KUALA LUMPUR (March 26): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Property developer and construction firm Lim Seong Hai Capital Bhd (LSH Capital) (KL:LSH) has signed a 20-year lease agreement with the government to operate and maintain the Kuala Lumpur Tower and its surrounding areas. The lease agreement, which takes effect from April 1, 2025, to March 31, 2045, entitles LSH Capital to capitalise on a total land area of about 10.08 acres, which includes the land on which Kuala Lumpur Tower, along with the Tower Terrace, is erected, as well as the surrounding lands. This includes areas facing the Bukit Nanas Forest Reserve and those with frontage on Jalan Raja Chulan and Jalan P Ramlee. — LSH Capital plans to transform 10-acre KL Tower area into a tourism, retail and cultural destination

Matrix Concepts Holdings Bhd’s (KL:MATRIX) long-serving group managing director Ho Kong Soon, 58, is resigning to pursue personal endeavours. He leaves after a 27-year stint with the company. The property developer said his resignation as a director and the group MD will take effect on April 1. — Matrix Concepts group MD Ho Kong Soon to step down on April 1

Property developer Symphony Life Bhd (KL:SYMLIFE) has named Datuk Kenneth Vun Yun Liun as its new managing director. This came less than a month after XOX Bhd (KL:XOX), the largest shareholder of Symphony Life with a 14.84% stake, made Vun its MD on Feb 28. Vun is the largest shareholder of XOX, with an 8.74% stake held via his vehicle, VCAP Global Inc. — Kenneth Vun now MD at both Symphony Life and XOX

Gamuda Bhd (KL:GAMUDA) reported a 4.8% year-on-year increase in net profit for the second fiscal quarter thanks to domestic construction projects, particularly the Penang land reclamation works. Net profit for the three months ended Jan 31, 2025 was RM218.85 million. Revenue for the quarter came in at RM3.9 billion, a 17.2% increase when compared to the same period last year, led by both construction and property segments. The construction order book expanded to a record high of RM36 billion with the domestic portion doubling to RM14 billion over the past six months. The company said it is on track to meet its target to replenish its order book by RM40 billion to RM45 billion by December. “The domestic order book is expected to expand next month with the imminent signing of several large domestic contracts, culminating in the growth of future margins and earnings of the construction division," Gamuda said. — Gamuda says to sign several 'imminent' large contracts, as 2Q profit grows 4.8%

Gas Malaysia Bhd (KL:GASMSIA) has announced a final dividend of 10.28 sen per share, payable on June 26, 2025, following a 15.12% increase in its annual net profit to RM441.39 million for the financial year ended Dec 31, 2024. The final dividend, totalling RM131.995 million, will be distributed based on the company’s 1.28 billion ordinary shares. This brings the total dividend for FY2024 to 26.19 sen per share, up from 22.76 sen per share distributed in FY2023. — Gas Malaysia declares final dividend of 10.28 sen per share

Johor-based oil palm planter and crude palm oil (CPO) miller Kim Loong Resources Bhd (KL:KMLOONG) reported an 8.49% drop in net profit for its fourth quarter compared to the previous year, as lower fresh fruit bunches (FFB) production and increased operational costs offset the higher revenue it netted for the quarter amid higher CPO selling prices. Net profit for the fourth quarter ended Jan 31, 2025  was RM22.8 million, down from RM24.91 million in the same quarter of the preceding year. Quarterly revenue rose 21.4% to RM443.32 million from RM365.16 million, as the average selling price of CPO jumped 33% year-on-year to RM4,944 per tonne. The group declared a second interim dividend of five sen per share, taking the total dividend for FY2025 to 15 sen per share, up from 13 sen in FY2024. — Kim Loong's 4Q profit dips on lower FFB production, higher costs

Plantation outfit United Malacca Bhd’s (KL:UMCCA) net profit for its third quarter rose 53% year-on-year, mainly attributed to higher crude palm oil and palm kernel prices. The net profit for the three months ended Jan 31, 2025 (3QFY2025), was RM29 million compared to RM18.97 million a year earlier. Revenue for the quarter climbed 26.23% to RM181.38 million from RM143.69 million in 3QFY2024, offsetting the lower FFB production in Malaysia due to lower yields. The company did not declare any dividend for the current quarter. — Higher palm oil prices lift United Malacca’s 3Q net profit by 53%

MyNews Holdings Bhd (KL:MYNEWS) reported a 206% surge in net profit for the first quarter ended Jan 31, 2025 (1QFY2025), driven by an increase in store openings and improved in-store sales.Net profit for 1QFY2025 was RM3.87 million, up from RM1.27 million in the same quarter a year ago, the retail convenience chain said. Revenue for the quarter rose 10.4% to RM215.87 million from RM195.52 million a year ago, supported by the addition of 35 new outlets and stronger consumer spending at its retail stores. No dividend was declared for the quarter. — MyNews kicks off FY2025 with over threefold jump in 1Q profit

Offshore support vessel player Marine & General Bhd’s (KL:M&G) third quarter net profit fell 80% to RM2.55 million from lower vessel utilisation. Vessel repairs, scheduled docking and the disposal of two tankers led to lower utilisation in both the upstream and downstream divisions, leading to a drop in net profit for the quarter ended Jan 31, 2025, from RM13.28 million a year ago.  M&G did not declare a dividend for the financial quarter under review. — Marine & General’s 3Q net profit plunges 80% with fewer vessels in operations

Dayang Enterprise Holdings Bhd (KL:DAYANG) has secured two contracts for the provision of accommodation workboats from Hibiscus Petroleum Bhd (KL:HIBISCUS). DESB Marine Services Sdn Bhd, a wholly owned unit of Dayang, was awarded the two contracts by Hibiscus's subsidiaries, Hibiscus Oil & Gas Malaysia Ltd (HML) and SEA Hibiscus Sdn Bhd, according to Dayang's bourse filings. The value of both contracts will be determined based on work orders issued during the contract period. Both contracts are set to commence within the vessel delivery window from April 14 to April 18, 2025. — Dayang secures two vessel contracts from Hibiscus

Nestcon Builders Sdn Bhd, a wholly owned subsidiary of construction outfit Nestcon Bhd (KL:NESTCON), has secured a construction contract worth RM228.3 million from Paramount Property (Cityview) Sdn Bhd.  The project, located on Jalan Ampang Hilir, Kuala Lumpur, involves the construction of a 49-storey condominium tower and a seven-storey condominium block. The contract is set for a duration of 37 months, with construction work scheduled to commence on April 29, 2025 and slated for completion by May 28, 2028. — Nestcon bags RM228m construction contract in KL

Solarvest Holdings Bhd’s (KL:SLVEST) unit Atlantic Blue Sdn Bhd has secured an engineering, procurement, construction, and commissioning (EPCC) contract from SV Flux Sdn Bhd, an indirect unit of Penang Development Corp (PDC), worth RM103.08 million. The contract is for the construction of a solar photovoltaic (PV) energy generating facility with a capacity of 29.99 MWac, in Seberang Perai, Penang. Work will start once Atlantic Blue receives the official notice to proceed from SV Flux, with completion expected by July 31, 2027. — Solarvest secures RM103m EPCC contract from Penang Development Corp unit

Rohas Tecnic Bhd (KL:ROHAS) has secured a RM92.8 million EPCC contract from Tenaga Nasional Bhd (KL:TENAGA). The two-year contract, awarded to its 86.8%-owned unit HG Power Transmission Sdn Bhd (HGPT), involves the provision of EPCC services for a 275/275 kilovolt double-circuit overhead transmission line to the new Kenyir gas-insulated substation. — Rohas Tecnic bags RM93m transmission line contract from TNB

Mechanical and electrical engineering services specialist Bintai Kinden Corp Bhd (KL:BINTAI) has won a RM27.15 million contract for the construction of six blocks of shop offices in Seremban. The Practice Note 17 (PN17) company said the contract was awarded to its wholly owned unit Kejuruteraan Bintai Kindenko Sdn Bhd by Pavilion Link Sdn Bhd, a subsidiary of Teladan Group Bhd (KL:TELADAN). Construction at the site in Bukit Intan is expected to commence on April 9, with the project to be completed by July 8, 2026. — Bintai Kinden wins contract from Teladan to build office blocks in Seremban