• Profit After Taxation and Zakat (PAT) registered at RM147.3 million
  • Revenue surged by 95% to RM3.68 billion
  • EBITDA recorded a significant jump by 144% to RM370.7 million


KUALA LUMPUR, 30 November 2021 – Boustead Holdings Berhad (Boustead) today announced its financial results for the third quarter ended 30 September 2021 (Q3 FY2021), posting a Profit Before Taxation and Zakat (PBT) of RM239.9 million which is a significant turnaround and improvement as compared to Loss Before Taxation and Zakat (LBT) of RM14.3 million in the same quarter last year (Q3 FY2020).

The Group recorded Profit After Taxation and Zakat (PAT) of RM147.3 million compared to Loss After Taxation and Zakat (LAT) of RM35.0 million in the corresponding quarter last year.

Moreover, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) surged at 144% to RM370.7 million from RM152.1 million in Q3 FY2020, attributable to better results from operations. The Group’s revenue in Q3 FY2021 also grew to RM3.68 billion from RM1.89 billion in the previous corresponding quarter.

The overall improved results were driven by better contributions and improved performance in almost all divisions within the Group as well as higher share of results from associates.

For the cumulative period ended 30 September 2021 (9M FY2021), the Group achieved a turnaround with a PBT of RM442.4 million compared to LBT of RM125.0 million in last year’s corresponding cumulative period (9M FY2020). This signifies the Group’s continuous effort to deliver sustainable growth in the overall performance.

The Group posted a PAT of RM277.3 million for 9M FY2021 in contrast to LAT of RM176.7 million in the same period last year.

During the same period of 9M FY2021, Boustead rebounded with a stronger operational performance by attaining a two-fold jump in EBITDA to RM854.0 million from RM359.5 million in 9M FY2020, while revenue for 9M FY2021 increased to RM8.35 billion from RM5.65 billion in last year’s corresponding period.

All divisions within the Group particularly Plantation, Pharmaceutical and Trading, Finance & Investment delivered stronger performance in 9M FY2021. The bottom line was further bolstered by one-off gains on disposal of Royale Chulan Bukit Bintang Hotel (RCBB) and an investment property at RM84.6 million and RM13.1 million respectively.

Segmental performance results for each division are as follows:

Property & Industrial Division

  • For 9M FY2021, the Property & Industrial Division registered a revenue of RM348.8 million, lower by 12% from RM396.7 million recorded in 9M FY2020.
  • Revenue from the property development segment fell due to lower progress billing for the Mutiara Rini, Johor project and One Cochrane Residences.
  • The property investment’s segment revenue was affected by lower occupancy and rental rate at shopping malls and the hotel segment also faced lower occupancy rates.
  • Nevertheless, the Division posted a PBT of RM21.5 million for 9M FY2021 against LBT of RM83.2 million for 9M FY2020, mainly due to the recognition of one-off gains on disposal of RCBB and an investment property.
  • At the operational level, the hotel segment incurred losses as the room and F&B revenues were still affected by the movement restrictions imposed by the COVID-19 pandemic, and the bottom line was also hit by the decreased contribution from property development segment due to lower progress billing from the Mutiara Rini, Johor and One Cochrane projects as mentioned above.
  • The property investment incurred reduced losses attributable to lower share of losses from a joint venture.
  • Industrial segment closed the 9M FY2021 period with a better result as compared to 9MFY2020 due to higher construction demand and export sales.

Plantation Division

  • For 9M FY2021, the Plantation Division recorded a higher revenue of RM708.5 million against RM535.4 million for 9M FY2020 which is an increase by 32% on the back of higher palm products prices.
  • As a result, the Division recorded a substantially higher PBT of RM207.6 million for 9M FY2021 in contrast to PBT of RM33.6 million in 9M FY2020.
  • However, Fresh Fruit Bunches (FFB) production for the period of 9M FY2021 was recorded at 675,143 metric ton (MT), lower by 10% from 753,864 MT from the same period in the preceding year.
  • The oil extraction rate for the period of 9M FY2021 was at par with the corresponding period last year at 21.1%, but the kernel extraction rate for 9M FY2021 was lower to 4.1% from 4.3% in 9M FY2020.

Heavy Industries Division

  • Heavy Industries Division posted an improved revenue in 9M FY2021, increasing to RM282.7 million from RM234.3 million for the corresponding period last year. This is mainly due to the improved revenue from the Littoral Mission Ship (LMS) project.
  • The Division closed the 9M FY2021 period with lower LBT of RM48.4 million against LBT of RM88.8 million for 9M FY2020 due to better contribution from the LMS project.

Pharmaceutical Division

  • For 9M FY2021, the Pharmaceutical Division achieved a two-fold surge in revenue to RM4.1 billion from RM2.1 billion in 9M FY2020, primarily due to the strong demand from across the Division’s concession, non-concession and Indonesian businesses with the sales of Sinovac COVID-19 Vaccine to the Ministry of Health (MOH) and the private sector as the key driver.
  • The Division recorded a significantly higher PBT of RM148.1 million in 9M FY2021 compared to RM44.7 million for the same period last year which was mainly attributable to increased revenue driven by the sales of Sinovac COVID-19 vaccine.

Trading, Finance & Investment Division

  • For 9M FY2021, the Trading, Finance & Investment Division registered a stronger revenue of RM2.9 billion which is an increase of 21% from 9M FY2020 mainly due to revenue from Boustead Petroleum Marketing Sdn Bhd (BPM) on higher average fuel prices.
  • The Division achieved a turnaround with PBT of RM113.6 million for 9M FY2021 which compared favourably against LBT of RM31.3 million in 9M FY2020, driven by stockholding gain in 9M FY2021 against the stockholding loss of the same period for the preceding year by BPM.
  • Contribution by associate Affin Bank was better for 9M FY2021 and this was attributable to improved net interest income, Islamic Banking income, net fee and commission income, lower modification loss and allowance for impairment losses.
  • The results of tourism-related businesses were still affected by the movement restrictions nationwide.

Boustead Group Managing Director Dato’ Sri Mohammed Shazalli Ramly said the quarter’s excellent performance is attributable to the strong focus on the Core Performance Improvement Programme upon the end of the nationwide lockdown and the acceleration of Reinventing Boustead strategies. These enable the Group to deliver significant improvement to the overall performance of the business, despite the prolonged uncertainties in our economic outlook.

“At this pivotal moment of the financial third quarter 2021 and anticipating the ensuing fourth quarter ahead of us, we are confident, strong-footed and galvanised than ever before to remain committed in our continuous explorations into driving synergies and improving performance across our core businesses, selective investments in digital technologies and transition into renewable energy to support the sustainability of our short to long term business plans.

“Our pledge to Environment, Social and Governance efforts is reflected in our very own Boustead Hijau Agenda (BIJAU) that will be the core value driver in all our business dealings and operations. BIJAU fully supports Malaysia’s Net Zero Carbon 2050 target which we will assist to accelerate via our ventures in algae biofuel and solar projects.”

“The Group’s vigilance and focus in unlocking value for the business remain firmly driven by our main vision of placing the interest of all our shareholders as the highest priority by maximising shareholder value, especially Lembaga Tabung Angkatan Tentera as our majority shareholder and enriching the lives of the Malaysian Armed Forces service members, veterans and their family members,” he said.



Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of Boustead 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.

About Boustead Holdings Berhad

Boustead Holdings Berhad (‘Boustead’), one of Malaysia’s oldest conglomerates, is Lembaga Tabung Angkatan Tentera (‘LTAT’)’s investment arm. The diversified Group comprises more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy.

Its operations are focused in five key areas namely plantation, heavy industries, property & industrial, trading, finance & investment, and pharmaceutical.

Since its inception as a modest trading entity more than 190 years ago, the Boustead Group has grown by leaps and bounds. As at 30 September 2020, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.5 billion. Market capitalisation is currently in the region of RM1.3 billion. For more information on Boustead, log on to

For more details, please contact Boustead’s Group Corporate Communications Department at