BOUSTEAD AIMS TO PAY DIVIDENDS EVERY QUARTER
LUMPUR, April 5, 2010 - Boustead Holdings Berhad (Boustead Group)
is set to increase and improve shareholder value through regular
and consistent dividend payments for its 2010 financial year. This
follows closely with the Group's 2009 dividend track record whereby
dividends were paid every quarter.
its financial year ended 31 December 2009, the Group paid out dividend
net of tax amounting to 22.1 sen. The total dividend payout of RM184
million represents 54% of the Group's attributable profit and a
27% increase from the payout of the previous year. This increase
in payout was sizeable given the enlarged share capital as a result
of a rights issue undertaken during the third quarter of 2009 which
increased the shareholder base.
the fiscal year 2010, the Group expects to maintain its earnings
Group which is involved in key sectors of the Malaysian economy
particularly plantation, property, ship building and repair, defence,
manufacturing, services, finance and fast moving consumer goods
is wisely diversified in its investments and market share.
Tan Sri Dato' Lodin Wok Kamaruddin, Deputy Chairman/Group Managing
Director, Boustead Holdings Berhad, said, "We closed the previous
financial year on a positive note having recorded a profit of half
a billion. We are heartened by these results and we intend to work
hard for the coming financial year to mirror this track record."
"Already we are encouraged by the initial months of this fiscal
year particularly with the fact that crude palm oil prices have
steadied and this will have a positive bearing on the results for
the Plantation Division. Additionally with the proposed divestment
of BH Insurance (M) Berhad to AXA Affin General Insurance Berhad
which is subject to shareholders' approval at the EGM today, we
expect an immediate cash flow injection of RM363 million and a profit
of RM75 million that will directly hit our bottom line."
Heavy Industries Division was the Boustead Group's largest contributor
for its financial year ended 31 December 2009 with a profit of RM145
million albeit conditions that affected this sector adversely. The
Property Division was the second highest contributor with a profit
contribution of RM106 million. The Finance and Investment Division
registered a RM95 million profit mainly due to improved profits
from the Affin Group and BH Insurance.
Plantation Division recorded a profit of RM77 million for the fiscal
year ended 31 December 2009. Palm oil price averaged at RM2,170
per metric tonne (MT), a drop from the RM2,794 per MT in 2008. Fresh
fruit bunches production totalling 1,106,000 MT was 5% lower than
the corresponding period in 2008.
the Trading Division registered a turnaround from losses to record
a profit of RM47 million and the Manufacturing and Services Division
recorded an increased profit of RM32 million despite greater competition.
Since its inception as a modest trading entity more than 180
years ago, the Boustead Group has grown by leaps and bounds to comprise
more than 90 subsidiary and associate companies, and has substantial
interests in various sectors of the Malaysian economy. The Boustead
Group's operations are focused in six key areas; plantation, heavy
industries, property, finance & investment, trading and manufacturing
& services. As at 31 December 2009, Boustead Holdings Berhad's
paid-up capital is RM456 million, while its shareholders' funds
stand at RM3.8 billion. Market capitalisation currently is in excess
of RM3.0 billion.
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
on behalf of: Boustead Holdings Berhad By: acorn
communications sdn bhd
For further information, please call:
Natalia Ghani at 012 231 4782 or Michelle
Vincent at 03 7958 8348
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