KUALA LUMPUR – Cahya Mata Sarawak Bhd has recorded a 46% increase in net profit of RM298.06 million in its financial year ended December 31, 2022 (FY2022) in comparison to RM204.22 million the year before FY2022.
The group also reported total revenue of RM1.01 billion for FY2022, an increase of 24% in comparison to the preceding year’s revenue of RM814.55 million, according to a statement released today.
It also posted a 76% increase in its profit before tax to RM412.30 million as compared to RM234.61 million in FY2021.
It attributed its revenue increase to higher contributions from its cement and road maintenance divisions.
In FY2022, the cement division reported a 30% higher gross profit of RM80.22 million while its road maintenance division posted a gross profit of RM17.11 million, an increase of 78% in comparison to the preceding year’s.
According to the group, profit before tax improvements was also due to the negative goodwill of RM71.07 million arising from the acquisition of oiltools group and the reversal of impairment of RM37.69 million on investment, and the gain on disposal of associates of RM89.02 million.
The oiltools division reported a gross profit of RM73.36 million on a year-to-date basis, reflecting the consolidation of financial results effective from the completion date of the group’s acquisition of Scomi Oilfields as of September 2022.
The board has proposed a first and final tax-exempt dividend of 3 sen per share.
The dividend entitlement and payment date for the final dividend will be announced at a later date.
“Despite the challenges of increased logistical and raw materials prices, Cahya Mata Group improved its operational performance for FY2022. This was through improved operations management and effective marketing.
“The board of directors continue to hold a longer-term view that infrastructure and rural development activities will remain active. Cahya Mata’s group of companies should benefit from the strong economy in Sarawak,” it said in a statement. – The Vibes, February 27, 2023
