BUSINESS

GOLDEN PHAROS' NET PROFIT RISES TO RM24.40 MLN IN 2023

29/02/2024 05:11 PM

By Noor Aznida Alias

KUALA TERENGGANU, Feb 29 (Bernama) -- Golden Pharos Bhd (GPB), a Terengganu state government-linked corporation, reported a net profit of RM24.40 million in financial year 2023 (FY2023) compared to RM11.55 million recorded in FY2022.

Revenue increased to RM89.67 million compared to RM69.81 million previously.

Chief executive officer, Dr Mohd Zaki Hamzah said that in line with these achievements, the company distributed an interim dividend of 4.6 sen per share to shareholders on Jan 15 and Feb 9.

“GPB has undertaken various strategic initiatives to enhance operational efficiency by strengthening decision-making processes and ensuring effective implementation to achieve sustainable company growth," he said in a statement today.

For the fourth quarter of 2023 (4Q 2023), its net profit increased to RM27.69 million from RM14.60 million in 4Q 2022, while revenue strengthened to RM52.85 million from RM36.53 million previously.

“This remarkable performance was contributed by the rise in revenue and profitability of the group’s harvesting, forest plantation, sawmilling, sales of timber, and logging compartments segment during the quarter under review,” the company said in a Bursa filing.

Mohd Zaki stated that GPB would further strengthen its business activities, namely its forest concession management, harvesting and distribution, board manufacturing and value-added wood-based product processing to generate more profits in the future.

According to the Bursa filing, the group is increasing its upstream logging and harvesting activities, with the ultimate aim of securing a steady supply of logs for its timber-based subsidiaries.

It is also enhancing the capacity of its midstream sawmilling, downstream timber and also its glass operations, a move that is aimed at improving the results and performance further.

-- BERNAMA


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