Malayan Cement's net profit soars to RM83.54 million in FY2022
25 Aug 2022 07:34pm
Malayan Cement's revenue jumped to RM2.7 billion from RM1.36 million previously, mainly due to the impact of an acquisition, it said in a filing with Bursa Malaysia today. - Pic sourced from opengovmy
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Revenue also jumped to RM2.7 billion from RM1.36 million previously, mainly due to the impact of an acquisition, it said in a filing with Bursa Malaysia today.
The acquisition by the group involves the entire equity interest of 10 companies and their respective subsidiaries that are involved in cement and ready-mixed concrete businesses in Malaysia from its immediate holding company, YTL Cement Bhd, on Sept 21, 2021.
For the fourth quarter (Q4FY2022), Malayan Cement’s net profit increased to RM34.13 million from RM9.88 million previously while revenue was higher at RM804.76 million from RM276.33 million.
"The significant increase was mainly contributed by the consolidation of revenue of the companies purchased under the acquisition as well as the lower revenue recorded in the preceding year corresponding quarter caused by disruption to construction activities resulting from nationwide lockdown,” it said.
On prospects, it said the acquisition would continue to bolster profitability and value enhancement.
"The effectiveness and efficiency of the group’s cement operations and ability to deliver seamless solutions to customers will be optimised, boding well for the positive growth and outlook of the group and the industry going forward,” it added. - Bernama
