PETALING JAYA: Cahya Mata Sarawak Bhd
is upbeat about securing some potential opportunities from development works in Sarawak.
The company said it should benefit from the strong economy in Sarawak as infrastructure and rural development activities continue to remain active.
Despite the challenges of increased logistical and raw materials prices in the financial year ended Dec 31, 2022 (FY22), Cahya Mata said it managed to improve its operational performance for the year.
“This was achieved through improved operations management and effective marketing,” it said in a filing with Bursa Malaysia.
In the fourth quarter ended Dec 31, 2022, the company’s net profit increased by 28% year-on-year (y-o-y) to RM32.11mil, while revenue for the quarter rose 27% y-o-y to RM306.8mil.
“Revenue improved mainly due to the cement division and new contribution from the oiltools division.
“Meanwhile, a significant improvement in pre-tax profit and net profit was mainly attributable to the recognition of gain on disposal of associates of RM89.02mil,” it said.
Cahya Mata’ s board has proposed a first and final tax-exempt dividend of three sen per share, of which the entitlement and payment dates will be announced later.
It also reported revenue of RM1.01bil for FY22, which is an increase of 24% from the preceding year.
The higher revenue for the year was due to improved contributions from its cement and road maintenance divisions.
Meanwhile, net profit for FY22 increased by 46% to RM298.06mil from RM204.22mil in FY21.
On its respective business segments, the company said the cement division had seen higher profitability last year mainly due to an increase in sales.
Its trading division saw a lower pre-tax profit in FY22 by 61% y-o-y due to higher overall material price and lower sales volume.
Meanwhile, the company said its road maintenance division recorded a higher pre-tax profit by 78% y-o-y, which was mainly attributable to an improvement in gross profit margins.
Cahya Mata also said its property development division saw a slightly higher pre-tax profit y-o-y from the recognition of gains following a land sale amounting to RM12.40mil.
