Cahya Mata Sarawak Berhad announced its financial results for the period reporting a revenue of RM868.09 million an increase of 24% in comparison to the preceding year’s corresponding period’s revenue of RM702.17 million.
The Group’s profit before tax from operations was RM98.28 million in PE 2023, a drop from the PBT of RM307.01 million reported during PE2022. PAT also decreased from RM265 million to RM78 million, as for the current quarter (Q3) the group’s revenue was higher at RM301 million against the preceding year’s quarter of RM278 million, however profits attributable to equity shareholders dipped to RM9 million against the RM154 million achieved in 2022.
Cahya said the lower profits stemmed from the one-off gains from the recognition of negative goodwill of RM62.47 million arising from the acquisition of Oiltools group and the reversal of impairment of RM37.69 million on OM Materials investment and loan in PE2022. In addition, profit contributions from associates decreased by 66% to RM43.05 million from PE2022’s contribution of RM124.84 million. The Group no longer recognises profits from an associate which was disposed of in December 2022.
Phosphates Division reported a higher loss before tax (“LBT”) of RM99.10 million in PE2023 in comparison to PE2022’s LBT of RM33.56 million as the plant was in the construction stage during PE2022 and most of the costs incurred then were capitalised.
Oiltools Division has contributed a PBT of RM25.80 million in PE2023 to the Group’s results in comparison to PE2022 PBT RM62.98 million which was primarily attributable to the recognition of negative goodwill on consolidation amounting to RM62.47 million upon the completion of the acquisition during PE2022.
The Group’s cash position remains healthy at RM524.49 million and its net assets per share stands at RM2.99 per share as at 30 September 2023 (31 December 2022: RM3.00).
