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 BSTEAD 2771 BOUSTEAD HOLDINGS BERHAD posts net earnings of RM74.4mil in Q2

Boustead Holdings Bhd registered a net profit of RM74.4 million in the second quarter (Q2) ended June 30, 2022, from a net loss of RM7.3 million a year ago after the allocation to non-controlling interests and perpetual sukuk holders. NSTP/HAIRUL ANUAR RA

KUALA LUMPUR: Boustead Holdings Bhd registered a net profit of RM74.4 million in the second quarter (Q2) ended June 30, 2022, from a net loss of RM7.3 million a year ago after the allocation to non-controlling interests and perpetual sukuk holders.

The company's revenue for the quarter was also stronger at RM4.3 billion from the RM2.6 billion achieved in the same period last year.

The improved results were driven by better contributions from the property and industrial, the plantation and trading, finance and investment divisions during the quarter and a higher share of results from associates.

For the cumulative period of six months ended June 30, 2022, Boustead's net profit rose more than doubled to RM364.7 million compared to RM35.8 million last year.

Revenue also rose 66 per cent to RM7.8 billion from RM4.7 billion posted for the corresponding period last year.

The improved performance was mainly due to one-off gains from the disposal of plantation land of RM367.7 million by the plantation division and stronger contribution by all other divisions, except for heavy industries and pharmaceutical divisions.

The bottom line was also bolstered by an associate's higher share of results.

Boustead chairman Datuk Seri Mohd Redzuan Md Yusof said the improved outcome of this quarter's financial results demonstrates the disciplined delivery of the company's core growth strategy.

Redzuan said that while the company is encouraged by these optimistic financial results, it will continue to safeguard business growth with best practices.

"We will drive towards achieving better performance through continued explorations into the new environment, social and governance (ESG) based ventures and initiatives in partnership," he said.

https://www.nst.com.my/business/2022/08/826757/boustead-holdings-posts-net-earnings-rm744mil-q2

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