Boustead Plantations Lists on Main Board
KUALA LUMPUR, June 26, 2014 –Boustead Plantations Berhad (BPB), a listed subsidiary of Boustead Holdings Berhad (BHB), officially made its debut on the Main Board of Bursa Malaysia today.
With over 100 years of plantation management experience backed by BHB, BPB is one of the most established and experienced upstream oil palm plantation companies in Malaysia with proven plantation management practices. BPB currently has a total planted area of 70,991 hectares and 41 oil palm plantation estates in Peninsula Malaysia and East Malaysia.
For its first quarter ended 31 March 2014, Boustead Plantations delivered improved results with a profit after tax (PAT) of RM30.7 million, a 45% jump from RM21.2 million in the previous year’s corresponding quarter. Revenue for the quarter under review increased to RM198.6 million. Meanwhile for its financial year ended 31 December 2013, BPB recorded a pro forma PAT of RM159.7 million on the back of a turnover of RM685 million.
YBhg Tan Sri Dato’ Seri Lodin Wok Kamaruddin, Vice Chairman, Boustead Plantations Berhad, said, “The journey to our listing today has been a momentous one and we are very fortunate to be at this point of our corporate growth. Boustead Plantations has built a strong track record over the years and our vast experience in the plantation business has borne us much fruit, particularly in solid financial returns.”
“With the opportunities that exist in the plantation sector, the outlook is indeed bright for the Group as we focus on unlocking the value of our plantation assets. As we move forward, we are implementing a three-pronged strategy with a view to enhancing our yields and subsequently strengthen our profitability for the long term.”
“This includes expansion via land acquisition, as well as continuous improvement in best practices and utilisation of new planting materials to improve operating efficiency. In tandem with this, via our dedicated research and development initiatives we aim to increase the yields of our fresh fruit bunches and our oil extraction rates.”
“With this growth strategy in place, we will be able to ensure that the Group remains a healthy and profitable entity for many years to come,” concluded YBhg Tan Sri Dato’ Seri Lodin.
Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
on behalf of: Boustead Plantations Berhad
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