KUALA LUMPUR (Nov 5): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Fraser & Neave Holdings Bhd's (KL:F&N) net profit for the fourth quarter ended Sept 30, 2024 (4QFY2024) dropped 38.21% year-on-year to RM84.99 million from RM137.56 million, impacted by higher tax expenses and increased withholding taxes on dividends repatriated from its Thailand operations. The higher tax expense followed the expiration of a Board of Investment incentive for F&N’s Thailand food and beverage (F&B) division in 3QFY2024. Quarterly revenue was 1.61% higher at RM1.26 billion from RM1.24 billion, driven by higher domestic sales in both its F&B Malaysia and F&B Thailand segments, despite external challenges like geopolitical tensions affecting global trade and logistics, as well as unfavourable THB/MYR currency translation. F&N declared a final dividend of 33 sen per share. In contrast, it made a 50 sen payout for 4QFY2023, which comprised a 33 sen final dividend and a special dividend of 17 sen. — F&N profit falls 38% on higher taxes from Thai ops, pays 33 sen dividend

Logistics service firm Xin Hwa Holdings Bhd (KL:XINHWA) said its cargo transport unit’s licence to transport goods has been suspended by authorities, which it expects to adversely impact its operations. The Johor Bahru Land Public Transport Agency (Apad) suspended the licence of its wholly owned subsidiary, Xin Hwa Trading & Transport Sdn Bhd (XHTT), due to its failure to comply with safety requirements, specifically in ensuring that all goods vehicles under its operation were maintained in a condition deemed safe for use by the director general of Road Transport. “The suspension will take effect from Nov 13, 2024, to Feb 10, 2025, or until XHTT achieves full compliance with the Code of Practice for Industrial Safety (ICOP-Keselamatan),” the group said. — Xin Hwa warns of adverse impact as cargo transport unit’s licence suspended by authorities 

IOI Corp Bhd (KL:IOICORP) has allocated part of its aged plantation landbank in Johor to build a solar power plant, in a move to venture into the renewable energy sector, according to its managing director and CEO Datuk Lee Yeow Chor. The group did not disclose the land size, saying the project is still in its early stages. IOI Corp's total landbank in Johor spans 23,961ha, according to the group's latest annual report. Lee said the solar power project will be developed through a consortium comprising three or four partners, he told reporters after the group’s annual general meeting. The project is expected to generate additional revenue streams for the group, which is Malaysia’s second-largest palm oil producer. — IOI Corp allocates land in Johor for solar power plant 

T7 Global Bhd (KL:T7GLOBAL) has secured a contract from ExxonMobil Exploration and Production Malaysia Inc for the provision of pan-Malaysia offshore maintenance, construction, modification (MCM) and hook-up commissioning (HUC) services. The contract is for Package B2 — Guntong and awarded to its wholly owned unit Tanjung Offshore Services Sdn Bhd. The contract is effective from Dec 1, 2024 for five years, with an optional extension of three years, followed by another two years. While the group did not disclose the contract value, it envisages that the award will contribute positively to its earnings and net assets during the tenure of the contract. — ExxonMobil awards T7 Global Pan-Malaysia offshore maintenance services contract

TCS Group Holdings Bhd (KL:TCS) has secured a RM86.38 million contract from Sime Darby Property Bhd (KL:SIMEPROP) for the construction of 60 units of two-storey semi-detached factories at the Elmina Business Park in Sungai Buloh. The two-year contract will commence in December, said TCS, adding it will fund the works via internal funds and borrowings. In a statement, TCS managing director Datuk Tee Chai Seng said this new job further supports the company's growth momentum, providing strong earnings visibility for the next two to three years. — TCS Group secures RM86m construction contract from Sime Darby Property

Construction firm Aneka Jaringan Holdings Bhd (KL:ANEKA) has secured a RM39 million contract to undertake earthwork, piling, pile caps and contiguous bored piling works in Jalan Pantai Sentral, Kuala Lumpur. The three-phase contract was awarded to its wholly owned subsidiary, Aneka Jaringan Sdn Bhd, by GDP Architects Sdn Bhd on behalf of Murni Lapisan Sdn Bhd. The contract is set to commence on Nov 7, 2024, with completion expected by Mar 6, 2026. — Aneka Jaringan secures RM39 mil construction contract in Kuala Lumpur