CI HOLDINGS Bhd (CIHB) will continue to expand its edible oil operations to enhance shareholders’ value. 

CIHB’s net profit surged 177.2% year-on-year (YoY) to RM22.13 million in its fourth-quarter ended June 30, 2021 (4Q21), from RM7.98 million in 4Q20, due to better margins on all of its products as a result of effective cost management. 

Revenue for the quarter increased 20.9% YoY to RM900.15 million due to an almost 100% increase in average olein prices which was moderated by a 25% drop in full container loads (FCLs) exported and 4% strengthening of the ringgit against the US dollar in the period. 

CIHB’s operating margins in the quarter improved as the company overcame shortages of FCL containers which was a global problem faced during the Covid-19 pandemic. 

Year-to-date, the group’s net profit jumped 132.3% YoY to RM69.97 million from RM30.11 million last year. 

Full-year revenue rose 22.2% YoY to RM3.14 billion versus RM2.57 billion last year. 

“The positive performance of the company is due to better margins on all of our products as a result of effective cost management and successfully overcoming shortages of FCL which was a problem faced by the world during the pandemic. 

“The effective management of the logistical issues faced during this period is vital as CIHB exports more than 95% of its products to its customers in 100 countries,” CIHB’s chairman Datuk Seri Johari Abdul Ghani (picture) stated in a statement last Friday. 

For the financial year ended Jun 30, 2021, the group’s board of directors recommended a single-tier final dividend of 12 sen per share, subject to the shareholders’ approval at the forthcoming AGM. 

Moving forward, CIHB intends to partner with property developers to tap opportunities for its tapware and sanitary ware divisions. 

CIHB was the recipient of the Excellence Award by MSWG-ASEAN Corporate Governance under the category of Long-Term Value Creation in 2020. 

Sumber: THE MALAYSIAN RESERVE