by DayakDaily Team
KUCHING, Feb 19: Cahya Mata Sarawak Bhd (Cahya Mata) delivered a strong performance for 2024, with its profit before tax (PBT) rising by 48 per cent to RM190.1 million compared with RM128.24 million in 2023, driven mainly by its strong cement division.
In a press statement, it said for the financial year 2024, Cahya Mata reported a revenue of RM1,196.25 million, slightly lower from RM1,200.90 million recorded in the previous year (2023).
However, the group’s PBT rose significantly to RM190.10 million.
The higher PBT was contributed by its cement division driven by lower cost, followed by its property development and road maintenance division due to the improvement in gross profit margin and lower operating cost from the phosphates division.
It also reported that its profit after tax (PAT) surged by 53 per cent, reaching RM124.9 million in 2024, up from RM81.64 million in 2023.
“This improved profit performance is also attributed to enhanced operational efficiencies across our core divisions, highlighting the group’s dedication to effective cost management and profitability enhancement,” it said.
Cahya Mata’s financial resilience is also further reflected in its net assets per share, which increased to RM3.16, representing an improvement by three per cent from RM3.07 in 2023.
“This growth underscores the group’s robust asset base and strong equity position. Our gearing ratio remains low at seven per cent, highlighting our prudent leverage strategy and effective balance sheet management,” it added.
According to the group, “Cahya Mata is pleased with its achievements in 2024 which are in line with our expectations, with the exception of the phosphates division, where the commercialisation of the plant has been deferred.
“We expect to commence commissioning in the fourth quarter of 2025 (4Q25). While revenue growth has remained flat compared to the previous year, the group has enhanced operational performance through improved management and efficiencies.
“The group expects improved performance in all its business segments on the back of projected economic growth and benefit from infrastructure projects coupled with a stable business environment in 2025.”
Meanwhile, the research team at MIDF Amanah Investment Bank Bhd (MIDF Research) opined that Cahya Mata is well-positioned to benefit from stronger construction job flows in Sarawak.
In a research report today, it pointed out that the group is the sole cement producer in Sarawak with sufficient production capacity to meet demand.
As at 3.30pm today, Cahya Mata’s stock price reached a six-week high, rising by 12 per cent following the release of its financial year 2024 results. It is currently trading at RM1.12 per share, an increase from its last average closing price of RM1.00, with 11.017 million shares exchanging hands. – DayakDaily
