PPB's 1Q net profit down 25% as Wilmar contribution declines

KUALA LUMPUR (May 30): PPB Group Bhd’s net profit declined 24.63% to RM187.27 million in the first quarter ended March 31, 2020 (1QFY20) from RM248.45 million last year, due to lower earnings contributions across all divisions, including its associate company Wilmar International Ltd.

Quarterly revenue fell 7.64% to RM1.07 billion from RM1.16 billion, according to a filing to Bursa Malaysia yesterday.

Wilmar, which makes up 82% of the group’s profit before tax during the quarter, contributed RM165 million to PBB's earnings, 14% lower from 1QFY19's RM193 million.

On prospects, PPB said the present challenging operating environment will affect the group's film exhibition and distribution and property segments. Its other main business segments, however, are expected to perform satisfactorily, it said.

Wilmar's performance will also continue to contribute substantially to the overall profitability of the group, PBB added.

Shares of PPB were up 44 sen or 2.6% to close at RM17.36 yesterday, valuing the group at RM24.7 billion.

Stay safe. Keep updated on the latest news at 

Click here to see residential properties for sale in Kuala Lumpur.

Click here for more property stories.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
  1. George Kent's Q1 profit shrinks 72% to RM3.7m
  2. GDB 1Q net profit drops 18.7% to RM5.72m on higher expenses
  3. Hock Seng Lee 1Q net profit slips to RM7.55m