PPB posts higher profit on stronger contribution from Wilmar

KUALA LUMPUR, Nov 21 -- PPB Group Bhd has posted a higher third-quarter profit of RM394.18 million as compared with RM359.77 million in the corresponding quarter amid stronger contribution from Wilmar International Ltd.

The stronger results were also contributed by a higher performance from the grains and agribusiness as well as environmental engineering and utilities segments.

The group’s total revenue in the third quarter ended Sept 30, 2019, also increased five per cent to RM1.19 billion as compared with RM1.14 billion a year ago, it said in a filing to Bursa Malaysia today.

However, for the cumulative nine months, its net profit edged down to RM802.60 million versus RM853.75 million previously, while revenue stood at RM3.50 billion as against RM3.36 billion before.

On the outlook, PPB said grains and agribusiness segment is expected to perform satisfactorily by capitalising on its established market position and technical strength in maintaining good quality products despite challenges in term of the competition.

Performance of the consumer products segment is expected to remain stable.

“Performance of film exhibition and distribution segment will be driven by strong title releases and new cinemas opening in Klang Valley and southern regions, as well as the introduction of new cinematic technology and facilities.”

The Environmental engineering and utilities segment will continue to focus on replenishing its order book and exploring new project opportunities, while the property segment will continue to execute its existing projects and improve the yield of its existing investment properties. 

“(Hence) the group's main business segments are expected to perform satisfactorily. Wilmar’s performance will continue to contribute substantially to the overall profitability of the Group.”

-- BERNAMA