09/02/2021 | Press release | Distributed by Public on 09/02/2021 01:27
FINANCIAL HIGHLIGHTS FOR 1H2021
DIVIDEND
PPB has declared an interim dividend of 10 sen per share for the financial year ending 31 December 2021 payable on 28 September 2021 to shareholders whose names appear in the Record of Depositors on 10 September 2021.
REVIEW OF OPERATIONS
The results of PPB's main business operations for 1H2021 are summarised as follows :-
PROSPECTS FOR 2020
Global agricultural commodity prices have risen substantially this year, particularly for food commodities. It is expected that the food commodity prices will remain highly volatile given the potential disruption of supply in major producing countries affected by poor weather and rising demand of the grains as more countries' economies start to reopen.
Performance of the Grains and agribusiness segment has been adversely impacted by the spike in commodity prices, particularly in the second quarter of this year. Gross profit margin compression was seen across various sub-segments of this segment. Management will continue to navigate the challenging situation in dealing with a highly volatile commodity market. Riding on the Group's experience in both the commercial and technical aspects, the Grains and agribusiness segment aims to deliver an improved set of results for the following quarters.
The Consumer products segment is expected to perform satisfactorily as it continues to expand its market place through the food services channel and e-commerce platform.
The acceleration of the National Immunization Program (NIP) and the subsequent lifting of restrictions will be key for the recovery of the Film exhibition and distribution segment. During this transition period of the NIP, management will continue its efforts to expand online business initiatives pending the reopening of its enlarged cinema chain with the newly acquired cinema assets of the former MBO cinema circuit. Stringent cost control remains as our top priority to improve operating cash flow and financial performance.
The Environmental engineering and utilities segment will continue to focus on replenishing its order book and exploring new project opportunities.
Performance of the Property segment continued to be impacted by the ongoing Movement Control Order. Management remains steadfast in working on various initiatives to improve footfall in its malls and completing the development of the Megah Rise project.
The Covid-19 pandemic will continue to weigh down on the Film exhibition and distribution and Property segments. The Grains and agribusiness segment, which is in the production and distribution of staple food and services, is expected to ride through the challenging operating environment and to deliver a satisfactory set of results for the rest of the year. Wilmar's performance will continue to contribute substantially to the overall profitability of the Group.
Contact :-
Ms Koh Mei Lee, Head of Corporate Affairs of PPB Group Berhad
Telephone : 012-2062831
Email : [email protected]