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21.25
sen
Earnings Per Share
+6.3%
Increase Y-o-Y
Net Assets Per Share
+6.4%
Increase Y-o-Y
Shareholders’ Funds
Dear Shareholders,
F
YE2019 proved to be an incredibly challenging period for
the Company. We had to navigate uncertainties in our
operating environment and volatile commodity prices
which, in the case of the latter, had created major challenges
for our plantation segment. Our focus during the year
therefore has been on what we can control, driving underlying
performance delivery and ensuring financial discipline as
we continue to prioritise our resources amid tough trading
conditions.
Performance
The diversity of our businesses has provided the Group with a
natural hedge against market volatility.
Given the above, our financial performance for FYE2019
was mixed. Revenue is down 2.7% to RM469.47 million,
reflecting the impact of lower commodity prices on our
plantation segment coupled with continuing lower volumes
in our manufacturing segment. The decline in Group revenue
was partially offset by the solid performance of our bulking
segment which delivered a 51.6% year-on-year (“y-o-y”)
increase in revenue due to higher throughput volumes and
improved product mix.
The Group recorded a profit before tax (“PBT”) of RM114.89
million, up 47.0% compared to last year on the back of
improved contributions from the manufacturing, bulking and
food segments as well as the reversal of previously recorded
impairment loss on plant, property and equipment (“PPE”)
taken in Q2 of FYE2019 of RM23.63 million (discussed below).
Without the write back of impairment, our PBT would be
RM91.26 million, 16.8% higher than last year.
Net cash generated from
operating activities for
the year was RM52.78
million, and we
ended the year
once again with
a strong balance
sheet and net cash
of RM290.32 million
(inclusive of short-
term cash investments).
FYE2018 FYE2019
RM
Million
RM
Million
Manufacturing
140.78
134.78
Plantation
153.65
118.34
Bulking
53.54
81.15
Food
129.27
130.32
Others
5.22
4.88
Total
482.46
469.47
Group Revenue
RM469.47mil
Group PBT
RM114.89mil
FYE2018 FYE2019
RM
Million
RM
Million
Manufacturing
22.81
30.56
Plantation
31.67
32.81
Bulking
24.91
44.39
Food
1.36
8.33
Others (including
Associate
Companies)
(2.61)
(1.20)
Total
78.14
114.89
performance
review
27