KUALA LUMPUR (May 29): PPB Group Bhd's net profit grew 31.1% to RM248.45 million in its first quarter ended March 31, 2019 (1QFY19), from RM189.51 million in the corresponding quarter last year, thanks to higher contribution from its Singapore-listed associate, Wilmar International Ltd.

The company also attributed the improved earnings to better performance from its grain and agribusiness, as well as its film exhibition and distribution segments.

Quarterly revenue was up a marginal 1% to RM1.16 billion from RM1.15 billion in 1QFY18, its stock exchange filing today showed. Earnings per share rose to 17.46 sen from 13.32 sen previously.

Notably, profit from its investments and other operations segment climbed 32% to RM204 million from RM154 million last year, mainly as contribution from Wilmar rose to RM193 million from RM146 million.

Its grain and agribusiness segment's profit, meanwhile, grew 82% to RM60 million from RM33 million last year, mainly on improved profit margin from flour, while its film exhibition and distribution segment's profit rose 22% to RM18 million from RM15 million, lifted by stronger titles, better film distribution performance, and increased contribution from its Vietnam operations.

On prospects, PPB said the group's main business segments are expected to perform satisfactorily, while Wilmar's performance will continue to contribute substantially to its overall profitability.

PPB shares rose two sen or 0.11% to close at RM18.62 today, giving it a market capitalisation of RM26.49 billion. In the past one year, the stock has climbed over 13%.