KUALA LUMPUR: Johor Corporation's (JCorp) group net profit rose to RM379 million in the year ended December 31 2021 from a net loss of RM237 million in FY20 driven by higher revenue from agribusiness segment.
The group's revenue edged up 19 per cent year-on-year (YoY) to RM5.13 billion in FY21 versus RM4.3 billion in FY20.
JCorp said the stronger revenue recorded for the agribusiness segment was due to the uptrend in crude palm oil and palm kernel prices.
"In addition, the wellness and healthcare segment enjoyed stronger contributions from hospital activities particularly resulting from higher inpatient and outpatient numbers, as well as from successful cost optimisation efforts across the segment.
"Meanwhile, the real estate and infrastructure segment contributed to revenue as a result of sales derived from its property offerings as well as sales of industrial land," the group said in a statement.
The agribusiness segment recorded a revenue of RM1.65 billion, a significant leap of 49 per cent YoY while the wellness and healthcare segment achieved a 10 per cent increase in revenue to RM2.63 billion.
As a result of market dynamics, the real estate and infrastructure business saw a reduction in revenue contribution at RM790 million compared with FY20.
However, this was cushioned by sales of industrial land at the Tanjung Langsat Industrial Complex, Muar Furniture Park and Sedenak Technology Park.
The food and restaurants segment also contributed significantly to JCorp, recording a higher revenue at RM4.8 billion driven by the swift pivot to e-commerce, continuously refreshed menus as well as enhanced delivery channels.
President and chief executive Datuk Syed Mohamed Syed Ibrahim said JCorp 3.0 Reinvention Plan had accelerated the group's efforts by resetting and reimagining it to be resilient, agile and sustainable as it future-proofed this institution.
"The successful execution formulated in the JCorp 3.0 Reinvention Plan has enabled us to achieve commendable results as evidenced in the reboot of our earnings for the 2021 fiscal year in the face of a very challenging VUCA (volatility, uncertainty, complexity and ambiguity) environment.
"In line with our reinvention journey, during the year, we were able to leverage on our digital transformation, which facilitated a robust decision-making process guided by business insights and powered by data analytics, leveraging on the latest technology such as cloud platforms, artificial intelligence, blockchain and machine learning.
"With our strong set of leaders who bring together a diverse pool of talent equipped with skills and depth of experience to drive JCorp into the future, we are confident of JCorp's ability to continue unlocking further value and improving business sustainability," he said.