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Despite the lower revenue for the
year, the Group’s Profit Before
Tax (“PBT”) improved by 47.0%
y-o-y to RM114.89 million mainly
attributed to higher contributions
from all divisions as well as the
reversal of previously recorded
impairment loss on plant, property
and equipment (“PPE”) of
RM23.63 million. Without the write
back of impairment, the Group
PBT would be RM91.26 million,
16.8% higher than last year.
Bulking division posted a record
high PBT of RM44.39 million and
is the leading contributor to the
Group’s PBT. Plantation division
recorded PBT of RM32.81 million
on the back of the reversal of
impairment loss on PPE amounting
to RM23.63 million. Without the
reversal, Plantation’s PBT is RM9.18
million compared to RM28.34
million in previous year.
Meanwhile, Manufacturing division
recorded better PBT against last
year primarily due to higher write
back of inventories and reversal
of certain provisions on warranty
as well as lower direct costs and
depreciation.
Food division’s PBT improved
by RM6.97 million to RM8.33
million compared with RM1.36
million posted in the preceding
year mainly due to increase in
earnings contribution from our
PNG subsidiary, International Food
Corporation Ltd.
Gross Profit and Cost of Sales
for
the Group improved to RM190.62
million (FYE2018: RM187.59
million) and RM278.85 (FYE2018:
RM294.87 million) respectively.
The improvement is mainly
attributed to the strong results
recorded by the Bulking division.
The Group’s
Gross Profit Margin
was higher by 1.7% mainly
contributed by higher gross
profit margin enjoyed by Bulking
division.
Share of Results of Associates
totalled RM0.93 million as
compared to a loss of RM0.48
million last year on the back of
improved contributions from
Giesecke & Devrient Malaysia
Sdn Bhd (“G&D”). G&D posted
a revenue of RM184.08 million
(FYE2018: RM164.50 million) and
PBT of RM17.67 million (FYE2018:
RM11.57 million).
PAT
for FYE2019 was RM85.21
million compared to RM46.64
million recorded in the previous
financial year. The increase in PAT
mainly attributed to the write
back of the impairment loss on
PPE amounting RM23.63 million
and lower tax expenses during
the year. Taxation expenses for
the period decreased to RM29.68
million from RM31.50 million.
Profit Attributable to Equity
Holders of the Company
improved
100.3% or RM29.87 million from
RM29.87 million recorded in
FYE2018 to RM59.84 million in
FYE2019. Basic earnings per share
of our Group increased to 21.25
sen based on weighted average
of 281.63 million shares (FYE2018:
10.78 sen based on 282.20 million
shares).
The Group’s
Retained Earnings
FYE2019 stood at RM433.56
million against RM398.99 million in
the previous financial year.
The variance was due to the
higher profit attributable to the
equity holders of the Company
of RM59.84 million (FYE2018:
RM29.87 million).
Shareholders’ Funds
stood at
RM803.15 million, representing
an increase of RM48.07 million or
performance
review
35