Boustead Heavy Industries Corporation Berhad (BHIC) continues to show improvement in its results as shown in its cumulative Profit After Tax (PAT) of RM15.0 million in the financial year ended 31 December 2021 (FY 2021) compared to a cumulative Loss After Tax (LAT) of RM50.6 million in FY 2020.
Cumulative Profit Before Tax (PBT) for FY 2021 was RM18.2 million compared with cumulative Loss Before Tax (LBT) of RM32.7 million in FY 2020.
For the fourth quarter ending 31 December 2021 (4QFY2021), BHIC recorded a LAT of RM8.2 million compared to RM11. 8 million in the third quarter ending 30 September 2021 (3QFY2021). LBT for 4Q FY 2021 was RM11.5 million compared to an LBT of RM14.7 million in 3QFY2021.
The profits were mainly generated by higher maintenance, repair and overhaul (MRO) activities, lower operating costs and lower taxation.
The positive FY 2021 results were achieved on the back of cumulative revenue of RM149.4 million (compared to cumulative revenue of RM145.2 million in FY 2020), mainly from the Royal Malaysian Navy (RMN) submarine contracts and defence-related MRO projects.
“The allocation of RM16 billion for the defence sector in Budget 2022 and the rebound in the commercial shipping segment provide us with optimism to do well in 2022,” BHIC Chief Executive Officer Sharifuddin Md. Zaini Al-Manaf said.
