PPB Group has released its 3Q2023 and 9M2023 results with the group achieving total revenue of RM1.46 billion and RM4.46 billion respectively, however, pre-tax profit for 3Q2023 and 9M2023 was lower by 51% to RM399 million (3Q2022: RM813 million) and 42% to RM1.05 billion (9M2022: RM1.80 billion).
Profits after tax were also markedly lower for Q3 coming in at RM372 million against RM784 million delivered in Q3 2022, for the 9 months profits were at RM952 million as opposed to RM1.78 billion achieved in 9M2022.
The group attributed the lower profits to the lower contribution from Wilmar International Limited by 63% to RM268 million in 3Q2023 (3Q2022: RM721 million) and 57% to RM728 million in 9M2023 (9M2022: RM1.71 billion). The Group’s core business segments, however, recorded a marked improvement in profit before tax by 250% to RM319 million in 9M2023
(9M2022: RM91 million).
Going forward, the group remains optimistic as it expects growth to remain resilient despite external headwinds on account of firm domestic demand.
