KUALA LUMPUR (Sept 25): Here is a brief recap of some corporate announcements that made news on Wednesday:

Reservoir Link Energy Bhd (KL:RL) has secured a five-year contract from Hibiscus Oil & Gas Malaysia Ltd for well leak diagnostic and remedial services, marking its third contract win this year. The contract will commence on September 19, 2024, and run until September 18, 2027, with an optional one-year extension. It will be executed on a call-off basis, with the total value based on completed work. The scope includes providing personnel, consumables, and equipment for sealant treatment and well integrity remediation activities. — Reservoir Link bags three-year well leak service job from Hibiscus’ unit

Aluminium products manufacturer LB Aluminium Bhd (KL:LBALUM) reported a net profit of RM8.86 million for the quarter ended July 31, 2024 (1QFY2025), up from RM4.32 million in 1QFY2024. Revenue surged 35.9% to RM279.76 million, marking its highest level in two decades, compared to RM205.86 million in the previous year. Revenue from its aluminium segment increased by 23% to RM184.9 million from RM150.3 million, driven by higher sales volume and selling prices. Meanwhile revenue from its property segment rose to RM94.9 million from RM55.6 million, boosted by increased sales and higher construction progress from its Satu Anggota Satu Rumah (SASaR) project and the PSV 1 Residences @ Platinum South Valley in Bandar Tasik Selatan, Kuala Lumpur. No dividend was declared for the quarter under review. — LB Aluminium's 1Q profit doubles as revenue hits highest in two decades

MCE Holdings Bhd (KL:MCEHLDG) reported a net profit of RM4.14 million for the fourth quarter ended July 31, 2024, a 40.7% increase from RM2.94 million a year earlier, primarily due to lower direct costs and higher other income. However, revenue fell 2.5% to RM36.9 million from RM37.9 million, reflecting softer demand. The company declared a second interim dividend of 1.5 sen per share, down from three sen last year, bringing the year-to-date total to three sen compared to 5.5 sen in the previous period. — MCE Holdings’ 4Q net profit jumps 40.7%, declares 1.5 sen dividend

AirAsia X Bhd (KL:AAX) has released a circular regarding its RM6.8 billion acquisition of Capital A Bhd's (KL:CAPITALA) entire equity stake in AirAsia Aviation Group Ltd and AirAsia Bhd, ahead of an extraordinary general meeting on October 16. The acquisition aims to establish a comprehensive aviation powerhouse with seven airlines across Malaysia, Thailand, Indonesia, the Philippines and Cambodia, offering a full range of air travel services. AAX CEO Benyamin Ismail stated that this move will enhance the group's competitive edge and enable it to meet growing demand in the aviation sector while benefitting shareholders by creating a more resilient and agile organisation. — AirAsia X issues circular on proposed RM6.8b acquisition for shareholders' review

Keyfield International Bhd (KL:KEYFIELD) has secured eight work orders worth approximately RM130.3 million from Petronas Carigali Sdn Bhd for the provision of six accommodation workboat vessels and two anchor handling tug and supply vessels for offshore activities. These orders, issued between June and August 2024 to Keyfield's wholly-owned subsidiary Keyfield Offshore Sdn Bhd, are based on a contract for offshore support vessel services signed in April 2024. The work is expected to be carried out in the second half of this year, with durations ranging from 91 to 153 days. — Keyfield clinches eight work orders worth RM130m from Petronas Carigali

SNS Network Technology Bhd's (KL:SNS) net profit fell 29.7% to RM6.35 million from RM9.02 million in 2QFY2024, dragged down by lower revenue alongside higher selling and distribution costs, which were driven by increased salaries, commissions to third-party online marketplaces and higher marketing expenses. Revenue also declined 8.8% year-on-year to RM303.7 million from RM332.9 million, mainly because the group secured major orders to supply laptops for the education industry through commercial channels in the previous corresponding financial quarter. Nevertheless, the company proposed a single-tier second interim dividend of 0.25 sen per share, totalling RM4.05 million, payable on Nov 26. — SNS Network's 2Q net profit falls 29.7% amid lower revenue and higher costs

Kuala Lumpur Kepong Bhd (KL:KLK) has formalised a memorandum of understanding with Alami Commodities Sdn Bhd for their joint venture, KLK Alami Edible Oils Sdn Bhd (KAEO), which will manufacture, sell and market palm oil and specialty fats. KLK will own 65% of KAEO, which will operate a refinery and packaging plant in Teluk Panglima Garang, Selangor, set to be fully commissioned in 2025. KLK will manage technical operations and raw material procurement, while Alami will handle global sales and marketing, focusing on the Middle East market. — KLK partners with Alami Commodities to market palm oil, specialty fats in Middle East

KJTS Group Bhd's (KL:KJTS) subsidiary, KJTN Engineering Co Ltd, has signed a 20-year agreement with Central Plaza Hotel Public Company Ltd for retrofit work, operation and maintenance services, and the supply of chilled water at the Centara Grand Mirage Beach Resort Pattaya, Thailand. The retrofit works, costing approximately 38.98 million Thai baht (RM4.92 million), are set to begin on October 1 and conclude by May 31 next year. KJTN will receive a fixed monthly fee of 620,072 Thai baht during the maintenance period, totalling 148.82 million Thai baht over the contract duration, plus a variable fee based on chilled water supply. — KJTS inks 20-year agreement for retrofit, O&M services for chiller plant in Thailand

Property developer Farlim Group (Malaysia) Bhd (KL:FARLIM), through its subsidiary Farlim (Perak) Sdn Bhd, is selling a leasehold housing scheme in Gopeng, Perak, to Gabong Holdings Sdn Bhd for RM33 million. The land, which has a net book value of RM21.58 million, will result in a proforma gain of RM10.74 million for Farlim. This sale represents a 28.65% premium over the RM25.65 million market value and encompasses 96.8 acres of land, including 1,170 residential plots and commercial areas. Farlim said that the proceeds of RM32.32 million will be used for acquiring new land, while RM680,000 will cover disposal expenses. — Farlim to rake in RM10.74 mil gain from Perak land sale

Practice Note 17 (PN17) company Ivory Properties Group Bhd's (KL:IVORY) wholly-owned subsidiary, Ivory Gleneary Sdn Bhd (IGSB), has appointed interim liquidators to initiate the winding-up of the company as part of its regularisation plan. The decision came after IGSB, which Ivory Properties said is not a major subsidiary, could not get its scheme creditors to agree to a proposed scheme of arrangement that was presented at a court-convened meeting on Sept 20. — Liquidators appointed to wind up Ivory Properties' subsidiary