QL Resources Registered 20% Revenue Growth; Eyeing Clean Energy and Family Mart as Next Impetus

The agro-food producer announced a 20% top-line growth to RM5.2 billion for the financial year ended 31 March 2022 (FY2022). Its two largest business pillars of Integrated Livestock Farming and Marine Products Manufacturing recorded RM2.7 billion and RM1.2 billion revenue respectively for the year.

While, profit before tax (PBT) stood at RM321 million, dragged down by super high raw material price, rising fuel cost and disrupted operations. After discounting the one-off remeasurement gain of RM79 million in the Palm Oil and Clean Energy business pillar, FY2022 PBT contracted 9%.

QL is realigning its core focus to emphasise clean energy and environmental technology in the Palm Oil and Clean Energy (POCE) business pillar. This is per the Sustainably Enhancing Performance strategy to conserve the environment and natural resources via an emphasis on Environmental, Social, and Governance (ESG) matters, and integrating technology strategic

In Q4FY2021, QL consolidated Boilermech Holdings Berhad, a leading clean energy environmental technology specialist in Malaysia, as its subsidiary, increasing its exposure to the ESG sector.

In its statement, the company as expressed its Convenience Store Chain (CVS) business pillar is poised to be another catalyst for QL’s growth. This pillar comprises FamilyMart retail business and QL Kitchen, a food production business. The CVS contribution to total revenue and PBT surpassed the 10% threshold in just five years and is now reported as a standalone pillar in accordance with MFRS 8.13.

Turnover for CVS under the FamilyMart brand in FY2022 was RM637 million, with RM43 million PBT. Performance is expected to improve following a year impacted by movement controls, supply chain and manpower disruptions.

QL will achieve its target of 300 FamilyMart stores by mid 2022 and has set plans in motion for a further 300 stores in the next five years to bring the total to 600 stores. At the same time, 300 FM Minis are also planned by FY2026. RM100 million has been invested into QL Kitchen to support FamilyMart’s growth.

FamilyMart’s central kitchen operated by QL Kitchen since 2016 is certified halal by Jabatan Kemajuan Islam Malaysia (JAKIM).

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