Country Heights Holdings Berhad (CHHB) demonstrated resilience and dedication in its 39th Annual General Meeting, as evidenced by its financial results. Revenues fell to RM46.34 million in 2022 from RM104.91 million in 2021, owing primarily to the completion of a significant RM54 million land sale.
Despite this decrease, several key divisions within the Group contributed positively to revenue, including Healthcare, Resort & Hospitality, Exhibition and Convention, and Property.
The Healthcare division contributed RM24.20 million, showcasing its strength and importance within the company. The Resort & Hospitality division made a contribution of RM6.37 million, highlighting the value of this sector despite the challenging circumstances. The Exhibition and Convention division also played a crucial role, contributing RM6.83 million, which indicates the company’s ability to adapt and find opportunities in the market. Additionally, the Property division contributed RM8.94 million, demonstrating the company’s ongoing commitment to this sector.
Although CHHB recorded a net loss of RM107.60 million, the majority of this loss was due to an impairment loss of RM75.2 million linked with Borneo Highlands Resort and related assets. Despite this setback, the company’s performance in other segments demonstrates its capacity to overcome obstacles and contribute positively.
CHHB displayed agility and resilience in the face of global business challenges during Malaysia’s transition into the COVID-19 endemic phase in 2022. During the recovery phase, the company was proactive in finding growth prospects, demonstrating agility in dealing with inflationary pressures and capitalising on the evolving economic situation.
CHHB Founder Tan Sri Lee Kim Yew emphasised the Group’s commitment to accelerating development efforts. Future objectives include the development of new properties that adhere to the ESG framework, the establishment of an International Medical & Wellness Hub, the repositioning of Mines Beach Resort, and the implementation of a structured membership programme. CHHB’s proactive strategy and commitment to innovation and sustainability position the company for long-term success and growth.
Country Heights Holdings Berhad (CHHB) is confident in its ability to make a positive impact on the communities it serves, led by a newly formed team of esteemed Board members, including Admiral Tan Sri Dato’ Setia Mohd Anwar, and Managing Director, Dato’ Mircle Yap.
