The Group’s profit before tax (PBT) of RM83.86 million in 1Q 2022 improved by RM1.30 million in comparison with 1Q 2021’s PBT of RM82.56 million mainly due to better performance recorded by the Cement and Road Maintenance Divisions and higher share of results of associates by RM15.42 million.
KUCHING (May 18): Cahya Mata Sarawak Berhad (CMS) recorded revenue of RM214.04 million for the first quarter ended 31 March 2022 (1Q22), an increase of six per cent compared with the preceding year’s corresponding quarter’s revenue of RM202.06 million.
The Group’s profit before tax (PBT) of RM83.86 million in 1Q 2022 improved by RM1.30 million in comparison with 1Q 2021’s PBT of RM82.56 million mainly due to better performance recorded by the Cement and Road Maintenance Divisions and higher share of results of associates by RM15.42 million.
The core earnings reported for 1Q 2022 were considerably better as the PBT reported in 1Q 2021 also included one-off gains coming from the disposal of shares in Kenanga Investment Bank Berhad (KIBB) amounting to RM28.52 million and disposal of land and investment properties of RM12.74 million.
Furthermore, as at 1Q22, the Group’s Net Tangible Asset (NTA) per share is RM2.87.
Despite challenges stemming from the higher raw material costs and global supply-chain constraints, the Group’s key initiatives continued to be implemented across all business divisions in response to the gradual recovery of the economy and to sustain the business.
“Phase 1 of the integrated phosphate complex is still under construction in 1Q22 and it is scheduled for commissioning in the third quarter of 2022,” it said in a statement today.
“The decrease in gross loss before tax was mainly due to lower unrealised foreign exchange loss of RM1.91 million in the current quarter as compared to RM9.20 million loss in 1Q21 arising from conversion of borrowing denominated in US dollar.
“The Strategic Investments share of profits from its associates in 1Q22 was higher in comparison to 1Q21, mainly due to better performance of an associate by RM19.55 million.”
The group had also paid in full its Islamic Medium Term Notes of RM500 million in nominal value on its scheduled maturity date of 5 May 2022, via its internal funds.
With the redemption, there are no outstanding Islamic Medium Term Notes under its Sukuk Programme of up to RM2 billion in nominal value.
“CMS will continue to safeguard the health of employees, vendors and customers even as its business divisions ramp up operations and at the same time, ensure robust governance practices are implemented through the roll-out of accountability and risk-management procedures.
“The Group will continue to seek opportunities for sustainable long-term growth as the business outlook improves in the coming months on stronger economic growth supported by domestic activities and external demand.”
As at close of business on May 18, 2022, the Group’s share-price stands at RM1.09.