• The stronger quarterly result has also pushed its annual profit in FY2022 to RM298.06 million, up from RM204.22 million in FY2021, representing growth of 45.95%.

KUALA LUMPUR (Feb 28): Cahya Mata Sarawak Bhd (CMS)’s net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) rose 27.6% to RM32.11 million or earnings per share (EPS) of 2.99 sen from RM25.15 million a year ago or EPS of 2.34 sen.

The stronger earnings performance was lifted by recognition of gain on disposal of associates of RM89.02 million, as well as higher revenue incurred for the quarter.  

However, the growth in quarterly earnings was offset by higher administrative expenses, selling and marketing expenses, income tax expenses, and a lower share of results of associates and joint ventures.

Quarterly revenue grew by 26.9% to RM306.8 million in 4QFY2022, from RM241.62 million a year before, mainly driven by higher revenue contributions from the cement and road maintenance divisions, and new contribution from the oil tools division.

CMS declared a higher first and final dividend of three sen per share, compared with two sen per share paid in FY2021.

The stronger quarterly result has also pushed its annual profit in FY2022 to RM298.06 million, up from RM204.22 million in FY2021, representing growth of 45.95%. Annual revenue also increased 23.8% to RM1.01 billion from RM814.55 million previously.

CMS said the improvements in earnings for FY2022 were due to the negative goodwill of RM71.07 million arising from the acquisition of oil tools group and the reversal of impairment of RM37.69 million on investment and the gain on disposal of associates of RM89.02 million.

Meanwhile, CMS returned to a net cash position of RM427.55 million for FY2022 from a net debt position of RM352.83 million for FY2021.

On prospects, CMS said the board of directors continues to hold a longer-term view that infrastructure and rural development activities will remain active.

“Our group of companies should benefit from the strong economy in Sarawak,” it added.

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