KUALA LUMPUR (Aug 29): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Malayan Banking Bhd’s (KL:MAYBANK) net profit for the second quarter ended June 30, 2024 (2QFY2024) rose 8.2% to RM2.53 billion from RM2.34 billion in the same period a year earlier, thanks to lower provisions and tax expenses. It also declared an interim cash dividend of 29 sen per share, amounting to a total distribution of RM3.5 billion, to be paid at a date to be determined later. — Maybank's 2Q net profit rises 8.2% on lower provisions, tax expense

KLCCP Stapled Group Bhd (KL:KLCC) said its 2QFY2024 net profit rose 5.67% to RM191.06 million from RM180.8 million a year ago, on the back of commendable performances from all businesses, especially the retail and hotel segments. The group — comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust — said revenue for the quarter grew 4.72% to RM413.25 million from RM394.63 million. It declared a dividend of 9.2 sen per stapled security — comprising 2.46 sen for KLCC Property and 6.74 sen (taxable) for KLCC REIT — payable Sept 30. — KLCCP Stapled Group's 2Q net profit up 5.7%, declares 9.2 sen dividend

Sunway Bhd (KL:SUNWAY) posted a net profit of RM270.47 million for 2QFY2024, up 80.4% from RM149.43 million a year earlier, on stronger operating performance across all business segments, coupled with a gain of RM62.4 million from the redemption of an investment and share of gain of RM27 million from the newly acquired investment properties of an associate. Revenue for the quarter rose 7.6% to RM1.58 billion from RM1.47 billion a year earlier, on better performance from all business segments except the construction segment. Sunway declared a first interim dividend of two sen per share for the financial year ending Dec 31, 2024 (FY2024), payable on Oct 10, and a preferential dividend of 5.25% per year (based on the issue price of RM1) per irredeemable convertible preference share in respect of the financial period from Jan 1 to June 30, 2024. — Sunway's 2Q net profit up 80%, pays two sen dividend

Axiata Group Bhd (KL:AXIATA) returned to the black in 2QFY2024 with a net profit of RM134.9 million, compared with a net loss of RM576.22 million a year earlier, contributed by strong performance from all operating companies except Link Net and Dialog, higher share of results of associates and lower foreign exchange losses, offset by higher net finance cost and taxation. Revenue for the quarter came in at RM5.76 billion, up 2.9% from RM5.59 billion a year earlier. The group declared a dividend of five sen per share. The entitlement and payment date of the dividend will be announced in due course. — Axiata posts second straight quarterly profit in 2Q

Malakoff Corp Bhd (KL:MALAKOF) posted a net profit of RM93.6 million for 2QFY2024, compared to a net loss of RM318.7 million a year ago, on the back of higher earnings contributions from two Johor-based power plants amid reduced coal costs, coupled with a compensation received for compulsory land acquisition. Quarterly revenue fell 2.4% to RM2.31 billion from RM2.37 billion due to reduced energy payments from the two power plant firms, Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd, in line with a decline in applicable coal prices. Malakoff declared an interim dividend of 2.23 sen per share, up from 1.5 sen per share a year ago, payable on Oct 25. — Malakoff posts second consecutive net profit despite revenue dip, declares higher dividend of 2.23 sen

DRB-Hicom Bhd (KL:DRBHCOM) posted a net loss of RM17.08 million in 2QFY2024 against a net profit of RM33.71 million a year ago, mainly due to weaker financial performance in Proton Holdings Bhd and losses from Pos Malaysia Bhd following reduced revenue in its international business. Revenue for the quarter dropped 5.6% to RM3.76 billion from RM3.98 billion. — Weak performance in Proton, Pos Malaysia pulls DRB-Hicom into the red in 2Q

Medium-haul low-cost carrier AirAsia X Bhd (KL:AAX) reported a 13% fall in net profit for 2QFY2024 to RM4.82 million from RM5.54 million a year earlier, on lesser travels due to the traditionally weaker travel season. AAX's quarterly revenue rose 30.5% to RM669.14 million in 2QFY2024, from RM512.91 million in 2QFY2023, on higher ticket sales and ancillary revenue. — AirAsia X 2Q net profit down 13% amid weak travel season

Supermax Corp Bhd (KL:SUPERMX) suffered its largest quarterly net loss of RM127.93 million for its fourth quarter ended June 30, 2024 (4QFY2024), hit by a write down of high price inventory at an overseas subsidiary amounting to RM72.85 million. Quarterly revenue fell 19.3% year-on-year to RM179.64 million from RM222.6 million, due to low selling prices while the market is still recovering from the demand and supply imbalance due to an oversupply of gloves in the past. — Supermax posts biggest quarterly loss amid write down of high price inventory, impairment and additional tax

IOI Properties Group Bhd’s (KL:IOIPG) 4QFY2024 net profit jumped more than five times in 4QFY2024 from a year earlier thanks largely to a revaluation gain. Net profit was RM1.55 billion, compared to RM235.37 million over the same period a year earlier. Revenue for the quarter, meanwhile, rose 17.4% year-on-year to RM782.61 million from RM666.46 million, helped by improved performance across all segments. IOI Properties also declared a dividend per share of five sen, the same as last year, payable Nov 1. — IOI Properties’ 4Q net profit more than quintuples on revaluation gain; to focus on trimming inventory

Separately, the group announced that it has declined the offer to purchase Singapore commercial property Shenton House from its chief executive officer and major shareholder Lee Yeow Seng. However, subsidiaries of IOI Properties have been appointed to be the sole project manager and property manager for the redevelopment of the commercial property. Shenton House was acquired by Lee’s private vehicle Shenton 101 Pte Ltd in a tender for S$538 million (RM1.9 billion). It was the sole bidder. — IOI Properties turns down offer to buy Shenton House from CEO but will manage its redevelopment

Farm Fresh Bhd’s (KL:FFB) net profit grew fourfold to nearly RM26 million in the first quarter ended June 30, 2024 (1QFY2025), from RM6.37 million or 0.34 sen per share a year ago, as significantly higher sales were bolstered by decreased costs. Profits were also boosted by contributions from its Inside Scoop and Sin Wah ice cream outlets, as well as improving margins from its Australian operations. Revenue rose 30% to RM241.7 million from RM185.46 million a year ago. — Farm Fresh’s 1Q net profit grows fourfold to near RM26m

QL Resources Bhdí’s (KL:QL) net profit rose 16% in 1QFY2025 from a year earlier mainly led by its convenience store chain business. Net profit was RM107.43 million compared with RM92.81 million a year ago. Revenue for the quarter increased 1.3% year-on-year to RM1.62 billion from RM1.6 billion. —QL Resources net profit rises 16% as FamilyMart sales surge

IJM Corp Bhd’s (KL:IJM) net profit for 1QFY2025 fell 13.68% to RM86.88 million from RM100.64 million a year earlier, dragged mainly by unrealised foreign exchange and fair value losses. Quarterly revenue rose 14.56% to RM1.4 billion from RM1.23 billion. — IJM's 1Q net profit drops 14% on unrealised forex and fair value losses

Citaglobal Bhd (KL:CITAGLB), which is involved in the civil engineering and construction, telecommunications, oil and gas, power generation and manufacturing sectors, plans to team up with Tree Technologies Sdn Bhd, a privately held homegrown electric vehicle maker, to jointly develop a parcel of leasehold industrial land in Gebeng Industrial Estate, Pahang, into an industrial park with green elements. The group did not disclose the estimated gross development value of the proposed industrial park project. It has entered into a binding term sheet with Tree Technologies for the proposed joint venture based on an equity shareholding of 65% for Citaglobal and 35% for Tree Technologies. — Citaglobal, Tree Technologies plan to jointly develop eco-friendly industrial park in Gebeng

Axis Real Estate Investment Trust (Axis REIT) (KL: AXREIT), which mainly focuses on industrial assets, has proposed to acquire two adjoining pieces of land together with buildings near Port Klang for RM158.64 million. The acquisition, Axis REIT said, will be funded by its existing bank financing. The REIT's trustee, RHB Trustees Bhd, has entered into agreements to buy the assets located in the Pulau Indah Industrial Park from Malconrep Depot (M) Sdn Bhd and Dayang Mewah Sdn Bhd. — Axis REIT to acquire two industrial assets near Port Klang for RM159m

Dagang NeXchange Bhd (KL:DNEX)  has been awarded a one-year contract extension by the government to manage the National Single Window (NSW) for Trade Facilitation system. With this, DNeX through its wholly-owned subsidiary Dagang Net Technologies Sdn Bhd will continue its role as operator of the system until Aug 31, 2025. It has held the position since the system's inception in 2009. — DNeX wins one-year extension for National Single Window contract

Digital solutions provider Pertama Digital Bhd (KL:PERTAMA) is looking to acquire a privately held system integration services and technical consultancy services provider, Kridentia Tech Sdn Bhd, in an all-shares deal. It did not disclose the transaction value. The group has entered into a memorandum of understanding with Kridentia Holdings Sdn Bhd for the proposed acquisition of its 59%-owned unit Kridentia Tech. Kridentia is owned by Datuk Abdul Rashid Mohd Ghani and Kwek Keng Chye, who in turn collectively hold the remaining 41% of Kridentia Tech. — Pertama Digital eyeing acquisition of tech firm in all-stock deal

Sentoria Group Bhd (KL:SNTORIA) confirmed on Wednesday the departure of its chief executive officer Datuk Loh Yuen Tuck from the company. It also maintains that it does not accept Loh's constructive dismissal claim, saying it was Loh who repudiated his own service contract. Sentoria acknowledged the ongoing dispute between the company and Loh as it announced that Loh "considers himself to have been terminated due to constructive dismissal which we do not accept and take issue" with. The announcement confirmed Loh's departure from Sentoria in a report by The Edge Malaysia weekly titled "Sentoria CEO departs on constructive dismissal, adding new twist to feud", that was published for the week of Aug 19-25. The report, quoting Loh, wrote that Loh had resigned due to constructive dismissal. — Sentoria maintains CEO Loh Yuen Tuck repudiated his own service contract as it confirms his departure

SkyWorld Development Bhd (KL:SKYWLD) will pay Perbadanan PR1MA Malaysia (PR1MA) RM32.17 million for the development rights to build 491 affordable housing units in Brickfields. SkyWorld, through its wholly-owned subsidiary Aspirasi Cekap Sdn Bhd (ACSB), received a letter of acceptance (LOA) from PR1MA on Wednesday to undertake the project. A joint development agreement will be inked between ACSB and PR1MA within 60 calendar days from the LOA or another date set by PR1MA. — SkyWorld to pay PR1MA RM32 mil for development rights in Brickfields