• Profit After Taxation and Zakat stood at RM804.6 million for 9MFY2022
  • Revenue posted at RM11,416.6 million for 9MFY2022


KUALA LUMPUR, 29 NOVEMBER 2022 – Boustead Holdings Berhad (Boustead) recorded a commendable performance for the cumulative period ended 30 September 2022 (9MFY2022) where its Profit Before Taxation and Zakat (PBT) has increased more than double at RM1,032.0 million against RM442.4 million in 9MFY2021.

Profit After Taxation and Zakat (PAT) stood at RM804.6 million in comparison to RM277.3 million for the corresponding period. The Group’s net profit for 9MFY2022 was posted at RM464.3 million compared with RM91.5 million recorded in 9MFY2021 after the allocation to non-controlling interests and perpetual sukuk holders.

During the same period, the Group remained strong operationally by recording a higher Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of 44% at RM1.2 billion compared with RM854.0 million in 9MFY2021 and an improved revenue of 37% to RM11,416.6 billion from RM8.3 billion posted for the corresponding period last year.

The better performance was mainly due to one-off gain 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.

Nevertheless, the Group recorded a lower PBT of RM78.4 million for the third quarter ended 30 September 2022 (Q3FY2022) compared with PBT of RM239.9 million in the corresponding quarter of the previous year (Q3FY2021). Lower PAT of RM86.9 million was also posted against PAT of RM147.3 million in Q3FY2021. These were attributed to lower contributions from the Plantation and Pharmaceutical Divisions. However, these were compensated by higher share of results in associates during the quarter.

The Group’s EBITDA dropped to RM50.5 million from RM370.7 million in Q3FY2021, while the revenue for the quarter was slightly lower at RM3.67 billion from RM3.68 billion achieved in the same period last year.

The Group recorded a higher net profit of RM99.6 million in contrast to RM55.7 million recorded in Q3FY2021 after the allocation to non-controlling interests and perpetual sukuk holders.

Segmental performance results for each Division are as follows:

Property & Industrial Division

  • The Property & Industrial Division registered a revenue of RM928.4 million, 166% more than RM348.8 million recorded in 9MFY21. 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 the hotel segment on higher occupancy and average room rate. The industrial segment also recorded better revenue as a result of the upward revision of selling prices and increase in export sales.
  • The Property & Industrial Division posted a higher PBT of RM92.8 million (9MFY21: PBT of RM21.5 million) arising mainly from the sale of industrial lands in Bukit Raja and land held for development in Jalan Cochrane.
  • Meanwhile, the property investment business posted higher losses due to higher staff and maintenance costs incurred compared to last year.
  • The hotel segment recorded better operational performance compared with 9MFY21 on the back of the increased in F&B sales as well as occupancy and average room rates post pandemic.
  • 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 RM913.4 million (9MFY21: revenue of RM708.5 million), an increase by 29%, on the back of better palm product prices.
  • For 9MFY22, the Plantation Division registered a significantly higher PBT of RM619.1 million (9MFY21: PBT of RM207.6 million) attributable to a one-off gain on the disposal of plantation land amounting to RM367.7 million. At the operational level, the Division recorded a better profit from operations of RM265.1 million (9MFY21: profit from operations of RM242.1 million) mainly driven by higher palm product prices. During the period, FFB production of 619,572 MT was 8% lower than 675,143 MT recorded a year ago. The oil and kernel extraction rate for the period was lower at 20.5% (9MFY21: 21.1%) and 4.0% (9MFY21: 4.1%) respectively.

Heavy Industries Division

  • The Heavy Industries Division posted a lower revenue of RM107.4 million (9MFY21: revenue of RM282.7 million) primarily due to the variation in milestones for Littoral Mission Ship (LMS) projects. However, the impact was cushioned by the improved revenue from the maintenance, repair and overhaul (MRO) activities for submarine contracts.
  • The Heavy Industries Division closed the period with a higher loss before taxation and zakat (LBT) of RM75.9 million (9MFY21: LBT of RM48.4 million) mainly due to lower contribution from both shipbuilding and ship repair activities.

Pharmaceutical Division

  • The Pharmaceutical Division recorded a lower revenue of RM2.6 billion as compared with RM4.1 billion in 9MFY21 as the country exited the pandemic and entered into the endemic phase with less reliance on vaccination. However, the impact was partially offset by the positive growth in the Government concession and Indonesian businesses as a result of strong demand from the customers.
  • During the same period, the Pharmaceutical Division recorded a lower PBT of RM55.9 million (9MFY21: PBT of RM148.1 million) in line with lower revenue. The bottom line was also impacted by the increase in advertising and promotional cost for private sector segment as well as a higher finance cost.

Trading, Finance & Investment Division

  • The Trading, Finance & Investment Division registered an improved revenue of RM6.8 billion, a significant increase from RM2.9 billion recorded in 9MFY21. This was mainly from Boustead Petroleum Marketing (BPM) as a result of higher average fuel prices and sales volume.
  • During the same period, the Trading, Finance & Investment Division’s PBT more than doubled to RM340.1 million from RM113.6 million in 9MFY21. The better result was mainly contributed by BPM and share of results in an associate, Affin Bank Berhad.
  • The contribution by BPM was driven by the better revenue resulted from higher sales volume and product prices.
  • Meanwhile, in 9MFY22, Affin Bank Berhad registered a net profit of RM1.2 billion (9MFY21: RM357.9 million) mainly due to gain on the divestment of Affin Hwang Asset Management Berhad in 3QFY22 which boosted our share of profit in associates and joint venture.

Boustead Group Managing Director Dato’ Sri Mohammed Shazalli Ramly said that various initiatives under the Reinventing Boustead strategy have been put in place to deliver positive performance for the Group.

“While we are seeing some headwind in the economy that may impact the performance of the Group, we believe with the new Government in place, the Malaysian economy will quickly stabilise and paced on a faster rate and enable the Group to deliver better results in 2023,” he said.

“The Group will continue with its accelerated and aggressive effort to rejuvenate its core businesses through the revamped business plans, supplemented by the strategies to embark into digital and high technology initiatives.

Boustead Chairman Datuk Seri Mohd Redzuan Md Yusof said, “The outcome of Boustead’s financial performance thus far shows that Boustead is on the track to deliver commendable results for this financial year.

“The Group shall continue to be resilient and ensure business growth with best practices as we strive towards achieving better performance through continued explorations into new ESG-based ventures and initiatives in partnership with established partners, as well as accelerate value creation with performance improvement programmes and embark into the technology and digital services sectors,” 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 September 2022, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.7 billion. Market capitalisation is in the region of RM1.2 billion. For more information on Boustead, log on to

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