KUALA LUMPUR: Boustead Holdings Bhd
posted a 573 per cent internet profit surge, or RM290.30 million, for the primary quarter ended March 31, 2022 (Q1 2022).
The conglomerate recorded a internet profit of RM43.10 million in the identical quarter final yr.
The group’s income rose to RM3.44 billion, a rise of 65 per cent, from RM2.09 billion recorded final yr, it stated in a submitting with Bursa Malaysia right this moment.
“The total optimistic outcomes have been primarily attributed to a one-off acquire from the disposal of plantation land of RM364.1 million, in addition to continued sturdy efficiency by virtually all of the divisions.
“The backside line additionally benefitted from higher contribution by affiliate Affin Bank Bhd, which was attributed to improved internet curiosity earnings, Islamic banking earnings, internet price and fee earnings, in addition to allowance for impairment losses,” it stated.
During the quarter, the plantation division registered a considerably greater profit earlier than tax of RM509.5 million versus RM19.3 million beforehand amid the land disposal in Kulai, Johor final yr.
Its buying and selling, finance and funding division recorded a doubled profit earlier than tax of RM122.1 million from RM47.3 million.
The greater profit was primarily pushed by an improved stockholding acquire as in comparison with the identical interval final yr by Boustead Petroleum Marketing on the again of upper common gas costs.
Meanwhile, its pharmaceutical division achieved the next income of RM962.2 million versus RM793.5 million beforehand, primarily because of optimistic development throughout the group’s concession and Indonesian companies on account of robust demand from prospects.
Group managing director Datuk Seri Mohammed Shazalli Ramly stated because the nation strikes in direction of a restoration interval whereas nonetheless withstanding the challenges associated to the extended COVID-19 pandemic, the group continues to stay cautious with the present uncertainty of the worldwide market and political local weather, particularly with the continued Ukraine-Russia battle.
“Nevertheless, we’ve got positioned provisional measures to safeguard the companies whereas we proceed to be optimistic of our prospects transferring ahead,” he stated.
Mohammed Shazalli famous that the group has set in movement a number of ventures, together with collaboration with Kuwait-based worldwide funding firm Al Hajri Global Group.
“They (Al Hajri) search to discover funding alternatives with Boustead which embody companies associated to grease and gasoline, medical, development, housing improvement and finance sectors, all of which match completely with our Boustead Hijau Agenda,” he stated. – Bernama
