• Profit After Taxation and Zakat stood at RM158.1 million
  • Net profit posted at RM74.4 million
  • Revenue recorded at RM4.3 billion
  • EBITDA registered at RM384.1 million


KUALA LUMPUR, 29 AUGUST 2022 – Boustead Holdings Berhad’s (Boustead) acceleration of strategies into digital and high technology initiatives while synergising with existing resources and core businesses continued to deliver growth as the Group recorded another commendable performance for the second financial quarter ended 30 June 2022 (Q2FY2022).

During the quarter, the Group posted a Profit Before Taxation and Zakat (PBT) of RM270.5 million as compared with PBT of RM81.2 million in the corresponding quarter of the previous year (Q2FY2021). Profit After Taxation and Zakat (PAT) stood at RM158.1 million against PAT of RM42.6 million in Q2FY2021.

The Group recorded a net profit of RM74.4 million in contrast to a net loss of RM7.3 million recorded in Q2FY2021 after the allocation to non-controlling interests and perpetual sukuk holders. The Group’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) surged to RM384.1 million against RM209.1 million in Q2FY2021, while the revenue for the quarter was also stronger at RM4.3 billion from RM2.6 billion achieved in the same period last year.

The improved results were driven by better contributions from the Property & Industrial, as well as the Plantation and Trading, Finance & Investment divisions during the quarter, and higher share of results from associates.

For the cumulative period ended 30 June 2022 (1HFY2022), Boustead’s PBT saw a close to five-fold jump of RM953.6 million as compared with PBT of RM 202.5 million in the previous year’s corresponding period (1HFY2021). PAT stood at RM717.7 million in comparison to RM130.0 million for the corresponding period. The Group’s net profit for 1HFY2022 was posted at RM364.7 million compared to a net profit of RM35.8 million recorded in 1HFY2021 after the allocation to non-controlling interests and perpetual sukuk holders.

During the same period, the Group recorded a stronger EBITDA by 144% to RM1.2 billion from RM483.3 million in 1HFY2021 and an improved revenue of 66% to RM7.8 billion from RM4.7 billion posted for the corresponding period last year.

The improved performance was mainly due to one-off gains from the disposal of plantation land of RM367.7 million by the Plantation Division and stronger contribution by all other divisions, except for Heavy Industries and Pharmaceutical Divisions. The bottom line was also bolstered by higher share of results from an associate.

Segmental performance results for each Division are as follows:

Property & Industrial Division

  • For 1HFY2022, the Property & Industrial Division registered a revenue of RM774.9 million, more than double from RM242.5 million recorded in 1HFY2021. The improved revenue was mainly driven by the sale of industrial lands in Bukit Raja, Klang and land held for development in Jalan Cochrane under the property development segment as well as improved revenue from hotel segment attributable to a higher occupancy rate. The industrial segment also recorded higher revenue attributable to the revision of selling prices and increase in export sales.
  • The Property & Industrial Division’s PBT for 1HFY2022 increased to RM108.6 million from RM40.5 million in 1HFY2021 due to the sale of industrial lands in Bukit Raja and land held for development in Jalan Cochrane.
  • Meanwhile, the property investment segment posted higher losses for 1HFY2022 due to higher advertising and promotion cost incurred compared to last year.
  • The hotel segment recorded a loss as compared to a profit of RM77.1 million arising from the disposal of a hotel in 1HFY2021. Nevertheless, the hotel segment recorded better performance compared to 1HFY2021 as a result of the reopening of the borders which saw higher F&B sales and occupancy rates.
  • The industrial segment closed the period with a higher profit due to better revenue, as mentioned above.

Plantation Division

  • The Plantation Division recorded a higher revenue of RM673.1 million for 1HFY2022, increased by 62% from RM414.7 million recorded in 1HFY2021 mainly due to higher palm product prices.
  • For 1HFY2022, the Plantation Division registered a significantly higher PBT of RM621.0 million compared to PBT of RM83.3 million for 1HFY2021 attributable to a one-off gain on disposal of plantation land amounting to RM367.7 million.
  • At the operational level, the Division recorded a higher profit from operations of RM263.9 million for 1HFY2022 against RM109.0 million for 1HFY2021 driven by higher palm product prices. During the period, FFB production of 392,237 MT was 5% lower than 411,867 MT recorded a year ago. The oil rates for the period were slightly lower at 20.6% (1HFY2021: 20.8%) whereas kernel extraction rates remained at 4.1%.

Heavy Industries Division

  • For 1HFY2022, the Heavy Industries Division posted a lower revenue of RM62.2 million compared to RM157.7 million for 1HFY2021 which was primarily due to the variation in milestones for Littoral Mission Ship project. However, the impact was cushioned by the improved revenue from the maintenance, repair and overhaul activities for submarine contracts.
  • The Heavy Industries Division closed the period of 1HFY2022 with a higher Loss Before Taxation and Zakat (LBT) of RM51.4 million against LBT of RM42.7 million recorded for 1HFY2021 which was mainly due to lower contribution from both shipbuilding and ship repairs activities.

Pharmaceutical Division

  • The Pharmaceutical Division recorded a lower revenue of RM1.7 billion for the period of 1HFY2022 as compared with RM2.0 billion in 1HFY2021 as the country entered into an endemic phase with less reliance on vaccination. However, the impact was partially offset by the positive growth in the Government concession and Indonesian businesses due to a strong demand from the customers.
  • During the same period, the Pharmaceutical Division recorded a lower PBT of RM41.0 million as compared to RM51.3 million for 1HFY2021 which was in line with lower revenue. In addition, operating cost was higher due to increase in staff cost, marketing cost and finance cost.

Trading, Finance & Investment Division

  • For 1HFY2022, the Trading, Finance & Investment Division registered an improved revenue of RM4.5 billion which is a significant increase from the corresponding period last year which was mainly driven by revenue from Boustead Petroleum Marketing (BPM) on higher average fuel prices and sales volume.
  • During the same period, PBT was more than double to RM234.4 million from RM70.1 million recorded in 1HFY2021 with the profits mainly driven by a higher stockholding gain as compared to last year’s corresponding period by BPM resulting from higher average fuel prices.
  • The bottom line has also benefited from the better contribution by associate Affin Bank Berhad attributable to improved net interest income, Islamic Banking income and lower allowance for impairment losses.

Boustead Group Managing Director Dato’ Sri Mohammed Shazalli Ramly said that the continued positive performance was largely due to various strategies and initiatives led by the Boustead Hijau (BIJAU) agenda, which is the Group’s ESG-led core value driver of its business and operations for sustainability-oriented growth and innovation which is empowered by digitalisation and high-technology offerings that accelerated business profitability.

“Most recently, the Group has set in motion several ventures including collaboration with Turkiye-based investment company Great East Capital (GEC) to explore investment opportunities and launch the largest Islamic digital bank in Turkiye.

“This strategic venture will expand the Group’s investment and business activities into Turkiye and neighbouring countries by capitalising our existing strengths, as well as paving the way for the Group’s presence in Malaysia’s digital banking scene,” he added.

Boustead Chairman Datuk Seri Mohd Redzuan Md Yusof said, “I am pleased with the improved outcome of this quarter’s financial results as it clearly demonstrates the disciplined delivery of the Group’s BIJAU core growth strategy.

“While we are encouraged by these optimistic financial results, we will continue to safeguard business growth with best practices as we drive towards achieving better performance through continued explorations into new ESG-based ventures and initiatives in partnership with established international partners to enrich lives, provide employment, deliver value for our shareholders and contribute effectively to Malaysia’s economic growth,” he concluded.



Forward looking statements

This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

About Boustead Holdings Berhad

Boustead Holdings Berhad (“Boustead”) is one of Malaysia’s oldest conglomerates with Lembaga Tabung Angkatan Tentera (“LTAT”) as its majority shareholder. The diversified Group comprises more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy.

Its operations are focused in five key areas namely plantation, heavy industries, property & industrial, trading, finance & investment, and pharmaceutical.

Since its inception as a modest trading entity more than 190 years ago, the Boustead Group has grown by leaps and bounds. As at 30 June 2022, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.6 billion. Market capitalisation is in the region of RM1.5 billion. For more information on Boustead, log on to

For more details, please contact Boustead’s Group Engagement & Experience Department at