-->

Type something and hit enter

On

KUALA LUMPUR (June 29): Poultry farmer QL Resources Bhd, which reported a net profit for the fourth quarter ended March 31, 2020 (4QFY20) of RM42.97 million — little changed from RM43.26 million in the corresponding quarter last year — is planning to undertake a bonus share issuance on the basis of one bonus share for every two QL shares held on an entitlement date to be fixed.

The proposed issuance, which will involve up to 811.22 million bonus shares, is to reward the group’s existing shareholders for their continued loyalty and support, the group said in a stock exchange filing today. As at June 15, QL’s issued share capital was RM620.03 million comprising 1.62 billion shares. The bonus issue is expected to raise its number of issued shares to up to 2.43 billion.

Meanwhile, QL said it recorded flattish earnings growth for 4QFY20 despite an 8% increase in revenue — to RM979.42 million from RM903.77 million previously — because its palm oil activities (POA) business saw a 12% decline in sales. The decline was due to fewer fresh fruit bunches processed, which led to the POA segment’s earnings declining by 68%, despite higher crude palm oil prices. The segment was also affected by forex translation losses.

The group proposed a final dividend of 4.5 sen per share in respect of the year ended March 31, 2020 (FY20), subject to shareholders’ approval.

For the full FY20, the group’s net profit grew 10% to RM239.32 million from RM216.78 million last year, while revenue rose 15% to RM4.15 billion from RM3.62 billion. The higher earnings for the period were due to improved contributions from its marine product manufacturing (MPM) and integrated livestock farming (ILF) segments.

Its MPM earnings rose 25% due to higher contributions from surimi, fishmeal and surimi-based products, while its ILF earnings grew 8% on the back of higher contributions from its regional and Sabah poultry operation, higher feed raw material trade and its FamilyMart business.

Going forward, QL said its management remains committed to growing the group's businesses in FY21, despite the Covid-19 pandemic outbreak and the impending economic recession.

QL shares grew two sen or 0.21% to close at RM9.50 today, valuing the company at RM15.41 billion. Over the past year, the counter has risen 39.91% from RM6.79.

http://www.theedgemarkets.com/article/ql-resources-plans-bonus-shares-and-dividend-4q-profit-holds-firm
Back to Top
Back to Top