KUALA LUMPUR (March 27): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Sapura Energy Bhd (KL:SAPNRG) posted a net profit of RM405.68 million for its fourth quarter compared to a net loss of RM728.44 million a year earlier, helping the troubled oil and gas services group return to profitability for the full year. The profit for the fourth quarter ended Jan 31, 2025 (4QFY2025) was primarily driven by a RM792.1 million gain from the divestment of its 50% stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS, completed in December last year. Additionally, the operations and maintenance (O&M) segment delivered an improved performance, contributing RM19.2 million in earnings. The group also benefitted from favourable claim settlements. However, earnings were partially offset by higher impairment charges on goodwill and property, plant, and equipment recorded during the quarter, said Sapura Energy. Quarterly revenue rose 6% year-on-year to RM1.2 billion from RM1.12 billion, primarily driven by higher project activity in the O&M segment. This was partially offset by a decline in the drilling segment due to lower rig utilisation. For the full year, Sapura Energy recorded a net profit of RM189.5 million, reversing a net loss of RM508.7 million in FY2024, while revenue increased nearly 9% to RM4.7 billion from RM4.32 billion. — Sapura Energy back in the black with RM190 mil full-year net profit 

Infrastructure and engineering company Jati Tinggi Group Bhd (KL:JTGROUP) has secured a RM48.38 million contract from Tenaga Nasional Bhd (KL:TENAGA) to develop power supply links for a data centre in Johor. Jati Tinggi said its wholly owned Jati Tinggi Holdings Sdn Bhd (JTHSB) had received the letter of acceptance  from the utility group following a tender for the job to establish 275KV bulk supply connection to the data centre via interim supply. The project includes the supply, installation and testing of underground power cables, overhead transmission lines, substations, high-voltage equipment, and lightning protection. — Jati Tinggi wins RM48 mil job from TNB

Oil and gas services firm Keyfield International Bhd (KL:KEYFIELD) is disposing of an 11-year-old four-point mooring accommodation workboat (AWB) for US$12.5 million (RM55.4 million) to Saraf Corp India Pte Ltd (SCIPL). Keyfield said its wholly owned subsidiary, Keyfield Offshore Sdn Bhd, has entered into a memorandum of agreement with SCIPL for the proposed disposal. SCIPL is a Mumbai-based integrated services company specialising in catering, housekeeping, logistics, and protective coatings. The AWB, dubbed Keyfield Lestari, was purchased by the group in 2023 for an initial investment of RM31.3 million and currently carries a net book value of RM28 million. — Keyfield selling accommodation workboat to Mumbai firm for RM55.4 mil

Former Malayan Banking Bhd (KL:MAYBANK) group president and chief executive officer Tan Sri Abdul Farid Alias, currently an independent director of Bursa Malaysia Bhd (KL:BURSA), has been appointed as the non-executive chairman of the stock exchange operator by the Minister of Finance, effective May 1. Abdul Farid, 56, will replace Tan Sri Abdul Wahid Omar, 61, who is retiring after his term ends on April 30. Abdul Wahid has been with the stock exchange for 12 years, first as its independent director from 2004 to 2011, before returning to serve as its chairman in May 2020.  Abdul Farid was the group president and CEO of Maybank from August 2013 to April 2022. He joined the board of Bursa in July 2022.  — Former Maybank CEO Farid Alias redesignated as Bursa non-executive chairman from May, replacing Abdul Wahid who is retiring

KPJ Healthcare Bhd (KL:KPJ) has proposed to inject two hospital properties into Al-'Aqar Healthcare Real Estate Investment Trust (Al-Aqar REIT) (KL:ALAQAR) for a combined consideration of RM241 million via a sale-and-leaseback arrangement. The assets comprise a new 15-storey hospital building at KPJ Ampang Puteri Specialist Hospital and a new 10-storey hospital building at KPJ Penang Specialist Hospital, worth RM131 million and RM110 million respectively. The disposal is expected to unlock the value of the assets while allowing KPJ to retain operational control through a leaseback structure, the group added. Under the agreement, KPJ will lease the properties back from Al-Aqar REIT for an initial term of 11 years, with an option to extend for another 15 years. The lease payments will be structured to provide stable rental income to the REIT.  — KPJ to inject two hospital assets into Al-Aqar Healthcare REIT

A lawsuit has been filed by the former operator of KL Tower against Lim Seong Hai Capital Bhd's (KL:LSH) subsidiaries and the Malaysian government, challenging the award of the KL Tower concession to LSH Service Master Sdn Bhd. The former operator of KL Tower — Menara Kuala Lumpur Sdn Bhd — and its parent Hydroshoppe Sdn Bhd, are alleging contractual breaches and misconduct that led to the award of the concession to LSH Service Master. LSH Capital said its wholly owned LSH Best Builders Sdn Bhd (LSHBB) had been served with a writ of summons and statement of claim for the lawsuit, together with its 70%-owned LSH Service Master. Also named as defendants in the suit were the government, the Ministry of Communications as well as its minister, and Service Master (M) Sdn Bhd (SMSB). LSH Service Master, a joint venture between LSHBB and SMSB, recently signed a 20-year concession agreement with the government to operate and maintain Kuala Lumpur Tower, starting from April 1, 2025.  — Former KL Tower operator sues LSH Capital, govt over concession award

HHRG Bhd (KL:HHRG) has suspended three senior executives from its 51%-owned subsidiary, MG Furniture Sdn Bhd, who are also members of the Ch’ng family, the largest shareholder in HHRG. The action is part of an internal investigation into the management of MG Furniture and non-compliance with board directives related to a court order. The suspended executives are MG Furniture managing director Ch’ng Chen Mong, production manager Ch’ng Boon Sin, and finance and human resource manager Sau Hwee Fern. Chen Mong is the head of the Ch’ng family which owns the largest stake in HHRG through the Ch'ng family’s private vehicle — Cfamillie Holdings Sdn Bhd. Boon Sin is his son. Chen Mong, Boon Sin, and Sau were issued show-cause letters on March 24 and March 27, 2025, and are required to respond before the board makes a final decision. — HHRG suspends top executives, also its largest shareholders, at subsidiary amid internal probe

Cypark Resources Bhd (KL:CYPARK) remained in the black for a second consecutive quarter thanks to one-off gains. Net profit of RM8.76 million for the three months ended Jan 31, 2025 (3QFY2025), compared to a net loss of RM28 million a year earlier, according to its bourse filing. The renewable energy company booked RM30.09 million in provision reversal and compensation from a settlement with its Negeri Sembilan waste-to-energy plant’s main contractor. Revenue for the quarter, meanwhile, rose 10.7% year-on-year to RM39.7 million, boosted by its hybrid plant in Terengganu. For its first nine months, the company’s net loss narrowed to RM7.04 million from RM26.9 million in the same period a year earlier, as revenue increased 9% to RM138.7 million. — Cypark stays in the black for another quarter thanks to one-off gains

Crescendo Corporation Bhd (KL:CRESNDO) has reported a record-high earnings for the financial year ended Jan 31, 2025 (FY2025), thanks to data centre land sales in Iskandar Puteri. The Johor-based property developer recorded a net profit of RM536.3 million for the year, more than nine times compared with RM56.67 million in FY2024, on a revenue of RM1.15 billion, more than triple compared with RM341.35 million in the previous year. The revenue from the sales of land, located at the Nusa Cemerlang Industrial Park (NCIP), amounted to RM116 million. — Crescendo wraps up FY2025 with record revenue, profit

Malakoff Corp Bhd (KL:MALAKOF) said it has secured the second phase of its solar energy contract with sister company Northport (Malaysia) Bhd. The agreement, signed on Feb 10, 2025, will see Malakoff's solar arm Malakoff Radiance Sdn Bhd installing a rooftop solar photovoltaic system at Northport’s CT2 building in Port Klang. However, it did not disclose the value of the contract. The new system, capable of generating up to 2,025.81 kilowatts at peak, will increase Northport’s total solar energy capacity to 4.4 megawatts (MW) upon completion. The initial 2.4MW system was completed in December 2022. — Malakoff gets second phase of solar energy contract from sister company Northport