’s 4Q net profit slips 17% amid unfavourable forex movements, higher operating costs

Malaysian Pacific Industries Bhd’s (KL:MPI) saw its 4QFY2024 net profit surge nearly 11-fold to RM82.97 million as compared to RM8.14 million a year ago, thanks to higher revenue from its Asia and Europe market segments, as well as a reversal from its executive share scheme provision during the quarter. Revenue for the quarter was up by 10.45% to RM532.84 million from RM482.43 million in the same quarter a year earlier. For its full FY2024, net profit nearly tripled to RM164.40 million, compared to RM61.33 million in the same period last year, while revenue increased 2.45% to RM2.09 billion from RM2.04 billion in FY2023. — MPI’s 4Q net profit up nearly 11-fold to RM83m, highest in two years

Berjaya Food Bhd (KL:BJFOOD) swung into the red with a RM38.2 million net loss in 4QFY2024, from a net profit of RM17.28 million a year earlier, mainly due to the "current sentiment in relation to the conflict in the Middle East". Revenue more than halved to RM130.57 million from RM271.75 million a year ago. For the 12-month period, Berjaya Food posted a net loss of RM91.52 million, from a net profit of RM103.4 million a year earlier, due weaker consumer sentiment and a one-off loss on disposal, from the sale of its entire equity interest in Jollibean Foods Pte Ltd. — BFood swings to red as poor sentiment amid Middle East conflict persists

Padini Holdings Bhd’s (KL:PADINI) net profit for 4QFY2024 dropped 54.09% to RM26.31 million from RM57.31 million, following a decline in gross profit margin amid rising staff costs and a dip in revenue. Revenue for 4QFY2024 fell 4.44% to RM455.17 million from RM476.33 million in 4QFY2023 due to lower outlet sales, with same store sales growth falling 10.7%. It declared a first interim dividend of 2.5 sen per share for FY2025 to be paid on September 27. The group paid an annual dividend of 11.5 sen per share to shareholders in both FY2024 and FY2023. For the full FY2024, the group’s net profit dropped 34.17% to RM146.6 million from RM222.69 million, although revenue rose 5.31% to RM1.92 billion from RM1.82 billion. Padini also proposed to undertake a bonus issue of up to 328.95 million shares on the basis of one bonus share for every two existing shares held. — Padini proposes one-for-two bonus issue as 4Q profit more than halves