Delivers Increased PAT of 88% for Q4
PAT 50% higher than FY2009
LUMPUR, February 25, 2011 - Boustead Holdings Berhad (Boustead)
recorded a solid performance for the final quarter of the financial
year ended 31 December 2010 supported by strong contribution across
all its Divisions. The Group delivered a significantly improved
profit after tax of RM235 million for the quarter under review compared
with the preceding quarter's profit of RM125 million marking an
88% increase between quarter three and quarter four of this financial
for the 12 month period, the Group recorded a profit after tax of
RM625 million compared with RM418 million for its previous fiscal
year which denotes a 50% increase on a year-on-year basis. Revenue
grew by an impressive 15% to RM6.2 billion for the current financial
year compared with RM5.4 billion for the previous financial year.
The Group recorded
a profit before tax of RM252 million for its current quarter under
review compared with RM208 million for the preceding year's corresponding
quarter. To complement this, the Group saw an impressive 45% increase
in profit before tax to RM726 million for the full year compared
with RM502 million for the same period last year.
share for the quarter under review increased to 22.2 sen compared
with 9.8 sen for the preceding quarter.
As a result
of the Group's sterling performance, Boustead will pay a net dividend
of 39 sen for its financial year ended 31 December 2010. The total
dividend of RM367 million (2009: RM184 million) represents a payout
ratio of 68%.
To date, dividends totalling 27 sen have been paid while the remaining
12 sen will be paid on 31 March 2011 to shareholders on the register
as at 21 March 2011.
YBhg Tan Sri
Dato' Lodin Wok Kamaruddin, Deputy Chairman/Group Managing Director,
Boustead Holdings Berhad, said, "It has certainly been a significant
year for the Group as our short and long term strategic plans, together
with a concerted effort in achieving our goals, have resulted in
our superior financial performance for this financial year."
look forward, prospects for the Group remain strong especially with
commodity prices remaining robust. Additionally, the banking and
finance sector is expected to continue to perform well in the coming
financial year. More importantly, contributions from Pharmaniaga
Berhad will have a positive impact on our bottom line in the coming
For the 12 month
period, the Plantation Division remained a solid contributor to
the Group's earnings by registering an improved profit of RM183
million compared with the RM76 million recorded in the previous
fiscal year. This substantial increase was primarily due to crude
palm oil prices which were favourable to the Group due to thinning
stock levels and adverse weather conditions. The average CPO price
realised was RM2,622 per MT, an increase of 21% over last year's
average of RM2,170 per MT.
and Investment Division was another firm contributor recording strong
growth in profit due to the increased earnings experienced across
all business segments of Affin Holdings Berhad. The Division register
a profit of RM138 million, a significant jump from the RM95 million
registered in the previous year. The disposal of BH Insurance was
also a key contributor having garnered positive cash flow and a
profit of RM75 million.
The Property Division recorded an increased profit of RM139 million
as compared with RM106 million registered in the previous year.
The Division's signature developments, Mutiara Damansara, Selangor
and Mutiara Rini, Johor are currently seeing solid appreciation
levels in the secondary market and this should augur well for any
new launches planned for the coming year.
The Heavy Industries
Division maintained its performance despite being in an industry
that suffered due to market conditions. The Division registered
a profit of RM146 million, as compared with the previous year's
profit of RM145 million. With the recent Letter of Intent for the
proposed award of a fleet of six second-generation patrol vessels
with combatant capabilities, the Division is looking forward to
undertake this new project.
Division registered a profit of RM77 million, a significant increase
from the RM47 million recorded in the previous year while the Manufacturing
& Services Division recorded a profit of RM44 million, an increase
from the previous year's profit of RM32 million. During the year
under review, Boustead Petroleum Marketing Sdn Bhd and Idaman Pharma
Manufacturing Sdn Bhd performed above expectations for the Trading
and Manufacturing & Services Division respectively.
shareholder value has borne much fruit, reflective of our results
this financial year. Our strong dividend payment consistently over
the last four quarters is a further testament of the Group's desire
to reward its shareholders. Effective financial year 2011, we will
be introducing a dividend policy which formalises our commitment
to achieve a minimum payout ratio of 70% of our adjusted consolidated
net profit which should make Boustead a more attractive investment
for discerning investors." concluded YBhg Tan Sri Dato' Lodin.
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 100 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 2010, Boustead Holdings Berhad's
paid-up capital was RM470 million, while its shareholders' funds
stood at RM4.2 billion. Market capitalisation is currently in excess
of RM5 billion.
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
on behalf of: Boustead Holdings Berhad By: acorn
communications sdn bhd
For further information, please call:
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