KUALA LUMPUR, Feb 28 — Boustead Holdings Bhd has returned to the black with a net profit of RM170.10 million for the financial year ended Dec 31, 2021 (FY2021) compared with a net loss of RM550.90 million in FY2020.
Revenue rose by 43 per cent to RM11.31 billion from RM7.88 billion previously, it said in a filing with Bursa Malaysia today.
It said that for FY2021, the plantation division recorded higher revenue of RM1.05 billion (FY2020: RM763 million) on the back of higher palm product prices.
On prospects, the group is anticipating growth for all its five divisions in 2022 to be driven by the Reinventing Boustead Strategy (RBS).
Under the RBS, the group aims to accelerate value creation with performance improvement programmes, tap into new revenue streams, streamline non-strategic assets and embark into the technology and digital services sectors.
“The group is stepping up its efforts to drive long-term value through various environmental, social and governance initiatives and propositions,” it added. — Bernama