PPB Group 1Q net profit rises to RM377.53mil

KUALA LUMPUR: PPB Group Bhd’s net profit for the first quarter of the financial year 2023 (1Q FY2023) rose to RM377.53 million from RM303.15 million in the same quarter last year.

Revenue also climbed 10 per cent to RM1.51 billion from RM1.34 billion previously, mainly attributed to the turnaround of the grains and agribusiness segment, as well as film exhibition and distribution.

PBB told the stock exchange that its grains and agribusiness segment revenue was higher by 11 per cent to RM1.16 billion in the first quarter from RM1.04 billion in 1Q FY2022 due to a stable grains commodity market.

The group’s film exhibition and distribution segment revenue also increased significantly to RM128 million from RM64 million previously. The segment reported a marginal loss of RM25,000 in the first quarter from a RM30 million loss previously, on the back of a 113 per cent and 96 per cent increase in admissions and box office collections, respectively.

Its consumer products segment’s revenue and profit rose by 9 per cent and 5 per cent to RM199 million and RM7.3 million, respectively, due to higher sales of bakery and consumer products.

On its prospects, PPB said that on the back of a stable grains commodity market, coupled with the company’s continuous effort to drive production and cost efficiency, it expects the grains and agribusiness segment to perform satisfactorily.

"The consumer products segment will continue to leverage its well-established nationwide distribution network and integrated marketing system to enhance its operational efficiency ... while expanding its range of consumer products and widening its distribution base.

"The recovery of the film exhibition and distribution segment is in line with the ongoing improvement in consumer sentiment and the upcoming lineup of strong movie titles beginning in the second quarter would contribute positively to the segment’s performance in 2023,” it said. - Bernama

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