KUALA LUMPUR: Boustead Holdings Bhd's net profit surged almost seven-fold to RM290.3 million in the first quarter (Q1) ended March 31, 2022 from the RM43.1 million recorded in the same quarter a year ago.
Revenue increased 64.8 per cent to RM3.43 billion from RM2.09 billion.
In a statement today, the company said the overall positive results were mainly attributed to a one-off gain from the disposal of plantation land of RM364.1 million, as well as continued robust performance by almost all the divisions.
The bottom line was further bolstered by higher share of results from an associate.
During the quarter, the plantation division registered a significantly higher profit before tax (PBT) of RM509.5 million in contrast to a PBT of RM19.3 million in Q1 last year which is attributable to a one-off gain on disposal of plantation land.
Boustead group managing director Datuk Seri Mohammed Shazalli Ramly said the company's encouraging results bore testimony to the continuous efforts by the whole organisation to improve operational performance that accelerated business growth and profitability.
"As the nation moves towards a recovery period while still withstanding the challenges related to the prolonged Covid-19 pandemic, the company continues to remain cautious with the current uncertainty of the global market and political climate, especially with the on-going Ukraine-Russia conflict.
"Nevertheless, we have placed provisional measures to safeguard the businesses while we continue to be optimistic of our prospects moving forward," he said.
Meanwhile Shazalli said the company has set in motion several ventures, including collaboration with Kuwait-based international investment company Al Hajri Global Group, as they seek to explore investment opportunities with Boustead.
"This include businesses related to oil and gas, medical, construction, housing development and finance sectors, all of which fits perfectly with our Boustead Hijau (BIJAU) agenda," he added.
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