KUALA LUMPUR: PPB Group Bhd’s net profit jumped to RM693.41 million in the second quarter ended June 30, 2022 (Q2 2022) from RM183.47 million in the same period last year, mainly contributed by profit growth in Wilmar International Ltd.
Revenue rose to RM1.58 billion from RM1.08 billion previously.
In a filing with Bursa Malaysia today, PPB said Wilmar, its Singapore-listed associate and one of the world's largest oil palm plantation owners, contributed a profit of RM598 million in Q2 2022 against RM249 million in Q2 2021.
Apart from Wilmar, the diversified conglomerate said other segments also lifted the company’s profitability for the quarter under review, such as the grains and agribusiness segment which contributed a profit of RM115 million in Q2 2022 against a loss of RM72 million in Q2 2021.
Its film exhibition and distribution segment also returned to the black with a net profit of RM22 million for Q2 2022 versus a loss of RM34 million in Q2 2021.
For the cumulative six-month period ended June 30, 2022, PPB’s net profit surged to RM996.57 million from RM585.65 million previously, while revenue improved to RM2.96 billion versus RM2.20 billion previously.,
The company declared an interim dividend of 12 sen per share, payable on Sept 28, 2022.
Moving forward, PPB said although the grain commodity prices have now stabilised to a level closer to the pre-Russian-Ukraine conflict as global supply concerns eased, the flow-through effect of high raw material prices on production costs, as well as high logistics cost would remain.
"The grain and agribusiness segment will continue its efforts to preserve margins by improving its product performance and enhancing its operational efficiency,” it said.
On outlook for the film exhibition and distribution segment, it said the scheduled movie line-up for the second half of 2022 is expected to contribute positively to the segment.
It added that Wilmar's performance would continue to contribute substantially to the overall profitability of the group. - Bernama