KUALA LUMPUR, Nov 29 — Cahya Mata Sarawak Bhd’s (CMS) net profit jumped to RM154.36 million for the third quarter ended September 30, 2022 from RM53.88 million in the same period last year.
Revenue grew by 50 per cent to RM278.39 million from RM185.87 million previously, attributable by recognition of negative goodwill arising from the acquisition of Oiltools group, reversal of impairment on investment and loan to an associate recorded in the third quarter.
On the first nine months ended September 30, 2022 (9M 2022), the group said net profit has increased by 49 per cent to RM265.95 million from RM179.06 million recorded in 9M 2021, while revenue climbed to RM702.17 million from RM572.93 million previously.
“As for the share of results of associates, the profit contributions were higher in 9M 2022 compared to 9M 2021, mainly due to the better performance of an associate by RM34.27 million,” it said in a filing with Bursa Malaysia today.
On the outlook, it said marginal reduction in material costs should augur well for the next financial year, with the infrastructure and rural development projects in Sarawak remaining intact.
“The management continues to hold a longer-term view that once logistical bottlenecks and raw material costs stabilise, activities will further pick up and will benefit the group’s businesses,” it said.
CMS added that the group foresees a positive contribution from this division in the coming quarters with the completion of the acquisition of the Oiltools business. — Bernama