KUCHING: Cahya Mata Sarawak Berhad reported a total revenue of RM1.01 billion for Financial Year 2022 (FY2022).
The group saw an increase by 24 per cent in comparison to FY2021 revenue of RM8.14.55 million and the cause of the revenue increase is due to higher contributions from its Cement and Road Maintenance Divisions.
“The Group’s Profit Before Tax (PBT) improved by 76 per cent to RM412.30 million as compared to RM234.61 million in FY2021; operational profits increased on better margins.
“PBT improvements were also due to the negative goodwill of RM71.07 million arising from the acquisition of Oiltools group and the reversal of impairment of RM37.69 million on investment and the gain on disposal of associates of RM89.02 million,” it said in a statement, yesterday.
The group’s profit after tax and non-controlling interests (PATNCI) for FY2022 also increase by RM93.84 million, representing an increase by 46 per cent to RM298.06 million in comparison to RM204.22 million reported in FY2021.
Cahya Mata improved divisional performance came from the Cement Division and Road Maintenance Division for FY2022.
Cement Division reported a 30 per cent higher PBT of RM80.22 million in FY2022 over FY2021’s PBT of RM61.65 million mainly attributable to higher sales while Road Maintenance Division reported a PBT of RM17.11 million, which saw an increase of 78 per cent as compared to the preceding year of RM9.59 million due to an increase in work orders and improved operational efficiencies.
Meanwhile, Trading Division reported a PBT of RM2.36 million, a decrease of 61 per cent to FY2021’s PBT of RM6.11 million due to a higher overall material price and lower sales volume.
Property Development Division reported a slightly higher PBT of RM33.17 million in FY2022 in comparison to a PBT of RM32.43 million in FY2021, as the opening of the economy helped to improve the demand for properties.
Oiltools Division reported a PBT of RM73.36 million on a Year to Date (YTD) basis reflecting the consolidation of financial results effective from the completion date of the Group’s acquisition of Scomi Oilfields as of September 2022.
In addition, the share of results of associates reported a decrease in profit to RM139.11 million in FY2022 as compared to RM166.73 million reported in FY2021.
Profit contributions from associate companies were lower in FY2022 as compared to FY2021 mainly due to the disposal of shares in OM Materials (Sarawak) Sdn Bhd during the year and lower performance from an associate company.
The Group also announced that its Board has proposed first and final tax-exempt divided of RM0.03 per share and the divided entitlement and payment date for the final divided will be announced at a later date.
As at FY2022, the Group’s total assets stood at RM4.91 billion while shareholders’ funds grew to RM3.23 billion.
The Group returned to a net cash position of RM427.55 million for FY2022 from a net debt position of RM352.83 million for FY2021.
Despite the challenges of increased logistical and raw material prices, Cahya Mata Group improved its operational performance for FY2022 through its improved operations management and effective marketing.
The Group’s Board of Directors continue to hold a longer-term view that infrastructure and rural development will remain active. Cahya Mata’s group of companies should benefit from the strong economy in Sarawak.
