Hap Seng 3Q net profit jumps 48% to RM563.75mil

KUALA LUMPUR: Hap Seng Consolidated Bhd’s net profit for the third quarter ended Sept 30, 2022 (Q3 2022) jumped 48 per cent to RM563.75 million from RM381.55 million quarter-on-quarter (q-o-q).

Revenue increased 21 per cent to RM1.97 billion from RM1.63 billion previously, mainly attributable to higher revenue contribution from plantation, automotive, trading and building materials divisions.

In a filing with Bursa Malaysia today, the conglomerate said the plantation division’s revenue for the current quarter at RM182 million was five per cent higher than the RM173.6 million recorded in Q3 2021, mainly attributable to the higher average selling price of crude palm oil (CPO) but dampened by lower sales volume of all palm products.

“The average selling price of CPO for the current quarter was higher at RM5,219 per tonne as compared to RM4,341 per tonne in Q3 2021. The average selling price of palm kernel (PK) in Q3 2022 was RM2,543 per tonne versus RM2,615 in the same quarter last year.

“Sales volume of CPO and PK for the current quarter were 31,129 tonnes and 6,524 tonnes respectively, which is 10 per cent and 9.0 per cent lower than the preceding year corresponding quarter in tandem with lower production,” it said.

Hap Seng said its automotive division’s revenue for the current quarter was 78 per cent higher at RM470.4 million compared to RM264.4 million q-o-q, with higher revenue from both its passenger car and commercial vehicle segments.

It said the trading division’s revenue for the current quarter was at RM1.03 billion, more than doubled that of the preceding year’s corresponding quarter of RM491.6 million, with higher revenue from all its businesses.

“The building materials division, which comprises the quarry, asphalt and bricks businesses and building materials trading, rose by 45 per cent in Q3 2022 to RM192.3 million from RM133 million last year with higher contribution from both its business segments,” it said.

Hap Seng said it has also completed the disposal of 100 per cent equity interest in HS Credit (Birmingham) Ltd resulting in a gain of RM425.1 million in the current quarter.

“Based on the foregoing and despite the uncertainties in the domestic and global economies, the board is cautiously optimistic of achieving satisfactory results for the financial year ending Dec 31, 2022,” it added. – Bernama

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