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The Group’s Profit Before Tax (“PBT”)
declined by 54.9% (RM63.06 million) y-o-y to
RM51.83 million primarily due to impairment
losses on plant, property and equipment
(“PPE”) and right-of-use (“ROU”) assets
in a subsidiary, PT Nunukan Jaya Lestari
amounting to RM17.79 million against
write back of impairment losses amounting
RM23.63 million recorded in FYE2019.
Except for Food segment, contributions
from other business segments also lower
y-o-y. Without the impairment, the Group’s
PBT would be RM69.62 million, 23.7% lower
than last year.
Bulking division posted lower PBT by 18.2%
or RM7.84 million to RM35.29 million mainly
due to pre-tax losses from the biodiesel
operation.
Plantation division recorded a loss of
RM20.55 million compared to PBT of
RM32.81 million previous year primarily due
to impairment losses on PPE and ROU assets
of RM17.79 million.
On the back of unfavourable sales mix, lower
sales volumes and contraction in margins on
certain product segments, Manufacturing
division’s PBT decreased by RM4.57 million
or 15.0% to RM25.99 million compared to
the same corresponding period last year.
Food division’s PBT improved due to
better revenue contributions from our PNG
subsidiary, International Food Corporation
Ltd. During the year, PBT improved by
RM6.59 million to RM14.92 million compared
to RM8.33 million posted in the preceding
year as the result of lower direct costs and
write back of impairment loss on receivables,
as well as net gain on forex of RM1.79 million
(FYE2019: RM0.68 million).
The Group’s
Gross Profit
declined by 10.1%
y-o-y to RM171.34 million from RM190.62
million in FYE2019. Correspondingly,
gross profit margin
decreased to 34.2%
as compared to 40.6% in FYE2019 due to
higher cost of sales.
Cost of Sales
amounted to RM329.56
million, up 18.2% compared to previous year
primarily due to the higher maintenance
and cultivation expenditure recorded by
the Plantation division. Meanwhile, Bulking
division also recorded higher cost of sales
against last year with the addition of business
volumes from the biodiesel segment.
Share of Results of Associates
totalled
RM1.96 million as compared to RM3.73
million last year on the back of lower
revenue from Giesecke & Devrient Malaysia
Sdn Bhd (“G&D”). G&D posted a revenue
of RM166.83 million (FYE2019: RM184.28
million) and PBT of RM10.69 million
(FYE2019: RM17.67 million).
On the back of lower profits,
PAT
was
RM27.47 million compared to RM85.21
million in the prior year. Taxation expenses
for the period decreased to RM24.36 million
from RM29.68 million.
Profit Attributable to Equity Holders
of
the Company amounted to RM29.21 million,
51.2% lower than RM59.84 million recorded
in FYE2019. Basic earnings per share
decreased to 10.40 sen based on weighted
average of 280.97 million shares (FYE2019:
21.25 sen based on 281.63 million shares).
Total assets
grew 1.6% to RM1.25 billion
largely because of the ROU assets
recognised by Bulking division (in applying
the requirements of new MFRS16) and
higher trade and other receivables which
was partially offset by the decrease in
inventories. The decrease in inventories was
largely in Manufacturing and Food divisions.
Shareholders’ Funds
stood at RM801.77
million, representing a decrease of RM1.38
million or 0.2% over the previous financial
year, in line with the decrease in the Group’s
retained earnings.
Food division
PBT improved
due to better revenue
contributions from our PNG
subsidiary, International
Food Corporation Ltd.
Cost of Sales
amounted to
RM329.56 million, up 18.2%
compared to previous year
primarily due to the higher
maintenance and cultivation
expenditure recorded by the
Plantation division.
Total assets grew
1.6%
to RM1.25 billion largely
because of ROU assets
recognised by Bulking
division and higher trade
and other receivables which
was partially offset by the
decrease in inventories.
RM14.92
million
(FYE2019: RM8.33 million)
RM329.56
million
(FYE2019: RM278.85 million)
RM1.25
billion
(FYE2019: RM1.23 billion)
+79.1%
+18.2%
+1.6%
Shareholders’ Funds
stood at RM801.77 million
Annual Report 2020
kumpulan Fima Berhad
(197201000167)(11817-V)
30