KUALA LUMPUR (Nov 29): PPB Group Bhd’s net profit for the third quarter ended Sept 30, 2022 (3QFY2022) jumped 92.38% to RM784.75 million from RM407.91 million in the same period last year, on improved revenue contribution from all of its key segments including its 18.5%-owned Singapore-listed Wilmar International Ltd.

The contribution from Wilmar expanded to RM733 million in the quarter under review compared with RM432 million a year ago, according to its filing with Bursa Malaysia.

Quarterly revenue climbed 39% to RM1.65 billion from RM1.19 billion in the same period a year earlier. Earnings per share swelled to 55.16 sen from 28.67 sen.

For the first nine months ended Sept 30 (9MFY2022), PPB’s net profit grew 79.3% to RM1.78 billion from RM993.57 million, as cumulative nine-month revenue grew nearly 38% to RM4.54 billion from RM3.29 billion.

Looking ahead, PPB observed that grain commodity prices remain volatile, being affected by lingering effects of the Russian-Ukraine war and the ongoing supply chain disruptions. 

While the grains and agribusiness segment has managed to recover part of its gross margins through a gradual price increase, this segment is expected to perform satisfactorily, as it continues in its efforts to improve product performance and enhance operational efficiencies, the group noted.

As for its consumer products segment, PPB expects its performance to improve for the rest of the year, as the segment remains focused on distributing consumer products deemed as necessities and broadening its distribution channels to improve efficiency. 

Meanwhile, PPB said the third quarter saw strong performance from several locally-produced movies, which contributed positively to the film exhibition and distribution segment. 

As such, the group expects the film exhibition and distribution segment to be on a strong recovery path and close the final quarter of 2022 with improved performance, with several blockbuster titles lined up during the holiday seasons.

“Overall, we expect our core segments to perform satisfactorily for the rest of the year. Wilmar’s performance will continue to contribute substantially to the overall profitability of the group,” added PPB. 

PPB’s share price increased two sen on Tuesday (Nov 29), settling at RM16.22, bringing the group a market capitalisation of RM23.1 billion.