JCorp reports RM5.61bil revenue

Good results: Johor Mentri Besar Datuk Dr Sahruddin Jamal (left) giving the thumbs-up while looking at JCorp’s annual report at the Mentri Besar’s office in Kota Iskanda, Iskandar Puteri. With him is Kamaruzzaman.

JOHOR BARU: Johor Corp (JCorp), the southern state’s investment agency has managed to maintain a significant financial performance despite operating in unfavourable uncertainties market conditions.

President and chief executive officer Datuk Kamaruzzaman Abu Kassim said for the financial year ended Dec 31, 2018, JCorp group recorded RM5.61bil revenue against RM5.56bil in 2017.

He said its assets at the group level also increased annually during operations in the past five years with RM22.89bil in 2018 compared with RM21.79bil in 2017.

“Overall, we had performed satisfactorily in the last financial year, although facing intense economic challenges and situation,’’ Kamaruzzaman said in a media statement emailed to StarBiz.

He attributed the group satisfactory financial performance to contributions from its core business divisions which were able to weather the tough business environment.

The group core business divisions are the plantations, private healthcare services, food and restaurant services, property and industrial development.

Kamaruzzaman said Kulim (M) Bhd remained as one of the main contributors to JCorp, earning RM1.39bil revenue last year although 2018 was not a good year for oil palm growers.

“Kulim, like other oil palm plantations companies were badly affected by the decline in prices of the global crude palm oil (CPO) last year,’’ he said.

Kamaruzzaman added nevertheless, the company was able to face the unfavourable situation due to its on-going efforts to improve its operations and efficiency.

Meanwhile, he said KPJ Healthcare Bhd (KPJ Healthcare) continued to strengthen its position as the leading private healthcare player in Malaysia recording RM3.3bil revenue in 2018 compared with RM3.2bil in 2017.

Kamaruzzaman said the company planned to expand its operations by opening specialist hospitals in all districts in Johor and ambulatory care centres in major towns in the country.

“Our food and restaurant services division spearheaded by QSR Brands (M) Holdings Bhd (QSR Brands), also did well last year,’’ he said, adding that the company registered RM4.17bil turnover in 2018 compared with RM3.97bil in the previous financial year.

Kamaruzzaman said JCorp’s property developer Johor Land Bhd (JLand) had recorded an increase in assets to RM1.39bil last year.

He said the company has been operating for the past 46 years and had built and delivered some 36,700 units of residential and commercial properties.

“It has projects with a combined gross development value of RM14.6bil and will continue to contribute to the group earnings in years to come,’’ added Kamaruzzaman.

He said JCorp’s industrial development division had last year attracted RM11.17bil investments to the Pengerang industrial park in Kota Tinggi and Tanjung Langsat industrial complex in Pasir Gudang, creating 7,406 jobs opportunities.

Kamaruzzaman said TPM Technopark Sdn Bhd, which comes under the industrial development division, sold 186.2ha of land worth RM477.11mil, while TLP Terminal Sdn Bhd handled 14.3 million tonnes of cargo last year, increasing 27% from 2017.

Separately, he said JCorp had settled the second payment of Sukuk Wakalah payment worth RM800mil on June 17 from Dec 2012-2019, it had successfully settled the sukuk and guaranteed fees worth RM1.95bil.

Kamaruzzaman said the group had last year paid RM396.64mil in taxes involving RM39.39mil for the scheduled tax deduction, RM265.11mil (CP204 instalment payments), RM57.86mil (Goods and Services Tax) and RM34.30mil (Sales and Services Tax).

“The total figure of RM396.64mil taxes declined compared with RM453.69mil paid in 2017, following the abolishment of Goods and Services Tax Act 2014, on Sept 1, 2018,’’ he said.

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