KUALA LUMPUR (Aug 30): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Tenaga Nasional Bhd's (TNB) (KL:TENAGA) net profit for the second quarter ended June 30, 2024 (2QFY2024) jumped more than fourfold to RM1.45 billion from RM327.9 million a year ago, as it recorded higher electricity sales, a favourable foreign exchange translation and lower net finance costs. Quarterly revenue grew 7.83% to RM14.4 billion from RM13.3 billion, driven by a 5.7% or RM745.8 million increase in electricity sales. TNB proposed an interim single-tier dividend of 25 sen per share, higher than the 18 sen per share it declared a year earlier, with payment dates to be announced in due course. — TNB's 2Q profit jumps over fourfold to RM1.45b amid higher electricity sales, favourable forex; plans 25 sen dividend

Press Metal Aluminium Holdings Bhd’s (KL:PMETAL) net profit surged 65% in 2QFY2024 to RM505.83 million compared to RM305.79 million over the same period a year earlier, thanks mainly to higher price sold and stronger US dollar that boosted export receipts. Revenue for the quarter rose 5.2% to RM3.95 billion from RM3.76 billion. The company has also declared an interim dividend of 1.75 sen per share, amounting to total payout of RM144.2 million, payable on Sept 30. — Press Metal's 2Q net profit surges as higher aluminium prices, stronger USD help

IHH Healthcare Bhd’s (KL:IHH) 2QFY2024 net profit more than doubled to RM623 million from RM301 million a year earlier, driven by strong operational performance and the positive impact of deferred tax credits. Revenue climbed 30.36% to RM6.09 billion from RM4.67 billion on sustained patient volume growth and taking on more acute, complex cases across all markets. IHH announced an interim dividend of 4.5 sen per share, which will be paid on Oct 30. — IHH Healthcare’s 2Q net profit more than doubles to RM623m, declares 4.5 sen dividend

PPB Group Bhd's (KL:PPB) 2QFY2024 net profit rose 52.32% year-on-year to RM308.92 million from RM202.81 million, thanks to higher contribution from Wilmar International Ltd. Revenue for the quarter was down 10.93% to RM1.32 billion from RM1.48 billion in 2QFY2023, following the absence of earnings contribution from its divested Indonesian flour operation. PPB has declared an interim dividend of 12 sen per share for the quarter, payable on Sept 26. — PPB Group's 2Q net profit rises 52% on increased Wilmar contribution, declares 12 sen dividend 

Gaming-to-plantation conglomerate Genting Bhd (KL:GENTING) reported a 49% jump in its 2QFY2024 net profit, partly helped by other non-operating gain and a reduction in the share of losses. Net profit was RM239.66 million, compared with RM160.55 million for the same period a year earlier. Revenue rose 3% year-on-year to RM6.86 billion from RM6.66 billion due to contribution from the leisure and hospitality division. Genting declared an interim single-tier dividend of six sen per share, to be paid on Oct 11. — Genting’s 2Q net profit up 49% on non-operating gain, lower share of losses

Genting Malaysia Bhd (KL:GENM) saw its net profit rise 74.5% to RM82.24 million for 2QFY2024 from RM47.12 million a year earlier, driven by its leisure and hospitality business. Quarterly revenue rose 7.9% to RM2.67 billion from RM2.47 billion a year earlier, on higher revenue from the leisure and hospitality business. GENM declared an interim dividend of six sen per share, payable on Oct 7. — Genting Malaysia's 2Q net profit up 75%, pays six sen dividend

Oil and gas services provider Velesto Energy Bhd (KL:VELESTO) reported a more than threefold year-on-year surge in its 2QFY2024 net profit, thanks to higher utilisation rates and an increase in average daily charter rates. Its net profit jumped to RM62.81 million from RM17.40 million, while revenue climbed 40.86% to RM393.43 million from RM279.32 million. The group declared an interim dividend of 0.25 sen per share, amounting to RM20.5 million, payable on Nov 28, 2024. — Velesto's 2Q profit surges on higher utilisation and charter rates, declares 0.25 sen dividend

Tropicana Corp Bhd’s (KL:TROP) earnings surged in 2QFY2024, boosted by a large unrealised gain of RM62.97 million on quoted shares. A higher progress billing and lower finance cost following the group’s debt reduction initiatives also contributed to the jump in net profit to RM43.56 million 2QFY2024 — its highest quarterly earnings since 4QFY2020 — from RM305,000 a year earlier. Revenue for the quarter, however, dropped 17.18% to RM384.7 million from RM464.51 million, mainly due to disposals of its investment properties, namely the St Joseph’s Institution International School in September 2023 and W Kuala Lumpur in January 2024, which resulted in a loss of revenue. The group was also hit by lower revenue from land disposals. — Unrealised gain on quoted shares lifts Tropicana's 2Q profit

Kenanga Investment Bank Bhd (KL:KENANGA) reported a 43.9% fall in 2QFY2024 net profit, immediately sending its shares to their lowest in more than six months. The stock fell as much as 15% or 18 sen to RM1, its lowest since Feb 7, 2024. The sharp decline in the share price also prompted a suspension of intraday short-selling activities on the stock. Kenanga’s share price closed at RM1.05, still down 13 sen or 11.02%, valuing the company at RM772.6 million. Net profit for the quarter was RM9.37 million compared with RM16.7 million a year earlier due to impairment provisions on its fees receivables amounting to RM6.6 million for the quarter. Quarterly revenue, however, rose 22.6% to RM243.13 million from RM198.26 million a year earlier, mainly due to higher brokerage fee income, and trading and investment income. — Kenanga IB 2Q net profit down 44% on impairment, shares hit over six-month low

Capital A Bhd (KL:CAPITALA) posted a much larger net loss for 2QFY2024, mainly due to higher foreign exchange losses and aircraft depreciation charges. Net loss widened to RM454.18 million, marking its fourth consecutive quarter in the red. That compares to a net loss of RM91.55 million in 1QFY2024 and net profit of RM646.28 million in 2QFY2023. Quarterly revenue, however, rose 54% to RM4.86 billion as compared to RM3.15 billion a year ago, thanks to the strong recovery from domestic and international travel, which offset the higher fuel expenses and maintenance costs. Capital A is now aiming to exit the Practice Note 17 status by the first half of 2025, said its chief executive officer Tan Sri Tony Fernandes. — Capital A's net loss swells in 2Q, aims to exit PN17 status by mid-2025

Hong Leong Financial Group Bhd (KL:HLFG), the financial services arm of tycoon Tan Sri Quek Leng Chan, saw its net profit for the fourth quarter ended June 30, 2024  (4QFY2024) rise by 21% to RM806.09 million, compared with RM663.91 million over the same period last year,  led by its banking unit. The company has also declared a final dividend of 36 sen per share, lifting total dividends by five sen to 54 sen per share for FY2024. HLFG derives most of its earnings from its listed commercial banking arm Hong Leong Bank Bhd (KL:HLBANK). The company also runs investment banking and asset management under Hong Leong Capital Bhd (KL:HLCAP) as well as insurance under unlisted HLA Holdings Sdn Bhd. — Hong Leong Financial Group 4Q net profit rises 21%, declares 36 sen dividend

Hong Leong Bank’s net profit for 4QFY2024 rose nearly 20% to RM1.03 billion compared to RM864.68 million over the same period a year earlier, thanks to higher operating income and provisions writeback. Quarterly revenue grew 13.31% to RM1.48 billion compared to RM1.30 billion recorded in 4QFY2023. A final dividend of 43 sen per share was also declared for the current quarter payable on a date to be determined later. That compares to 38 sen per share declared in the previous year’s corresponding quarter.  Net profit at Hong Leong Capital more than quadrupled to RM36.76 million from RM8.06 million thanks to a surge in income from stockbroking as well as a one-off surge in fees from private mandates and it declared a final single tier dividend of 22 sen per share. — Hong Leong Bank's net profit rises nearly 20% in 4Q, to pay 43 sen dividend

Berjaya Corp Bhd (KL:BJCORP) widened its 4QFY2024 net loss to RM147.84 million from RM79.33 million in 4QFY2023, primarily due to weaker results from its retail, property and hospitality segments, though this was partly offset by a strong performance in its services segment.  Group revenue dipped 3.76% to RM2.46 billion from RM2.56 billion, mainly due to lower contributions from the retail and property segments. — Berjaya Corp reports RM148m net loss for 4Q as retail, property, hospitality segments drag

The High Court in Shah Alam has ruled in favour of Hartalega Holdings Bhd (KL:HARTA) in its lawsuit against Dr Danaraj Nadarajah, declaring that the former executive director had committed a breach of his fiduciary duties and his contract of employment. The court also found that Danaraj had breached Section 317A of the Capital Markets and Services Act, which prohibits directors of a listed corporation from causing wrongful loss to the company, as well as Sections 213 and 218 of the Companies Act, which relates to the duties and responsibilities of directors, and the prohibition against improper use of the company's properties for self gain. Following the decision, Hartalega said it will lodge complaints to the Securities Commission of Malaysia (SC) and the Companies Commission of Malaysia (SSM) against Danaraj. — Hartalega wins breach of fiduciary duties suit against former exec director

Axiata Group Bhd (KL:AXIATA) is offering up to US$200 million (RM864.75 million) to buy back outstanding medium-term notes (MTNs) issued by its wholly-owned subsidiary Axiata SPV5 (Labuan) Ltd, which are due in 2050. The group had initiated an invitation to eligible holders of its outstanding US$1 billion MTNs, which are listed on the Singapore Exchange. The bought-back notes will be retired and cancelled. — Axiata launches US$200m buyback offer for 2050 medium-term notes

99 Speed Mart Retail Holdings Bhd (KL:99SMART), which is set to list on the Main Market on Sept 9, announced that its initial public offering (IPO) has been oversubscribed by 3.04 times. It received 49,354 applications for 678.6 million shares from the Malaysian public, compared to the 210 million shares made available for the retail offering. — Retail offering of 99 Speed Mart's IPO oversubscribed by 3.04 times

Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, has secured a RM155.01 million contract for the redevelopment of a sewage treatment plant in Sri Hartamas. Its wholly-owned Binastra Builders Sdn Bhd received the letter of award on Thursday from Greenearth Landmark Sdn Bhd (GLSB) to design and build a membrane biological reactor (MBR)-type sewage treatment plant, which will have a capacity of 160,000 population equivalents. — Binastra bags RM155m sewage treatment plant project in Sri Hartamas

KIP Real Estate Investment Trust (KL:KIPREIT), which primarily invests in retail properties, has proposed to acquire another four industrial properties in Cheras Jaya, Pulau Indah, Pasir Gudang in Johor, and Bintulu in Sarawak, for a total purchase price of RM98.3 million. Pacific Trustees Bhd, acting as its trustee, has entered into four separate sale and purchase agreements (SPAs) for the acquisitions. — KIP REIT expands portfolio with RM98m acquisition of four industrial properties