By DayakDaily Team
KUCHING, Aug 28: Cahya Mata Sarawak Berhad (Cahya Mata) reported a 44 per cent increase in profit before tax (PBT) to RM107.55 million for the six months ended June 30, 2024 (PE2024), up from RM74.59 million in the previous year (PE2023).
According to a media release on Tuesday (Aug 27), this robust PBT growth was primarily driven by the Cement and Oiltools Divisions, which benefited from improvements in gross profit margins.
Additionally, profit contributions from associates rose by 11 per cent to RM32.31 million, compared to RM29.10 million in PE2023.
The Group’s operating profit also saw a significant increase of 112 per cent. However, finance costs were higher in PE2024 due to interest on a term loan that was capitalised in the prior year.
Cahya Mata reported a revenue of RM555.36 million for PE2024, reflecting a 2 per cent decrease from RM566.19 million in PE2023. Despite challenging market conditions, these results highlight a strong profit performance driven by continued improvements in operational efficiencies across the Group.
Revenue performance in the Cement Division was impacted by the prolonged rainy season, but this was partially offset by strong performances in the Road Maintenance and Oiltools Divisions.
The Cement Division reported a PBT of RM70.67 million in PE2024, a 19 per cent increase, despite a 6 per cent decline in revenue to RM299.16 million from RM316.79 million in PE2023.
Road Maintenance Division achieved a revenue of RM54.80 million and PBT of RM7.61 million, representing a 16 per cent increase in revenue from RM47.25 million in PE2023 and a 148 per cent increase in PBT from RM3.06 million. This growth was driven by higher revenue from road maintenance and associated works, along with increased gross profit margins.
The Oiltools Division reported revenue of RM155.12 million and PBT of RM28.13 million in PE2024, representing a 12 per cent increase in revenue from RM138.58 million in PE2023 and a 73 per cent increase in PBT from RM16.24 million. The increase was driven by strong performances in Nigeria and Indonesia, coupled with improved gross profit margins.
Cahya Mata continues to demonstrate strong financial resilience, as reflected in the latest financial ratios for PE2024. The Net Tangible Assets (NTA) per share stands at RM3.08, and the Net Asset per share is RM3.16, both indicating a robust asset base and solid equity standing.
The gearing ratio remains low at 7.5 per cent, underscoring the Group’s conservative approach to leverage and strong balance sheet management.
Furthermore, the Earnings Per Share (EPS) improved to 6.67 sen from 6.41 sen in PE2023, highlighting the Group’s enhanced profitability and effective cost management strategies.
These financial metrics underscore Cahya Mata’s commitment to maintaining a strong balance sheet while driving operational efficiencies and sustainable growth across its diverse portfolio of businesses. — DayakDaily
