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 BSTEAD 2771  BOUSTEAD HOLDINGS BERHAD's plantation division bullish with CPO prices remaining high

KUALA LUMPUR (April 29): The plantation division remains bullish and promises another year of healthy profits and shareholder returns in 2022, said Boustead Holdings Bhd group finance director Fahmy Ismail.

According to him, the new year looks bright for the palm oil industry with crude palm oil (CPO) prices remaining high and the opening of borders allowing the entry of foreign labour.

“In addition, the gain on the disposal of land in the Kulai Young Estate will further boost the bottom line,” he said in Boustead’s annual report 2021.

Fahmy added that while riding on a more conducive business environment after the Covid-19 pandemic, Boustead’s growth will be further propelled by the company’s reinventing strategy, which is gaining momentum as it enters its second year.

“Various initiatives that were implemented and successfully completed in 2021 as well as ongoing and new initiatives to be rolled out in 2022 will further strengthen the group’s already very sound fundamentals and position us firmly to gain further ground as we build on the momentum of positive change that has already been established,” he noted.

Besides, Fahmy said the pharmaceutical division also expects to deliver a steady performance in the coming year.

He added that as the company had successfully manufactured and supplied Sinovac vaccines to the government, the division plans to venture into exporting the vaccine to countries that continue to face a shortage.

“As for the business related to contracts with the government, the division is finalising its agreement with the Ministry of Health to continue with medical supply logistics services for a period of 10 years,” he said.

Meanwhile, the property and industrial division will face another challenging year as the effects of the pandemic will still be felt across the property landscape.

“Nevertheless, we will continue to develop One Cochrane Residences, and focus on sales here as well as the newly launched Balau Homes at Mutiara Hills and industrial lots in Bukit Raja to contribute to the bottom line,” he added.

The group posted a net profit of RM170.1 million for the financial year ended Dec 31, 2021 (FY21), compared to a net loss of RM550.9 million for FY20.


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