KUALA LUMPUR (Nov 21): CI Holdings Bhd's net profit surged 65.2% to RM20.82 million for the first quarter ended Sept 30, 2022 (1QFY23), from RM12.61 million a year earlier, on the back of higher exports and favourable foreign exchange (forex) gains.

As a result, earnings per share climbed to 12.85 sen from 7.78 sen, according to the edible oil manufacturer's filing on Monday (Nov 21).

Revenue for the quarter increased 43.72% to RM1.53 billion from RM1.06 billion a year prior, carried by a near 11% rise in full container loads exported coupled with an almost 8% appreciation of the US dollar against the ringgit.

CI Holdings noted that top-line growth moderated by an almost 11% drop in average olein prices.

"Operating margins decreased this 1QFY23 against the corresponding 1QFY22 due to higher unrealised and realised forex derivative losses," the group added.

Meanwhile, on a quarter-on-quarter basis, CI Holdings' net profit was down 16.77% to RM20.82 million from RM25.02 million in 4QFY22, while revenue climbed 20.95% to RM1.53 billion from RM1.26 billion.

CI Holdings is principally involved in the exports of vegetable-based edible oil and fat products, as well as trading and distribution of sanitary ware and tap fittings to the property development and retail markets.

Going forward, CI Holdings said the group will continue with its expansion plans for revenue growth for its edible oil operations and with smart partnership tie-ups with property developers for the tapware and sanitary ware divisions to enhance shareholders' value.

Shares in CI Holdings finished four sen or 1.38% higher at RM2.94 on Monday, giving the group a market capitalisation of RM476.28 million.