KUALA LUMPUR (Jan 21): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Malaysian Resources Corp Bhd (KL:MRCB) is said to have won the bid for the Ipoh Railway Station Integrated Development Plan (iRide) project, which will be inked on Thursday (Jan 23) in Ipoh, Perak, according to sources. There were two consortiums shortlisted by the Railway Assets Corporation (RAC) to develop iRide, Transport Minister Anthony Loke was reported saying in September last year. The iRide project, which is based on the transit-oriented development (TOD) concept, will see the development of almost 70 acres of RAC land behind Ipoh Railway Station, which will be rebranded as Ipoh Sentral. — MRCB wins bid for Ipoh Sentral, say sources

MNRB Holdings Bhd (KL:MNRB) reported a 36.93% increase in its net profit for the third quarter ended Dec 31, 2024 (3QFY2025) to RM115.86 million from RM84.61 million a year earlier on the back of a RM136.7 million jump in the group’s insurance service earnings. Revenue rose 15.85% to RM936.68 million from RM808.55 million previously, supported by growth in the reinsurance and general takaful businesses, although this was partially offset by a reduction in the retakaful business. MNRB did not declare any dividend for the quarter. — MNRB's 3Q net profit rises 37% on higher insurance service earnings

CIMB Group Holdings Bhd’s (KL:CIMB) 94.83%-owned CIMB Thai Bank PCL saw its net profit surge 77.7% to 2.85 billion baht (RM374.5 million) for the financial year ended Dec 31, 2024 (FY2024), up from 1.61 billion baht a year earlier, thanks to higher operating income and lower expected credit losses. The bank’s consolidated operating income increased 9.7% to 15.1 billion baht from 13.77 billion baht, attributed to a 49.4% rise in its other operating income, as well as 19.9% increase in net fees and service income. — CIMB Thai’s FY2024 net profit surges 78%, boosted by investment gains, higher fees income and lower credit losses

Pansar Bhd (KL:PANSAR) secured a RM477.69 million contract to design and build the Serian-Gedong-Samarahan dual carriageway highway from the Sarawak Public Works Department. The scope of work includes the development of an 8.5km of a new four-lane dual carriageway, including two bridges, an autonomous rail transit reserve, bicycle tracks, utility corridors, road lighting, road furniture, and signage. The project is slated to commence in February 2025 and will take 36 months to complete. — Pansar bags RM478 mil highway construction job in Sarawak

Yinson Holdings Bhd’s (KL:YINSON) floating production storage and offloading unit Yinson Production Offshore Pte Ltd plans to allocate US$4.5 billion to US$6 billion (RM20.2 billion to RM30 billion) capital expenditure in the next three years to expand ahead of a possible initial public offering (IPO) in the US. “Listing is something that we would be talking about in three to five years,” chief financial officer Markus Wenker said in an interview last week. While the company has options, an IPO in North America is the preferred choice, he said, adding that plans would depend on market sentiment and potential valuation. — Yinson's FPSO unit to allocate up to US$6 bil in capex

Mah Sing Group Bhd (KL:MAHSING) is purchasing a 2.78-acre prime land in Sentul here for RM32 million, where it plans to develop its new RM283 million residential development project dubbed M Aria. The new project marks Mah Sing’s third development in Sentul and is estimated to carry a gross development value (GDV) of RM283 million. The land purchase is expected to be completed by the second half of 2025. — Mah Sing buys RM32 mil land for third project in Sentul

YNH Property Bhd (KL:YNHPROP) is disposing of a two-storey shopping centre, AEON Mall Seri Manjung in Perak, to Sunway Real Estate Investment Trust (KL:SUNREIT) for RM138 million. The property is 100% leased to supermarket chain operator AEON Co (M) Bhd (KL:AEON), whose lease will last another 13 years until Dec 3, 2037. The sale is expected to be completed within six months. YNH Property expects to book a pro forma net gain of RM12.03 million from the sale. Meanwhile, Sunway REIT said the property is expected to generate an initial net property income (NPI) yield of 6.5% and average 7% yield over AEON Co’s remaining tenure on its lease. — YNH to sell AEON Mall Seri Manjung to Sunway REIT for RM138m

Alpha IVF Group Bhd’s (KL:ALPHA) net profit for its second quarter ended Nov 30, 2024 (2QFY2025) increased 23.6% to RM15.1 million, from RM12.21 million a year ago, thanks to higher sales revenue from foreign patients. Revenue increased 12.2% year-on-year to RM43.24 million, from RM38.54 million in 2QFY2024. No dividend was declared for the quarter. — Alpha IVF 2Q net profit up 24% driven by foreign patients

KIP Real Estate Investment Trust (KL:KIPREIT) posted a 28.9% rise in NPI for the second quarter ended Dec 31, 2024 (2QFY2025) to RM21.62 million, from RM16.78 million a year earlier on better performance of its malls, bolstered by newly acquired retail assets, Cyberjaya mall D’Pulze and Perak hypermarket TF Value. Revenue expanded 32.7% to RM30 million versus RM22.61 million on the aforementioned stronger retail asset performance and asset additions. The trust declared a distribution per unit (DPU) of 0.48 sen, payable on Feb 28. Including the DPU of 1.18 sen declared in November before the conclusion of 2QFY2025, DPU declared, so far, amounted to 1.66 sen which is higher than the 1.55 sen in the same period a year earlier. — KIP REIT's 2Q net property income up 29% bolstered by newly acquired retail assets

UOA Real Estate Investment Trust (KL:UOAREIT) posted a 8.55% increase in net rental income for the fourth quarter ended Dec 31, 2024 (4QFY2024) to RM20.36 million from RM18.76 million in the same period a year earlier on improved occupancy. Gross rental income increased almost 7% to RM29.01 million versus RM27.11 million, while property operating expenses logged a slower 3.46% rise to RM8.65 million from RM8.36 million. UOA REIT declared a final income DPU of 3.24 sen, payable on Feb 28. — UOA REIT's 4Q rental income rises 8.5% on improved occupancy, declares 3.24 sen DPU

Taghill Holdings Bhd’s (KL:TAGHILL) said it has secured a RM58 million contract for construction work on an 18-storey commercial complex in Ipoh. The contract, awarded by One Roof Development Sdn Bhd, will span 16 months from March 1, 2025, with a target completion date of June 30, 2026. The 18-storey commercial complex comprises 271 hotel rooms, offices, restaurants, cafes, function rooms, banquet halls and swimming pools. — Taghill bags RM58 mil commercial complex construction job

KTI Landmark Bhd (KL:KTI) is exploring a potential affordable housing project in Kota Kinabalu, Sabah, to be jointly developed with a state government agency. KTI’s wholly owned unit KTI Sdn Bhd accepted a letter of intent in relation to the project from Sabah’s Housing and Town Development Authority. The project comprises developing 5,000 units of houses atop 57.25 hectares of land in Sepanggar district, subject to relevant authorities’ approvals on the development and building plans. — KTI Landmark explores affordable housing project in Kota Kinabalu