Borneo Oil Berhad (BornOil) has posted a sterling set of results for its 2nd Quarter ended 31 December 2022 with net profit more than doubling, and revenue rising across its various business units.
In an announcement to the stock exchange, BornOil said that Q2 net profit came in at RM23.17 million, representing a 126 per cent increase from the RM10.27 million posted in the previous corresponding quarter (ended 31 December 2021).
Revenue also increased to touch RM21.25 million, compared to the RM18.37 million posted previously.
The company attributed the higher profit to fair value gain of RM37.20 million on its quoted securities, offset by unrealised exchange loss of RM8.10 million.
Its various business division saw higher revenues: Food and franchise operations spearheaded by the ‘Sugarbun’ brand posting RM13.90 million, property investment and management coming in a RM5.45 and resources and sustainable energy registering higher revenue of RM1.90 million.
BornOil also said that its integrated limestone processing plant (“ILPP”) was completed during the quarter and is now at the cement production testing stage (pic above).
Although BornOil anticipates that business conditions would likely remain challenging, the company is ‘cautiously optimistic and will continue to strategise and navigate the ever-changing business environment to ensure the group remains resilient’.
BornOil’s largest shareholder today is Datuk Joseph Ambrose Lee who has a stake of more than 17 per cent in the company.
Ambrose had emerged as BornOil’s largest shareholder in December 2021 when he made a block purchase of 1.25 billion BornOil shares for RM110 million, or RM0.088 per share.
Since then, he has been progressively increasing his stake in the company through a combination of direct acquisition of BornOil shares in the open market, and conversion of BornOil warrants into shares.
