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

Yinson Holdings Bhd's net profit for the financial year ended Jan 31, 2024 (FY2024) jumped 63% to RM964 million, from RM589 million a year earlier, on the back of a surge in revenue to RM11.65 billion versus RM6.32 billion. For 4QFY2024, net profit rose 62.5% to RM278 million from RM171 million, mainly due to the effect of charter day rate escalation, partially offset by lower contributions from engineering, procurement, construction, installation and commissioning business activities and an increase in finance costs. Revenue for the quarter increased to RM2.70 billion, from RM1.96 billion a year earlier. — Yinson posts 63% jump in net profit to RM964m for FY2024, declares one sen dividend for 4Q

Flat steel product manufacturer Astino Bhd reported a fourfold surge in its net profit for the second quarter ended Jan 31, 2024 from a year earlier, on stronger sales and profit margin. Net profit for the three months jumped to RM11.78 million from RM2.95 million previously, while revenue grew 18% to RM169.22 million from RM143.29 million. Moving forward, Astino said it is cautiously optimistic of achieving a more sustainable performance as market demand for its product continues to remain firm, though it flagged escalating input costs and the weakening ringgit versus the US dollar. — Astino sees fourfold jump in 2Q profit on stronger sales, profit margin

Paper and personal care product manufacturer NTPM Holdings Bhd reported a turnaround in its net profit for the third quarter ended Jan 31, 2024 (3QFY2024) from a year earlier, on the back of higher sales and decreased materials cost. Net profit stood at RM6.3 million or 0.56 sen per share, compared to a net loss of RM7.32 million or 0.65 sen per share in 3QFY2023. Quarterly revenue rose 11.75% to RM241.06 million from RM215.72 million. Moving ahead, NTPM aims to remain profitable in the coming quarter, amid the positive results recorded, driven by the adjustment in its market strategy. —  NTPM registers turnaround in 3Q on higher sales, lower materials cost

Health supplement firm DXN Holdings Bhd expects its Brazil operations to turn profitable by 2025, with potential to become its main market by revenue in the next five years. It said Brazil’s large population and the size of its economy makes it competitive when compared to other markets in South America. DXN added it is committed to its dividend policy and aims to distribute at least 50% of its annual net profit, adding that it has a strong cash generation from operating activities which can support the payment of dividends. — DXN sees profitable Brazil ops by 2025, may be main revenue source in next five years

EcoFirst Consolidated Bhd is alleging that its former directors had conspired with Kerjaya Prospek Group Bhd in the award of a RM404.35 million residential development project in June last year, which was subsequently terminated in November. After the termination, Kerjaya Prospek filed a lawsuit against EcoFirst’s wholly-owned unit, BCM Holdings Sdn Bhd, claiming RM20 million in termination damages. BCM subsequently filed a counterclaim against Kerjaya Prospek, while including its former chief executive officer and executive director Datuk Tiong Kwing Hee, as well as substantial shareholder Tan You Tiong as defendants. — EcoFirst alleges conspiracy in award of now-terminated contract to Kerjaya Prospek

Velesto Energy Bhd has secured a two-year contract extension for the provision of three jack-up rigs to Petronas Carigali Sdn Bhd, for US$265 million (about RM1.26 billion). The group announced that the notice of assignment for the jack-up rigs, being Naga 2, Naga 4 and Naga 6, began on Feb 7, 2024 and will continue until Feb 6, 2026, inclusive of the continuation from the current drilling campaign. Individually, the contract value is worth US$73.04 million for Naga 2, US$94.88 million for Naga 4 and US$97.08 million for Naga 6. — Velesto bags two-year contract extension worth US$265m from Petronas Carigali

Construction and renewable energy firm Nestcon Bhd said it has bagged a RM79.5 million contract under phase one of the Wawari township development in Johor Bahru.The contract involves earthworks and main infrastructure works at the proposed township development located in the Pulai district. It is expected to begin March 28 and be completed by Nov 27, 2025, and has a 24-month defect liability period after the certificate of practical completion has been issued. — Nestcon bags RM80m construction job in JB

Loss-making Maxim Global Bhd said its 51%-owned unit is acquiring a parcel of land near the Johor-Singapore Rapid Transit System (RTS) station in Johor Bahru to raise its landbank for property development projects and construction business expansion. The 26,329 sq m freehold land in Taman Maju Jaya is owned by Pelangi Sdn Bhd, a wholly-owned subsidiary of I&P Group Sdn Bhd, which in turn is fully-owned by S P Setia Bhd. Its 51%-owned subsidiary, Maxim Pelangi Sdn Bhd (MPSB), has inked a conditional sale and purchase agreement with Pelangi to buy the land for RM167 million in cash. — Maxim’s unit to buy land near RTS station in Johor Bahru to boost property landbank

Melaka-based property developer Teladan Group Bhd has teamed up with the Melaka state government development agency, Melaka Corp (MCorp), to develop a 341.2-acre German Technology Park at Ayer Panas in Jasin. Teladan entered into a memorandum of understanding with MCorp to collaborate on feasibility studies and development planning for the proposed German Technology Park project. The agreement seeks to leverage on the construction expertise of Teladan and its landbank located along Jalan Gapam, Melaka. At the same time, MCorp will lead the development and sales of the proposed project. — Teladan partners Melaka Corp to develop German Technology Park in Jasin

Steel Hawk Bhd, which has filed for an initial public offering as part of its listing transfer from the LEAP Market to the ACE Market, got a one-year extension each to the two contracts it secured last year to provide pig trap system maintenance for Petronas Carigali Sdn Bhd. The extension will run between Feb 27 this year to Feb 27, 2025, and applies to both the Peninsular Malaysia and Sarawak assets’ contracts it obtained in March 2023. Since these contracts are on a call-out basis, no fixed contract value was provided. — Steel Hawk gets extension for system maintenance job from Petronas Carigali