KUALA LUMPUR (May 22): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

PETRONAS Chemicals Group Bhd (KL:PCHEM) swung to a profit after four straight quarters in the red. Its net profit stood at RM401 million in the first quarter ended March 31, 2026 (1QFY2026), versus a net loss of RM18 million in 1QFY2025, as cheaper inputs and lower expenses offset lower revenue. Revenue for the quarter fell 8% year-on-year (y-o-y) to RM7.02 billion from RM7.66 billion. A spike in product prices in the wake of the geopolitical conflict in the Middle East contributed to the turnaround of the group, which was previously grappling with supply glut in the petrochemical industry and weak demand. — PETRONAS Chemicals swings to profit after bleeding four straight quarters

Genting Bhd's (KL:GENTING) net profit jumped more than 20-fold to RM101.1 million in 1QFY2026 from RM4.6 million in 1QFY2025, driven by lower impairment losses and a swing in share of results from joint ventures and associates. Quarterly revenue rose 2% to RM6.66 billion from RM6.51 billion. In contrast, its 73.8%-owned subsidiary Genting Malaysia Bhd (KL:GENM) slipped into the red with a net loss of RM3.8 million in 1QFY2026, from a net profit of RM72.7 million a year earlier, weighed by pre-opening expenses related to Resorts World New York City’s transition into a full-scale commercial casino. This came despite revenue rising 10% to RM2.87 billion from RM2.6 billion, supported by stronger performance across leisure and hospitality businesses in all geographical segments, although partially offset by a stronger ringgit. — Genting 1Q profit surges over 20-fold on JV gains, lower impairments; Genting Malaysia slips into loss on casino transition costs

Telekom Malaysia Bhd’s (KL:TM) net profit fell 19.87% to RM321.51 million for 1QFY2026 from RM401.26 million a year earlier, weighed down by a one-off writedown of RM127.3 million for unutilised prepaid 5G capacity. This was despite revenue rising 2.92% to RM2.93 billion from RM2.85 billion. The writedown was linked to the company’s decision to exit Digital Nasional Bhd (DNB) in February. In March, the telecom company maintained that its termination of the 5G access agreement with DNB was valid, despite DNB saying the agreement was still legally binding and remained in effect. It declared an interim dividend of 6.5 sen per share, payable on June 25. — TM reports nearly 20% drop in 1Q net profit due to RM127.3m DNB 5G write-down

DRB-Hicom Bhd’s (KL:DRBHCOM) net profit more than doubled to RM45 million in 1QFY2026 from RM17.72 million a year earlier, driven by stronger contributions from its mobility, postal and banking segments, underpinned by higher sales and improved cost efficiency. Quarterly revenue increased 15.74% to RM4.76 billion from RM4.11 billion. — DRB-Hicom more than doubles 1Q earnings on higher sales, improved cost efficiency

MNRB Holdings Bhd (KL:MNRB), the national reinsurer and takaful firm, posted new all-time high earnings in the recently ended financial year thanks to record revenue and lower claims. Annual net profit ended March 31, 2026 (FY2026) totalled RM545.39 million, a 38% surge from the RM394.25 million posted a year earlier. Revenue grew 11% to RM3.97 billion from RM3.58 billion, driven by takaful and Islamic reinsurance businesses as well as investment income. In 4QFY2026, net profit rose 22% to RM113.73 million from RM93.44 million a year earlier. Revenue climbed 7.9% y-o-y to RM1.09 billion. It declared an interim single-tier dividend of five sen per share for FY2026, payable on June 26. In FY2025, MNRB paid total dividends of 10 sen per share. — Record revenue, lower claims lift MNRB’s earnings to all-time high in FY2026

Kossan Rubber Industries Bhd’s (KL:KOSSAN) net profit rose 11% to RM39.53 million in 1QFY2026 from RM35.62 million a year earlier,  as lower tax expenses offset a decline in revenue. Quarterly revenue slipped 3.5% y-o-y to RM470.36 million, as the stronger ringgit weighed on export receipts of gloves. — Kossan's 1Q earnings rises 11%, flags revenue impact from stronger ringgit

Petron Malaysia Refining & Marketing Bhd (KL:PETRONM) said its Port Dickson refinery, which has been shut since the collapse of its product jetty during Tropical Storm Senyar in November last year, is expected to resume full operations by the first quarter of 2027 upon completion of a new jetty. It slipped back into the red with a net loss of RM35.04 million in 1QFY2026, mainly due to the absence of production. This compared with a net profit of RM81.03 million a year earlier. The net loss was exacerbated by the ongoing war in West Asia, which has significantly disrupted oil supply and market prices, leading to higher feedstock costs. Revenue for 1QFY2026 fell 19.9% y-o-y to RM2.94 billion from RM3.67 billion, dragged by lower sales volume, particularly due to the absence of export sales amid the refinery shutdown. — Petron posts quarterly loss amid refinery shutdown, expects full operations to resume by 1Q2027

Bumi Armada Bhd’s (KL:ARMADA) net profit fell 78% to RM40.1 million from RM182.77 million, dragged by lower contributions from two floating production storage offloading (FPSO) vessels, including the Armada Kraken. The squeeze on net profit was also driven by a 35.32% decline in revenue, resulting from a lower charter rate for the Armada Kraken compared to 1QFY2025, as well as lower finance lease revenue from the Armada Olombendo FPSO vessel, which was partly offset by reduced finance costs. Revenue was down to RM306.56 million for 1QFY2026 from RM473.97 million the year before. — Bumi Armada’s 1Q net profit falls 78% on lower contribution from FPSOs

Dayang Enterprise Holdings Bhd (KL:DAYANG) expects stronger financial and operational performance in the coming quarters after posting a 74.8% jump in first-quarter earnings, supported by higher vessel utilisation and more intensive offshore activity execution. Its net profit for 1QFY2026 rose to RM21.52 million from RM12.31 million a year earlier, despite revenue declining 14% to RM132.35 million from RM153.82 million. The higher earnings were mainly attributed to improved margins following the completion of projects under its hook-up and commissioning (HUC) contracts, which carried lower operating costs and reduced reliance on third-party vessel chartering expenses. It declared a first interim dividend of seven sen per share, unchanged from a year earlier. — Dayang expects stronger quarters ahead as 1Q profit jumps 75%

Dagang NeXchange Bhd (KL:DNEX) swung back to profitability in 1QFY2026 to RM12.78 million, versus a net loss of RM79.04 million a year earlier, driven mainly by a turnaround in its semiconductor division and improved earnings from its information technology (IT) segment. Revenue, however, slipped 9.9% to RM267.56 million from RM296.83 million, as all three operating divisions — semiconductor, energy and IT — recorded lower sales. — DNeX returns to the black in 1Q on semiconductor turnaround, stronger IT earnings

Mi Technovation Bhd’s (KL:MI) net profit climbed 74% to RM30.98 million for 1QFY2026 from RM17.8 million a year ago, thanks to cost control and sale of higher-margin products. Revenue came in at RM167.76 million, a 40% y-o-y gain over RM119.55 million a year ago, driven by higher average selling prices for artificial intelligence-related segment. The company said it is “confident” of strong results in its semiconductor material business this year after a surge in the first quarter, as demand is expected to strengthen further. An interim dividend of one sen per share was declared, to be paid on July 6. — Mi Technovation 1Q net profit jumps 74% on semiconductor demand

Convenience store chain operator 7-Eleven Malaysia Holdings Bhd’s (KL:SEM) 1QFY2026 net profit more than halved to RM4.72 million from RM10.63 million a year ago, as it incurred higher costs due to business expansion that offset the revenue growth seen from its new store openings. Revenue grew 10.9% to RM837.58 million from RM755.28 million in 1QFY2025, driven by the store additions and higher average sales per day, supported by public holidays. — 7-Eleven Malaysia's 1Q profit more than halves on expansion costs

KPJ Healthcare Bhd’s (KL:KPJ) net profit rose 22.1% to RM69.6 million in 1QFY2026 from RM57.1 million a year ago, boosted by higher patient visits and surgeries as well as an improved after-tax share of profits from associates. Quarterly revenue rose 8.6% to RM1.05 billion from RM967 million. It declared an interim single-tier dividend of one sen per share, payable on July 17. — KPJ Healthcare 1Q net profit climbs 22.1% on higher patient visits, surgeries

Kerjaya Prospek Group Bhd’s (KL:KERJAYA) net profit rose 24% to RM57.34 million in 1QFY2026 compared to RM46.07 million a year earlier, as higher property sales offset lower construction billings. Quarterly revenue declined 5.3% y-o-y to RM446.82 million. The company is on track to achieve its target of RM2 billion in new contracts for 2026, having already secured more than half of the target within the first few months of the year, said chief executive officer Tee Eng Tiong. An interim dividend of 3.5 sen per share was also announced and payable June 26. — Kerjaya Prospek reports 24% rise in 1Q net profit, raises dividend payout

The group also said it remains unfazed by a tougher construction environment and rising building material costs following the Middle East conflict, saying it is well-positioned to navigate the volatility due to its experience and disciplined pricing strategy. — Kerjaya Prospek sees more job opportunities, unfazed by Mideast war-driven cost hikes

Duopharma Biotech Bhd (KL:DPHARMA) is seeking alternative sources of inputs to reduce concentration risks amid ongoing supply chain disruptions linked to the Iran war. The company is now heavily reliant on imports, particularly from China and India, which dominate the global active pharmaceutical ingredients (APIs) market, said group CEO Wan Amir-Jeffery Wan Abdul Majid. APIs are the key substances used in the manufacturing of a drug. For Duopharma, prices of certain inputs have risen by between 5% and 15%, Wan Amir-Jeffery said. While the company has limited ability to pass on higher input costs to its government segment, it has greater flexibility to adjust prices for the private sector, he noted. — Duopharma seeks alternative ingredient sources amid supply chain risks