KUALA LUMPUR, Aug 29 — PPB Group Bhd’s net profit for the second quarter ended June 30, 2023 (2Q 2023), fell to RM202.81 million from RM693.41 million last year.

The revenue for the quarter under review also decreased to RM1.48 billion from RM1.54 billion previously, mainly attributable to the lower contribution from Wilmar International Limited (Wilmar) by 77 per cent to RM139 million in 2Q2023 (2Q 2022: RM598 million)

In a Bursa Malaysia filing today, the investment holding and property investment company said the performance of its grains and agribusiness segment improved significantly in the first half (1H) of 2023 compared to a year ago.

"However, any downside supply risk could affect the segment’s performance for the rest of the year.

"With a 1H performance and our continuous efforts to drive production and cost efficiency, we expect the grains and agribusiness segment to perform satisfactorily,” it said.

Meanwhile, PBB also said that Wilmar’s performance will continue to contribute substantially to the group’s overall profitability.

According to the group’s annual report 2022, PPB owns 18.8 per cent equity interest in one of Asia’s largest integrated agribusiness groups, Wilmar, whose business encompasses the entire value chain of the agricultural commodity business.

"It has over 500 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries,” the report added.

The board of directors has declared an interim dividend of 12 sen per share for the financial year ending December 31, 2023, payable on September 22, 2023. — Bernama