KUALA LUMPUR (Aug 27): CI Holdings Bhd’s net profit for the fourth quarter ended June 30, 2021 (4Q2021) jumped by 177% to RM22.13 million from RM7.98 million a year earlier.

This came on the back of revenue improving 20.88% to RM900.15 million from RM744.69 million previously.

The group has proposed a final dividend of 12 sen per share, 2 sen more than the dividend doled out a year ago.

In a filing with Bursa Malaysia, the group attributed the higher revenue to a 100% increase in average olein prices which was moderated by a 25% decline in full container loads (FCL) exported and 4% strengthening of the ringgit against the US dollar.

CI Holdings also said it saw better margins on all of its products as a result of effective cost management and its success in overcoming shortages of FCL containers that has been a global issue during this pandemic.

“The effective management of the logistical issues experienced during this period is vital as the group exports more than 95% of its products to its customers in 117 countries,” it said.

Notably, the edible oil segment is the main revenue and net profit contributor to the group. For 4QFY21, the edible oil segment contributed RM895.19 million to revenue and RM42.87 million to segment profits.

Meanwhile, its tapware and sanitary ware division contributed revenue of RM4.96 million but remained at a segment loss of RM200,000.

For the full year, CI Holdings’ net profit doubled to RM69.97 million from RM30.11 million in FY20, while revenue grew 22.22% to RM3.14 billion.

Going forward, the group said it will continue its expansion plans for revenue growth for its edible oil operations and with smart partnership tie up with property developers for its tapware and sanitary ware division to enhance shareholder value.

Year-to-date, CI Holdings’ share price has gained 127.7% from RM1.84 to RM4.19, valuing the group at RM677.16 million.