Boustead revamped business plans and strategies to embark on digital and high technology initiatives, as well as rejuvenation of its core businesses, which continued to yield results as the Group recorded positive performance for the first financial quarter ended March 31 (Q1FY2022).
During the quarter, the Group posted a higher Profit Before Taxation and Zakat (PBT) of RM683.1 million as compared with PBT of RM121.3 million in the corresponding quarter of the previous year (Q1FY2021). Profit After Taxation and Zakat (PAT) stood at RM559.6 million against PAT of RM87.4 million in Q1FY2021.
The Group’s net profit notably increased to RM290.3 million, from RM43.1 million recorded in Q1FY2021 after the allocation to non-controlling interests and perpetual sukuk holders. The attained Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM794.4 million against RM274.2 million recorded during Q1FY2021, while the revenue for the quarter was also higher at RM3.4 billion from RM2.1 billion achieved in the same period last year.
The overall positive results were mainly attributed to a one-off gain from the disposal of plantation land of RM364.1 million, as well as a continued robust performance by almost all the divisions. The bottom line was further bolstered by a higher share of results from an associate.
Boustead Group Managing Director Dato’ Sri Mohammed Shazalli Ramly said the Group’s encouraging results bore testimony to the continuous efforts by the whole organisation to improve operational performance that accelerated business growth and profitability.
“Meanwhile, the Group has set in motion several ventures, including collaboration with Kuwait- based international investment company Al Hajri Global Group (Al Hajri), as they seek to explore investment opportunities with Boustead which include businesses related to oil and gas, medical, construction, housing development and finance sectors, all of which fits perfectly with our Boustead Hijau (BIJAU) agenda,” he added.
