KUALA LUMPUR, Aug 26 — Boustead Holdings Bhd’s net profit rose to RM74.40 million in the second quarter ended June 30, 2022 (Q2 FY2022) from a loss of RM7.30 million a year earlier, driven by better contributions from property to plantation segments.
The group said the profit was also supported by better results from associates.
Revenue for the quarter increased to RM4.31 billion against RM2.57 billion in Q2 2021, it said in a filing with Bursa Malaysia.
For the half-year (H1) period, Boustead also recorded a higher net profit of RM364.70 million versus RM35.80 million in H1 FY2021, mainly due to a one-off gain from the disposal of plantation land of RM367.7 million.
“All other divisions, except for heavy industries and pharmaceutical divisions, continued to deliver a stronger performance in the first half of the year,” it said.
Moving forward, the group remains optimistic that positive factors, coupled with its “Reinventing Boustead” strategy, would drive better performance throughout the group’s diversified ventures.
“Under the strategy, the group aims to accelerate value creation with performance improvement programmes, tap into new revenue streams, streamline non-strategic assets and embark into the technology and digital services sectors,” it said.
“Meanwhile, the pharmaceutical division was engaged to manage the release of the medical inventory. As a result, there was a four-fold surge in demand for its generic pharmaceutical products and the division expects the drug shortage to normalise by the fourth quarter of 2022,” it added. — Bernama
