Hap Seng Consolidated 2Q net profit rises to RM166.23mil


KUALA LUMPUR: Hap Seng Consolidated Bhd’s net profit for the second quarter ended June 30, 2022 (Q2 2022) rose by 35 per cent to RM166.23 million from RM123.23 million in the same quarter last year.

Revenue also increased by 35 per cent to RM1.70 billion from RM1.26 billion previously, contributed by the better performance of its plantation, automotive, trading and building materials divisions.

In a filing with Bursa Malaysia today, the company said the plantation division’s revenue for the current quarter was 36 per cent higher than the preceding year's corresponding quarter, attributable to higher average selling prices realisation in spite of lower sales volume of all palm products.

For the automotive division, it said the current quarter’s revenue of RM406.6 million was 54 per cent higher than the preceding year's corresponding quarter of RM264.8 million, with higher revenue from both its passenger car and commercial vehicle segments.

The trading division’s revenue for the current quarter of RM805.9 million was 76 per cent higher than the preceding year’s corresponding quarter of RM459 million, with higher revenue from all its businesses which include fertiliser trading, general trading and the ceramic tiles businesses.

It also said the building materials division revenue, comprising quarry, asphalt and brick businesses, as well as building materials trading by its subsidiary Hafary Holdings Ltd, in the current quarter was 26 per cent higher than the preceding year’s corresponding quarter.

Meanwhile, it said the property division’s revenue for the current quarter saw a decline of 40 per cent compared to the same quarter last year, mainly due to lower sales from property development projects and property sales.

Its credit financing division’s revenue for the current quarter, at RM59.9 million, was also 19 per cent lower than the preceding year’s corresponding quarter of RM73.9 million, affected by early redemption of loans resulting in a reduction of the division’s loan base, it noted.

Moving forward, the group said it is cautiously optimistic about achieving satisfactory results for the financial year ending Dec 31, 2022, as Malaysia’s economy continues to recover with the normalising of economic activities and reopening of international borders as the country moved towards endemicity. - Bernama

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