In an announcement to Bursa Malaysia this evening, Borneo Oil Berhad (BornOil) reported that its full year net profit almost doubled to touch RM53.28 million (2021: 28.48 million) against a 71% leap in yearly revenue to RM87.66 million (2021: RM51.41 million).
The rise in yearly profit and revenue came against the back of BornOil having posted net profit of RM4.38 million (RM35.48 million) against revenue of RM35.88 million (RM15.82 million) for its quarter ended 30 June 2022.
The company said that it “remained focused on showing sustainable growth for the next financial year.”
“We will continue to be vigilant in monitoring the volatile situation and tighten internal efficiencies with cost optimisation.”
The quarter’s higher revenue was mainly attributable to the sale of limestones/stones of RM12.82 million from the (resources and sustainable) RSE division.
Its Head Office and Others recorded a profit before tax of RM2.26 million mainly due to the fair value gain on quoted securities for the quarter.
Meanwhile, the Food and Franchise Operations recorded a quarterly revenue of RM13.83 million and profit before tax of RM1.04 million, reflecting the improvement in market sentiments which coincided with the festive seasons in the quarter under review.
As for the Property Investment and Management (“PIM”) division, it registered a quarterly revenue of RM7.99 million and profit before tax of RM0.71 million for the current quarter. The higher revenue was due to the full resumption of on-site installation activities for the project management of an Integrated Limestone Processing Plant nearing completion. It is expected to start its trial run in the third quarter of 2022.
