KUALA LUMPUR (Nov 15): Here is a brief recap of some corporate announcements that made the news on Thursday.

Bumi Armada Bhd (KL:ARMADA) is exploring a merger with MISC Bhd’s (KL:MISC) offshore business that could create a global energy services powerhouse with combined assets worth over RM20 billion. Under the memorandum of understanding signed, the parties will have nine months to conduct due diligence and sign a definitive agreement. The merged entity is expected to remain listed on Bursa Malaysia. The prospective merger is expected to be an all-share transaction. For MISC, the merger will only involve its offshore business that owns, leases, operates and maintains offshore, floating, production, storage and offloading (FPSO) terminals. — Bumi Armada signs pact with MISC to explore merger of offshore business 

Separately, MISC Bhd (KL:MISC) saw its net profit fell 21% in the third quarter ended Sept 30, 2024 (3QFY2024) to RM338.9 million from RM430.4 million in 3QFY2023, dragged by lower charter rates for its natural gas carriers and higher vessel operating costs, as it flagged a tough outlook for its key business. Revenue fell 12% to RM2.96 billion from RM3.37 billion on lower billings in its offshore construction business. Outlook for liquefied natural gas (LNG) shipping spot rates moving into the fourth quarter and beyond remains “softer, driven by a high number of vessel deliveries, limited additional liquefaction capacity, and moderate anticipated demand in Europe”.  It declared a dividend per share of eight sen, higher than the seven sen it announced in 3QFY2023. — MISC 3Q net profit falls 21%, flags tough LNG shipping outlook 

Berjaya Food Bhd (KL:BJFOOD) posted its fourth consecutive quarter in the red as the anti-Israel boycott movement continued to affect the group, which operates the Starbucks coffee chain in Malaysia. It posted a net loss of RM33.68 million for its first quarter ended Sept 30, 2024 (1QFY2025), versus a net profit of RM19.03 million a year earlier. Its quarterly revenue more than halved to RM124.19 million from RM278.53 million. No dividend was declared for the quarter under review. — Berjaya Food logs fourth quarter in the red due to anti-Israel boycott 

Home-grown retailer Mr D.I.Y. Group (M) Bhd (KL:MRDIY) saw a marginal 1.9% drop in its net profit ended Sept 30, 2024 (3QFY2024) to RM121.65 million from RM123.95 million a year earlier, on higher administrative and other operating expenses. The higher expenses were driven primarily by higher staff costs, depreciation of right-of-use assets and fixed assets, and higher utility expenses, consistent with the group’s business expansion activities and support for its growing store network. Quarterly revenue, however, rose 6.4% to RM1.14 billion in 3QFY2024 from RM1.07 billion in 3QFY2023, driven by higher transactions and the contribution of new stores. It declared an interim dividend of one sen per share for the financial year ending Dec 31, 2024 (FY2024), payable on Dec 13. — Higher administrative expenses drag down Mr DIY's 3Q net profit slightly, one sen dividend declared 

Prolintas Infra Business Trust (KL:PLINTAS), which owns highways, nearly tripled its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) to RM12.09 million, over RM4.35 million a year ago, thanks to a jump in toll collection, tax credit and deferred tax gain. Revenue was 2.5 times higher year-on-year at RM81.41 million, from RM33.13 million from higher traffic volume. It did not propose any distribution but said it is on track to meet its targeted RM70 million total distribution for FY2024. — Prolintas Infra's 3Q net profit nearly triples as toll collection jumps, on track to meet distribution target 

Cash-rich Lysaght Galvanized Steel Bhd (KL:LYSAGHT) has declared a special dividend of 35 sen per share as its quarterly earnings rose to an eight-year high. This brings the total dividend for the current financial year ending Dec 31, 2024 (FY2024) so far to 43 sen per share  — the highest since FY2018, when it paid out 50 sen dividend per share.  The steel pole and masts maker, which is in a net cash position of RM97 million as at end-September, will pay the special dividend totalling RM14.56 million on Dec 9. Lysaght  posted a net profit of RM4.79 million for the third quarter ended Sept 30, 2024 (3QFY2024), up 62% from a year earlier. This is the group's highest net profit since 4QFY2018 when it achieved a net profit of RM4.79 million. Quarterly revenue grew 9.2% to RM26.5 million — its highest since 3QFY2017 — from RM24.27 million. — Lysaght pays special dividend of 35 sen as earnings rise to eight-year high

Oil and gas services firm Keyfield International Bhd (KL:KEYFIELD) reported record quarterly earnings and revenue, driven by higher vessel utilisation and increased vessel numbers. The group, which was listed in April, posted a net profit of RM81.12 million for the third quarter ended Sept 30, 2024 (3QFY2024), up 77.18% from RM45.78 million a year earlier. Quarterly revenue rose 45.54% year-on-year to RM216.79 million from RM148.95 million. It declared a third interim dividend of four sen per share, to be paid on Dec 19, raising the total payout so far in the year to eight sen per share. — Keyfield books record earnings for 3Q, pays four sen dividend 

Teo Seng Capital Bhd (KL:TEOSENG) posted a 32% jump in net profit for its third quarter ended Sept 30, 2024 (3QFY2024) to RM58.1 million from RM43.8 million a year ago, lifted by strong gains in its key poultry farming business, as well as its segment on investments and trading of poultry-related products. This was despite quarterly revenue dipping 4.8% to RM190.31 million from RM200 million. It declared a third interim dividend of four sen per share, payable on Dec 18, 2024, raising the group's year-to-date payout to 9.5 sen per share, versus two sen last year. — Teo Seng signals strong prospects as it posts 32% jump in 3Q profit 

YTL Power International Bhd's (KL:YTLP) 53.2%-owned subsidiary Ranhill Utilities Bhd (KL:RANHILL) has scrapped plans to jointly pursue a public-private partnership project with China Energy International Group Co Ltd (CEIG) for the proposed development of a regional drinking water supply facility project in Indonesia. This follows the expiry of a memorandum of understanding (MOU) on Oct 29. The decision will not have any material impact on the group. Ranhill signed the MOU in October last year with CEIG to collaborate and jointly pursue the development of the Djuanda source-to-tap water supply system (Jatiluhur II) project and to co-develop and cooperate on other potential projects in Southeast Asia.  — Ranhill Utilities, China Energy scrap plan to pursue water supply facility project in Indonesia 

Property developer Seal Incorporated Bhd (KL:SEAL) is seeking its shareholders' approval at an extraordinary general meeting to provide corporate guarantee to a RM293 million banking facility that its 20%-owned associate MSR Green Energy Sdn Bhd (MSRGE) is obtaining from a financial institution. MSRGE is also obtaining an uncommitted foreign exchange contract (FEC) facility amounting to RM10 million from the same financial institution. The corporate guarantee, in proportion to Seal's 20% shareholding in MSRGE, amounts to RM60.6 million. — Seal Inc seeks shareholder nod to guarantee associate's RM293m loan facility 

LBS Bina Group Bhd (KL:LBS) said it is looking into developing a 10-gigawatt (GW) green hydrogen plant in Kota Marudu, Sabah jointly with the Sabah Forestry Development Authority (Safoda), Invest Sabah Bhd and Midwest Green Sdn Bhd. The facility aims to produce 10GW of energy, generating over 250,000 tonnes of green hydrogen annually. The group plans to act as the master developer for the hydrogen facility powered by solar and wind energy, as well as a future green industrial park on a potential site ranging from 15,000 acres to 30,000 acres in Kota Marudu. — LBS Bina inks MOU to develop green hydrogen plant in Sabah