CIHLDG 2828 C.I. HOLDINGS BERHAD 4Q profit up 13% on stronger palm olein prices, US dollar

 CIHLDG 2828 C.I. HOLDINGS BERHAD 4Q profit up 13% on stronger palm olein prices, US dollar

KUALA LUMPUR (Aug 23): CI Holdings Bhd's net profit grew 13% in the final quarter of fiscal year ended June 30, 2022 (4QFY22) on the back of stronger revenue, driven by higher palm olein prices and a stronger US dollar against the ringgit.

The group is involved in the manufacturing and packing of all types of edible oils as well as making water taps and other plumbing accessories.

Its net profit rose to RM25.02 million in 4QFY22 from RM22.13 million a year ago, while revenue jumped 41% to RM1.26 billion from RM900.15 million, the group said in a stock exchange filing Tuesday.

Nonetheless, CI Holdings said earnings grew at a slower pace than revenue growth during 4QFY22 as margin came under pressure after administrative expenses ballooned by over three times.

For the full FY22, net profit fell 5% to RM66.49 million from RM69.97 million in FY21, despite revenue increasing by 29% to RM4.05 billion from RM3.14 billion.

Going forward, the group said it will continue to grow its revenue via expansion plans for edible oil operations and through smart partnerships with property developers for the tapware and sanitary ware divisions to enhance shareholders’ value.

CI Holdings, which is 33%-controlled by former second finance minister Datuk Seri Johari Abdul Ghani, closed one sen or 0.35% lower at RM2.84 per share on Tuesday, giving it a market capitalisation of RM460.08 million.

http://www.theedgemarkets.com/article/ci-holdings-4q-profit-13-stronger-palm-olein-prices-us-dollar