PPB net profit declines to RM372.55mil in 3Q

KUALA LUMPUR: PPB Group Bhd’s net profit for the third quarter ended Sept 30, 2023 (3Q FY2023) declined to RM372.55 million from RM784.75 million in the same quarter a year ago.

Revenue for the period under review was lower at RM1.46 billion from RM1.64 billion recorded in the corresponding period last year.

For the nine-month period (9M FY2023), the company’s net profit fell to RM952.91 million from RM1.78 billion a year before.

"The lower profits were mainly attributable to lower contribution from Wilmar International Ltd by 63 per cent to RM268 million in 3Q FY2023 versus RM721 million in 3Q FY2022 and by 57 per cent to RM728 million in 9M FY2023 from RM1.71 billion in 9M FY2022,” it said in a filing with Bursa Malaysia today.

On the outlook of its grain and agribusiness, PPB said the performance of the segment for the third quarter of 2023 remained robust on the back of a stable grain commodity market.

"Increasing global geopolitical tensions may trigger further volatility on the global grain prices. A prolonged weak ringgit may also drive up the cost of raw materials and put pressure on margins,” it added. - Bernama