KUALA LUMPUR: PPB Group Bhd’s (PPB) net profit in the third-quarter (Q3) ended September 30, 2019, increased 9.56 per cent to RM394.18 million from RM359.77 million previously.
In an exchange filing today, PPB said earnings were fuelled by stronger contribution from Wilmar International Ltd as well as higher performance from the grains and agribusiness and environmental engineering and utilities segments.
Q3 revenue rose 4.38 per cent to RM1.19 billion from RM1.14 billion supported by higher revenue in grains and agribusiness and environmental engineering and utilities segments.
For the first-nine months of 2019, PPB’s net profit reduced 6.0 per cent to RM802.61 million from RM853.76 million, while revenue decreased 4.17 per cent to RM3.50 billion from RM3.36 billion recorded a year ago.
On the prospect, it said the grain commodity and foreign exchange market continued to be volatile, and competition remained intense.
“The grains and agribusiness segment is expected to perform satisfactorily by capitalising on its established market position and technical strength in maintaining good quality products.”
Performance of the consumer products segment is also expected to remain stable.
On the performance of the film exhibition and distribution segment, the company said it will be driven by strong title releases and new cinemas opening in Klang Valley and southern regions, as well as introduction of new cinematic technology and facilities.
The environmental engineering and utilities segment will continue to focus on replenishing its order book and exploring new project opportunities.
The property segment will continue to execute its existing projects and improve yield of its existing investment properties.
“Overall, growth is expected to be within projections in 2019 and the pace sustained going into 2020. This is underpinned mainly by private sector activity, particularly household spending, which is supported by continued expansion in employment and income.”
For the current financial year, the group said its main business segments are expected to perform satisfactorily and Wilmar’s performance will continue to contribute substantially to the overall profitability of the group.