Cement boosts CMSB earnings for FY14 (Update)

  • Business
  • Wednesday, 25 Feb 2015

KUALA LUMPUR: Cahya Mata Sarawak Bhd earnings rose 26% to RM221.34mil in the financial year ended Dec 31, 2014 from RM175.07mil in FY13, boosted especially by its cement division.

CMSB, which is one of the best proxy listed investments for Sarawak’s accelerating economic growth, said on Wednesday revenue increased by 18% to RM1.673bil from RM1.416bil. 

Pre-tax profit (PBT) increased by 16% to RM341.45mil from RM294.89mil.

Underpinning CMSB’s strong financial performance were cement, construction & road maintenance and construction materials & trading divisions. 

“The cement division recorded a PBT of RM120.48mil in FY2014, a 25% increase in comparison to FY2013’s PBT of RM96.66mil. 

“The construction materials & trading division reported a PBT of RM76.48mil for FY2014, exceeding FY2013’s PBT of RM55.08mil by 39%,” it said. 

CMBSB said its construction & road maintenance and property development divisions also reported strong revenue and PBT.

As for its fourth quarter ended Dec 31, 2014, its earnings slipped 32.7% to RM43.94mil fromRM65.34mil. Its pre-tax profit was RM72.43mil, which was 33.4% lower than the RM108.74mil a year ago.

Its revenue increased by 16.5% to RM504.23mil from RM432.75mil. It proposed a dividend of 7.0 sen of 50 sen a share each compared with 12 sen a share of RM1 each a year ago.

Commenting on the results, CMSB managing director Datuk Richard Curtis said the five years of record revenue and profits growth in a challenging business environment “is attributable to our prudent business model, professional management and focus on delivering long-term sustainable growth”. 

“Significant achievements have been recorded; namely by the cement, construction materials & trading, construction & road maintenance and property development divisions. With strong financial performance recorded in 2014, we hope to carry forward this momentum as we move into a new era of transformational growth,” he said.

Curtis said CMSB’s 20% stake in the JV ferro silicon and manganese alloys smelter project with Australian listed OM Holdings Ltd, and 40% stake in an integrated phosphate products complex with Malaysian Phosphate Additives Sdn Bhd and Arif Enigma Sdn Bhd – plus other investments being evaluated – are poised to significantly drive up shareholder value.

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