KUALA LUMPUR (May 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

FGV Holdings Bhd (FGV) said it plans to take greater control of eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd in deals worth RM229.75 million combined. The proposed acquisitions will also allow FGV to streamline palm oil manufacturing entities and centralise ancillary services such as logistics and security. FGV said it will buy 49% in FGV Transport Services Sdn Bhd for RM77.90 million, the biggest out of the eight acquisitions, followed by 23% in FGV Agri Services Sdn Bhd for RM62.44 million. — FGV to take greater control of eight subsidiaries in deals worth RM229.8m

IJM Corp Bhd (IJM) has secured government approval to proceed with a RM1.4 billion extension to its New Pantai Expressway (NPE), which had been scrapped by the government back in 2012. At the time, IJM vowed to appeal the decision with a revised alignment. In a statement, IJM said construction of the 15-kilometre extension is set to begin in the third quarter of 2025 and expected to be completed by 2029. The fully elevated stretch will link the Pantai Dalam Toll Plaza to the Jalan Istana Interchange via Jalan Syed Putra, connecting three major highways — the existing NPE, Besraya and the upcoming Like expressway. — IJM Corp gets nod to build previously scrapped New Pantai Highway extension

PETRONAS Dagangan Bhd (PETDAG) posted a 29.8% increase in net profit for the first quarter ended March 31, 2025 (1QFY2025), on higher Jet A1 aviation fuel and diesel sales from its commercial segment which offset declines in its retail segment. Net profit climbed to RM293.50 million from RM226.04 million in the same quarter last year. However, revenue declined 3.2% to RM9.09 billion from RM9.39 billion, mainly due to lower average selling prices and reduced sales volume. PetDag, which is 63.94% held by Petroliam Nasional Bhd (Petronas), announced an interim dividend 20 sen per share (RM198.69 million), up from 18 sen per share last year. The dividend will be paid on June 21. — PETRONAS Dagangan’s 1Q profit up 30% on stronger commercial fuel sales, lower costs

KLCCP Stapled Group (KLCC) saw its net profit rise 7.2% in the first quarter from a year earlier, reflecting gains from the acquisition of the remaining 40% stake in Suria KLCC Sdn Bhd. Its net profit for the three months ended March 31, 2025 (1QFY2025) was RM201.48 million versus RM188.03 million previously. The group, comprising KLCC Property Holdings Bhd and the KLCC Real Estate Investment Trust (REIT), declared a higher interim dividend of 9.2 sen per stapled security, compared with nine sen a year earlier. — KLCCP Stapled Group’s 1Q profit rises 7%, declares 9.2 sen dividend

Gas Malaysia Bhd (GASMSIA), which distributes natural gas and liquified petroleum gas in Peninsular Malaysia, saw a marginal 2.4% drop in net profit to RM100.14 million in the first quarter ended March 31, 2025 (1QFY2025) from RM102.63 million a year earlier, on lower average natural gas contribution margin, higher administrative expenses and higher finance costs. This was mitigated by higher volume of natural gas sold and higher share of results from joint venture companies. Revenue for the quarter also slipped 1.5% to RM1.84 billion from RM1.87 billion in 1QFY2024, due to lower average natural gas selling price. However, this was mitigated by higher volume of natural gas sold and higher tolling fee. — Gas Malaysia’s 1Q net profit down 2% on lower natural gas margin

Oil and gas producer Hibiscus Petroleum Bhd (HIBISCS), the only pure-play upstream producer listed on Bursa Malaysia, turned a net loss of RM115.97 million in the third quarter ended March 31 (3QFY2025) from a net profit of RM101.81 million a year earlier, due to a one-off non-cash deferred tax liability of RM167.3 million, arising from the UK’s Energy Profits Levy (EPL). Nonetheless, the group declared an interim dividend of one sen per share, raising its year-to-date distribution to eight sen per share from six sen last year. Revenue for the quarter fell 5.1% to RM572.80 million from RM603.51 million, attributed to lower realised oil prices and reduced production volumes. — Hibiscus sees UK windfall tax drag in 3Q; keeps 17% volume growth target

Property developer Paramount Corp Bhd’s (PARAMON) net profit surged 87.2% to RM14.4 million in the first quarter ended March 31, 2025 (1QFY2025) from RM7.71 million a year earlier, primarily driven by an improvement in the property segment. Revenue for the quarter rose 26.2% to RM217.84 million from RM172.61 million in 1QFY2024, boosted by its Petaling Jaya and Penang property developments. No dividend was recommended for the quarter. — Paramount Corp 1Q net profit surges 87% on higher property sales

Oriental Kopi Holdings Bhd (KOPI) released its second interim financial report as a publicly listed company, showing a net profit of RM13.82 million for the second quarter ended March 31, 2025 (2QFY2025). Revenue came in at RM103.18 million, driven mainly by its cafe chain operations, which contributed 93.45% of the total, followed by distribution and retail of packaged goods (6.19%) and other revenue streams. There are no comparative year-ago quarterly figures, as this is the company’s second interim financial disclosure since its listing on the ACE Market of Bursa Malaysia on January 23. The board did not declare any dividend for the quarter. — Oriental Kopi reports RM13.8 mil net profit in second quarterly report post-listing

SkyWorld Development Bhd (SKYWLD) reported a 20% drop in net profit to RM16.4 million for the fourth quarter ended March 31, 2025 (4QFY2025), mainly due to lower revenue from two completed projects — EdgeWood Residences and SkyVogue Residences. The developer’s quarterly revenue declined to RM114.4 million in 4QFY2025. For the full financial year ended March 31, net profit halved to RM54.2 million, while revenue dropped 35.3%, as other major projects like SkySierra (The Valley) SkyAwani IV, and SkyAwani V were completed in FY2024. The company declared a final dividend of 0.6 sen per share, payable on July 15, bringing total dividend for the year to 1.1 sen or RM11 million. — SkyWorld posts RM16.4m 4Q net profit, plans RM2b launches for FY2026

Tan Chong Motor Holdings Bhd (TCHONG) returned to the black in the first quarter ended March 31, 2025 (1QFY2025), posting a net profit of RM4.14 million compared with a net loss of RM15.72 million a year earlier, mainly due to recognition of a one-off fair value gain on investment properties of RM54 million. This was partly offset by lower revenue, higher impairment loss on receivable and net foreign exchange loss of RM4.2 million in 1QFY2025, compared with a net foreign exchange gain of RM13 million recorded in 1QFY2024. Revenue for the quarter slipped 1.9% to RM553 million in 1QFY2025 from RM563.7 million a year earlier, mainly due to softer consumer sentiment and a highly competitive business landscape in the local and overseas markets. — Tan Chong Motor swings to profit in 1Q, reaffirms focus on regional expansion

The Shah Alam Sessions Court has acquitted former Symphony Life Bhd (SYMLIFE) chief financial officer Ng Ying Yiing and adviser Datuk David Goh of charges over using RM2.57 million in company funds to buy Cycle & Carriage Bintang Bhd (CCB) shares without board approval between June 2021 and June 2024. The court granted the acquittal on May 22 after the prosecution withdrew the charges. This followed the Attorney General’s Chambers agreeing with letters of representation from Ng and Goh, which were supported by previous court decisions which dismissed most of Symphony Life’s civil claims against Ng, Goh and Doa Huat Holdings. All parties have appealed. The Industrial Court also ruled that Ng was unfairly dismissed and awarded her RM792,000 in back wages. It found that Symphony Life’s chief executive officer had approved the share purchases and that Ng was fired after filing a complaint against him. — Symphony Life’s ex-CFO, adviser acquitted of Cycle & Carriage share purchase charges after case dropped

Oil and gas services provider Velesto Energy Bhd (VELESTO) has bagged a contract worth over US$90 million (RM383 million) to provide drilling rig services for the PC Ketapang II Ltd, PC North Madura II Ltd and Petronas North Ketapang Sdn Bhd programme in Indonesia, under which the group will assign its Naga 8 jack-up rig. The contract is for a firm period of four years and is scheduled to commence in July. It is expected to support Velesto’s rig utilisation and earnings visibility from 2025 to 2028. — Velesto Energy bags US$90m job to provide drilling rig services

InNature Bhd (INNATURE) — operator of The Body Shop stores in Malaysia, Vietnam and Cambodia — is seeking to acquire The Body Shop business in Singapore from The Body Shop International Ltd (TBSI). Aurelius-owned TBSI owns and operates the business in the UK and several other European markets, as well as in Singapore, Japan, Hong Kong and Australia, among others. InNature said it has signed a memorandum of understanding with TBSI and The Body Shop Singapore Pte Ltd (TBSS) for a potential acquisition of TBSS from TBSI with the purpose of entering the business of beauty and retail in Singapore. — InNature seeks to acquire The Body Shop in Singapore

Source: FGV, IJM, PetDag, KLCCP, Gas Malaysia, Hibiscus, Paramount, Oriental Kopi, SkyWorld, Tan Chong, Symphony Life, Velesto, InNature