PPB Group ends FY19 on higher note, pays 23 sen dividend

This article first appeared in The Edge Financial Daily, on February 28, 2020.
PPB Group ends FY19 on higher note, pays 23 sen dividend
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KUALA LUMPUR: PPB Group Bhd’s net profit rose 58.1% to RM349.95 million for the 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 for 4QFY18, its exchange filing yesterday showed.

PPB also proposed a final dividend of 23 sen per share for FY19, payable on June 2. This brings the total dividend for the year to 31 sen per share.

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

PPB attributed the better FY19 earnings to a higher contribution from Wilmar of RM960 million, compared with RM837 million for 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.