KUALA LUMPUR: Boustead Holdings Bhd’s third quarter (3Q) net profit ended Sept 30 rose 31.6% to RM120.9 million or 12.86 sen a share, from RM91.9 million in the same period last year. The group’s 3Q revenue rose 44.6% to RM2.19 billion up from RM1.51 billion in the corresponding period last year.
“We are pleased with our results particularly on a year-on-year comparison for the third quarter under review as well as for the full nine-month period. On this basis, we look to close the financial year on a positive note as we intend to work harder and channel our resources and energies to improve our bottom line and business prospects particularly from organic growth,” said Tan Sri Lodin Wok Kamaruddin, deputy chairman/group managing director of Boustead.
For the nine-month period, group net profit rose 27.3% to RM418.3 million or 44.49 sen a share, while revenue gained 33.6% to RM6 billion. The bulk of earnings were contributed by the plantation division, with an operating profit of RM267.1 million, up 101.89% compared with RM132.3 million from a year ago.
The jump in plantation profits could be attributed to the division achieving an average crude palm oil (CPO) selling price of RM3,350 per tonne against last year’s corresponding period’s average of RM2,514 per tonne, marking a significant 33% increase. Cumulatively, fresh fruit bunch (FFB) crop improved to 854,006 tonnes.
The manufacturing and trading division produced a nine-month profit of RM75.9 million, up 41.34% from the previous year corresponding period’s RM54 million.
The division was boosted by strong results in BHPetrol, which saw higher sales volume and stockholding gains.
“We will maintain our dividend policy payout for the financial year. This will be all the more possible given our diversified nature where we are not solely dependent on one income stream and as such contributions from multiple streams of businesses will have a positive impact on the group’s bottom line,” said Lodin.
Boustead has declared dividends of 22 sen per unit in 3Q, making nine-month total gross dividends at 30 sen per unit, against 27 sen in the same period last year. Net assets per share rose to RM4.63 as at Sept 30 from RM4.50 as at the end of last year.
This article appeared in The Edge Financial Daily, November 22, 2011.
“We are pleased with our results particularly on a year-on-year comparison for the third quarter under review as well as for the full nine-month period. On this basis, we look to close the financial year on a positive note as we intend to work harder and channel our resources and energies to improve our bottom line and business prospects particularly from organic growth,” said Tan Sri Lodin Wok Kamaruddin, deputy chairman/group managing director of Boustead.
For the nine-month period, group net profit rose 27.3% to RM418.3 million or 44.49 sen a share, while revenue gained 33.6% to RM6 billion. The bulk of earnings were contributed by the plantation division, with an operating profit of RM267.1 million, up 101.89% compared with RM132.3 million from a year ago.
The jump in plantation profits could be attributed to the division achieving an average crude palm oil (CPO) selling price of RM3,350 per tonne against last year’s corresponding period’s average of RM2,514 per tonne, marking a significant 33% increase. Cumulatively, fresh fruit bunch (FFB) crop improved to 854,006 tonnes.
The manufacturing and trading division produced a nine-month profit of RM75.9 million, up 41.34% from the previous year corresponding period’s RM54 million.
The division was boosted by strong results in BHPetrol, which saw higher sales volume and stockholding gains.
“We will maintain our dividend policy payout for the financial year. This will be all the more possible given our diversified nature where we are not solely dependent on one income stream and as such contributions from multiple streams of businesses will have a positive impact on the group’s bottom line,” said Lodin.
Boustead has declared dividends of 22 sen per unit in 3Q, making nine-month total gross dividends at 30 sen per unit, against 27 sen in the same period last year. Net assets per share rose to RM4.63 as at Sept 30 from RM4.50 as at the end of last year.
This article appeared in The Edge Financial Daily, November 22, 2011.
