KUALA LUMPUR (Feb 27): PPB Group Bhd’s net profit rose 58.1% to RM349.95 million in its fourth quarter ended Dec 31, 2019 (4QFY19) from RM221.34 million a year ago, mainly due to higher contribution from its associate Wilmar International Ltd.

This improves PPB’s earnings per share to 24.6 sen for 4QFY19 compared with 15.56 sen for 4QFY18.

Quarterly revenue grew 1.4% to RM1.18 billion from RM1.16 billion in 4QFY18, its exchange filing today showed.

PPB also proposed a final dividend of 23 sen per share for the financial year ended Dec 31, 2019 (FY19), payable on June 2. This brings total dividends for the year to 31 sen per share.

For the full year FY19, PPB’s net profit grew 7.2% to RM1.15 billion versus RM1.08 billion in the previous year while revenue rose 3.4% to RM4.68 billion from RM4.53 billion in FY18.

PPB attributed the better FY19 earnings to higher contribution from Wilmar of RM960 million compared with RM837 million in FY18 as well as higher profits from the grains and agribusiness segment by 17% to RM213 million.

Going forward, the group said its financial results would depend substantially on Wilmar’s business performance but sees its main business segments performing satisfactorily in FY20.

Shares in PPB closed 44 sen or 2.5% higher at RM18.30 today, valuing the group at RM26.03 billion.