KUALA LUMPUR (Aug 31): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

CIMB Group Holdings Bhd (KL:CIMB), Malaysia’s second-largest bank by assets, posted an 11% increase in net profit for the second quarter ended June 30, 2024 (2QFY2024) to RM1.96 billion from RM1.77 billion in 2QFY2023, due to higher net interest income and non-interest income. Net interest income rose 2% year-on-year to RM2.81 billion while non-interest income was 2% higher at RM1.56 billion. CIMB proposed a cash dividend of 27 sen per share, comprising a special dividend of seven sen per share and an interim dividend of 20 sen per share. — CIMB Group 2Q net profit rises 11%, proposes special dividend

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) net profit for 2QFY2024 doubled to RM205.80 million from RM102.53 million a year earlier, thanks to higher contributions from associate and joint venture companies. Revenue rose 11.93% to RM1.38 billion from RM1.23 billion in 2QFY2023, driven by higher passenger volumes from new airline operations, resumption of airline routes, introduction of new services, the 30-day visa-free policy for Chinese and Indian travellers, delivery of new aircraft and the haj season. — MAHB’s 2Q net profit doubles on higher contribution from associates, JVs

Malaysian Resources Corp Bhd’s (KL:MRCB) net profit for 2QFY2024 surged more than fourfold to RM51.18 million from RM10.87 million a year earlier, as contribution from its construction segment doubled. Revenue declined by 37.9% to RM372.16 million from RM599.35 million, due to reduced revenue contributions from the property development and investment segment, as well as lower revenue from the engineering, construction and environment division. — MRCB’s 2Q net profit jumps over fourfold to RM51m

IGB Bhd (KL:IGBB) reported that its net profit for 2QFY2024 fell 33% to RM75.2 million from RM112 million in 2QFY2023, mainly due to reduced contribution from its property development and construction segments, alongside lower foreign exchange gains. This was despite revenue inching up 4% to RM396.8 million from RM382.2 million on higher contributions from its retail, commercial and hotel segments. — IGB's 2Q profit falls 33% on lower property development and construction contributions, smaller forex gains

Mah Sing Group Bhd’s (KL:MAHSING) net profit for 2QFY2024 climbed to RM60.2 million from RM50.5 million a year earlier, driven by higher margins and lower net finance costs. Quarterly revenue, however, fell 10.2% y-o-y to RM578.4 million from RM644.2 million. — Mah Sing's 2Q net profit up 19%, achieves sales of RM1.7b in Jan-Aug

Tan Chong Motor Holdings Bhd (KL:TCHONG) extended its streak of losses to the seventh straight quarter as sales fell amid intense competition in the automotive industry at home and abroad. Net losses ballooned to RM40.11 million for 2QFY2024 from RM18.13 million a year earlier. Revenue declined 12% to RM545.1 million from RM619.2 million. Tan Chong, which mainly assembles Nissan-branded vehicles in Malaysia, expects new launches over the next 24 months to help the company regain some of the marque’s lost ground. — Tan Chong wallows in red for seventh quarter amid tough car market

EA Technique (M) Bhd (KL:EATECH) booked a net profit of RM94.65 million or 7.14 sen per share for 2QFY2024, over 12 times the RM7.8 million or 1.47 sen per share it made in 2QFY2023, primarily due to writebacks to other income. The writebacks are associated with the creditor scheme and one-off expenses from its Practice Note 17 (PN17) regularisation plan. This marks the eighth consecutive quarter in the black for the group, which seeks to exit the PN17 status by 1Q2025. — EA Technique posts bumper 2Q earnings on writebacks, eyes PN17 exit in 1Q2025

MSM Malaysia Holdings Bhd (KL:MSM) has secured a deal to export grain sugar to China and targets to deliver 45,000 tonnes by the end of this year. While it did not disclose the value of the deal, MSM said China is one of the group's top five export destinations — alongside the Philippines, Singapore, Indonesia and Vietnam. MSM has a 100,000–200,000 tonne per annum target in the medium term for China, with available capacity headroom from MSM Johor refinery through an ongoing ramp-up programme. — MSM wins deal to export grain sugar to China, aims to deliver 45,000 tonnes this year

Icon Offshore Bhd (KL:ICON) has announced a slew of acquisitions totalling RM437.5 million, to be paid in shares, that would more than double its fleet size. The proposed purchases include Yinson Holdings Bhd’s (KL:YINSON) offshore marine business for RM160 million. If all of the transactions are successful, Icon Offshore will immediately expand its fleet by an additional 40 maritime assets. The acquisitions involve four different companies in their entirety, substantial stakes of two other companies, and the remaining shares of two of its majority-owned subsidiaries. All of the proposed acquisitions will be paid through share issuance. — Icon Offshore announces RM437.5m acquisitions to more than double fleet size

Pansar Bhd (KL:PANSAR) has clinched an RM804.7 million contract for the Kuching Urban Transportation System (KUTS) Blue-Line Package 2 in Sarawak. The contract was awarded to Pansar's wholly-owned Perbena Emas Sdn Bhd (PESB), in collaboration with China Road & Bridge Corporation (CBRC). The award came through a letter of acceptance from Sarawak Metro Sdn Bhd (SMSB), which is wholly-owned by Sarawak Economic Development Corp. The project entails construction of the infrastructure and associated works for the KUTS Blue Line that covers the stretch from Stutong to Hikmah Exchange. — Pansar clinches RM805m contract for Kuching Urban Transportation System

Axis Real Estate Investment Trust (KL:AXREIT) is proposing a private placement to raise up to RM454.99 million for repayment of bank financing. The proposed placement involves up to 15.05% of its issued units, or 263 million new units, to investors to be identified later. The proposed placement is in line with the board’s strategy to reduce Axis REIT’s financing ratio as part of prudent capital management. This will provide Axis REIT with sufficient financial headroom to continue pursuing future acquisitions of new properties and carry out development projects via bank financing, which is in line with its capital management and growth strategy. — Axis REIT plans private placement of 15% issued units to raise RM455 mil

TSH Resources Bhd (KL:TSH) announced changes to its board and management, including the redesignation of its co-founder Datuk Kelvin Tan. Tan will take on the role of executive chairman from Sept 1. Currently the chairman and non-executive director, Tan is the elder brother of Tan Aik Sim, who will step down as managing director due to health reasons, and of executive director Tan Aik Kiong. TSH also named Velayuthan Tan Kim Song, or Vela Tan, as the director in charge of plantation operations. He was previously the chief executive officer and managing director of IJM Plantations Bhd, which was delisted in November 2021 following a takeover by Kuala Lumpur Kepong Bhd (KL:KLK). — TSH Resources announces Kelvin Tan as executive chairman, managing director to step down

SkyWorld Development Bhd (KL:SKYWLD) has proposed to jointly develop a property in Vietnam's  Binh Duong Province, its  second venture in that country. The group’s wholly-owned unit, SkyWorld Development (Vietnam) Company Ltd, has entered into a memorandum of understanding with SkyVenue Land Group Joint Stock Company, SkyBridge Company Ltd and the shareholders of SkyVenue to jointly develop the remaining plots of the Guocoland Commercial Complex project in Thuan An City. SkyBridge is a unit of SkyVenue, which has been duly registered to implement the project and has already secured the land use rights. — SkyWorld expands presence in Vietnam with second property venture

Pharmaniaga Bhd (KL:PHARMA) announced on Friday the appointment of Zulkifli Jaafar as its managing director, effective Sept 1. A trained corporate lawyer, Zulkifli began his tenure with Pharmaniaga in 2021 as chairman of Idaman Pharma Manufacturing Sdn Bhd, a subsidiary of the group. He was subsequently appointed as Pharmaniaga's executive director in March 2022, before being promoted to deputy chief executive officer. In March this year, he was reappointed to his executive director role, taking over the role and functions of the executive committee that was subsequently disbanded. — Pharmaniaga redesignates executive director Zulkifli Jaafar as MD