BUSINESS

HAP SENG CONSOLIDATED Q3 NET PROFIT JUMPS TO RM381.55 MLN

25/11/2021 07:51 PM

KUALA LUMPUR, Nov 25 -- Hap Seng Consolidated Bhd's net profit for the third quarter ended Sept 30, 2021 (Q3 2021) jumped to RM381.55 million compared with RM193.73 million in the same period last year, driven by higher contribution from all divisions.

Revenue, however, eased slightly to RM1.63 billion from RM1.66 billion previously, due to lower contribution from automotive division but mitigated by higher revenue from plantation, property, credit financing, trading and building materials divisions, it said in a filing to Bursa Malaysia today.

The group said the automotive division's revenue for Q3 2021 was RM264.4 million, 48 per cent lower year-on-year (y-o-y) from RM507.6 million in Q3 2020 due to lower sales from both its passenger car and commercial vehicle segments.

"Sales of passenger cars in the current quarter were 56 per cent lower as compared to the preceding year corresponding quarter with 62 per cent decrease in the number of cars sold, mainly affected by the lockdown and containment measures imposed by the government to curb the spread of COVID-19 as well as delay in the supply of cars by the principal.

"The commercial vehicle segment’s revenue was 18 per cent lower as compared to the preceding year corresponding quarter, impacted by lower sales of Fuso trucks from both its wholesale distribution and retail businesses," it said.

The group said the plantation division’s revenue in Q3 2021 stood at RM173.6 million, 35 per cent higher than Q3 2020, mainly attributable to the realisation of higher average selling prices for crude palm oil and palm kernel, but reduced by lower sales volume of both products.

For the property division, the group recorded a revenue of RM566.9 million, up 23 per cent from RM462.3 million previously, contributed by the investment properties segment and higher sales of non-strategic properties, but reduced somewhat by lower contribution from the property development segment.

Revenue for the company's credit financing division rose two per cent y-o-y to RM71 million from RM69.4 million previously, while the trading division's revenue increased 11 per cent y-o-y to RM491.6 million from RM442.3 million previously.

Meanwhile, for the building materials division, the group recorded a 22 per cent y-o-y rise in revenue to RM133 million from RM109.4 million previously, with higher contribution from Hafary Holdings Limited but reduced somewhat by lower revenue from quarry, asphalt and bricks businesses.

Moving forward, Hap Seng said despite the challenging business environment and uncertainties in the domestic and global economies, the board is of the view that the group’s overall performance for the financial year ending Dec 31, 2021 is expected to be better than the previous financial year.

-- BERNAMA


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