KUALA LUMPUR: Johor Corp's (JCorp) group net profit surged more than 100 per cent to RM808 million for the financial year ended Dec 31, 2022 (FY22) from RM379 million a year ago.
The outstanding growth was achieved on the back of a 12 per cent increase in revenue to RM5.7 billion.
JCorp said at company level, its FY22 net profit stood at RM701 million, the highest ever.
JCorp said the results were bolstered by the strong performance recorded across its business segments.
Its agribusiness segment's revenue reached RM1.85 billion, marking a 13 per cent increase over FY21, as a result of high crude palm oil (CPO) and palm kernel (PK) prices.
Its wellness and healthcare segment also experienced considerable growth, with revenue increasing by 13 per cent compared with the previous year.
"A significant uptick in inpatient and outpatient activities, growing by 50 per cent and 19 per cent respectively, contributed to this success,' it said.
JCorp said the real estate and infrastructure segment demonstrated remarkable resilience, reinforcing its growth potential through the sale of industrial lands and residential properties.
The company's food & restaurants segment recorded a RM31 million share of loss primarily due to the on-going restructuring of this business segment aimed at streamlining operations.
"This strategic transformation is anticipated to enhance the segment's future performance and drive profitability.
"It is also important to note that the Food & Restaurants segment, along with the industry, faced significant challenges stemming from supply chain disruptions, which had a detrimental impact on both top-line and bottom-line results," it said.
President and chief executive officer Datuk Syed Mohamed Syed Ibrahim said JCorp's 3.0 Reinvention Plan had culminated in the successful results.
"Our remarkable performance for FY2022 has been driven by a very successful corporate restructuring plan. Coupled with this, our asset rationalisation and financial restructuring efforts have also had a positive impact," he said.
Syed Mohamed said the company would continue in its journey to reset and reimagine JCorp to be resilient, agile and sustainable.
"We deeply appreciate the support and trust extended to us by the state government of Johor.
"As we continue to foster this close collaboration, our shared objective remains the wellbeing and prosperity of the people and the state of Johor," he added.