KUALA LUMPUR (Feb 28): PPB Group Bhd’s net profit increased to RM2.2 billion for the financial year ended Dec 31, 2022 (FY2022) compared with RM1.5 billion a year ago.
Revenue in FY2022 rose to RM6.15 billion versus RM4.65 billion previously, with all key segments recording improvement in revenue and profitability.
In a filing with Bursa Malaysia today, PBB said for group performance review, the pre-tax profit for FY2022 increased 50% to RM2.25 billion from RM1.5 billion in FY2021 with contributions from Wilmar International Limited (Wilmar) increasing 40% to RM2.1 billion.
It said other segments, such as grains and agribusiness, also lifted the company’s profitability for FY2022 after contributing a profit of RM4.66 billion compared with RM3.69 billion in FY2021 due to a more stable grain commodity market.
“The consumer products segment posted a higher revenue of RM751 million in FY2022 from RM644 million in FY2021 attributable to higher sales of bakery and other fast-moving consumer products.
“Besides, film exhibition and distribution segment revenue also increased significantly to RM515 million in FY2022 from RM116 million in FY2021 due to the higher admissions and box office collections, while the property segment in FY2022 stood at RM141 million from RM114 million in FY2021 attributable to new sales and progressive profit recognition from the completed Megah Rise residential project as well as improvement in overall mall business performance,” it said.
For the fourth quarter (4Q) of FY2022, PBB said net profit was marginally lower at RM415.5 million from RM502.56 million in the previous corresponding quarter, while revenue increased to RM1.61 billion from 4Q FY2021’s RM1.36 billion.
Moving forward, PPB said it expects grain commodity prices to remain volatile given the uncertain weather conditions in the major grain-growing countries and the ongoing Russian-Ukraine war.
It said for the film exhibition and distribution segment, the company expects the performance of the segment to improve further with the release of more tentpole movies and support from positive consumer sentiment and confidence.
“Meanwhile, the consumer products segment has performed well in 2022 and is expected to improve amid the recovery of consumer spending. The property segment will continue to focus on planned development projects in Kedah and Penang, as well as enhancing its malls’ performance,” it added.
Source: TheEdge - 1 Mar 2023
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