BUKIT DARAH
PLC
Condensed Interim Financial Statements
For the six months ended 30th September 2024
Bukit Darah PLC - Performance update for the period ended 30th September 2024.
Bukit Darah PLC posted a consolidated revenue of Rs. 149.9 Bn for the six months ended 30th September 2024, which is a year over year (YoY) rise
of 11%. This increase was primarily attributed to the revenue performance of the Group's Beverage and Oils and Fats segments. The Group posted profit before tax of Rs. 17.2 Bn and a profit after tax of Rs. 10.4 Bn, indicating YoY decreases of 13% and 21%, respectively. This decline was mainly stemming from a YoY reduction in earnings in the Oil Palm Plantations and Portfolio and Asset Management segments.
At the Company level, Bukit Darah PLC recorded a revenue of Rs. 1.3 Bn, which was up 466% YoY due to increased dividend income. Standalone profit before tax for the six months under review was Rs. 1.2 Bn.
OIL PALM PLANTATIONS
Oil Palm Plantations sector recorded a revenue of Rs. 54.4 Bn for the concluded six months. Severe weather impacted fertiliser application, crop harvesting, and transport of Fresh Fruit Bunches (FFB) during the first half of FY 2024/25 (1H25). Accordingly, the mill utilisation declined to 70%, although external crop volumes purchased increased slightly across locations. Additionally, the Oil Extraction Rate (OER) declined, impacted by the rain and related crop issues. The average Crude Palm Oil (CPO) during 1H25 was trading up by 5% YoY, while Palm Kernel (PK) and Palm Kernal Oil (PKO) prices increased by 25% and 33%, respectively (Bursa Malaysia prices). Further, premiums for sustainable CPO sales declined during the period, limiting additional revenue. The sector's third Kernal crushing plant
(KCP) was commissioned in June 2024, and the capacity of the mill at Ketapang was enhanced. The sector recorded a profit before tax of Rs. 7.7 Bn in 1H25, which declined by 17% YoY.
To meet statutory obligations towards small-holder schemes (Plasma), 2,110 Hectares of planted land were transferred to Plasma holders in 1H25. Consequently, FFB production for the year is expected to reduce by approximately 3%.
OILS AND FATS
Revenue of the Oils and Fats segment grew by 25% YoY to Rs. 31.8 Bn, driven by higher palm kernel prices and an improved sales mix. The average price of palm kernel, the primary feedstock for PVO's Malaysian specialty fats plant, rose by 25% YoY, averaging MYR 2,518 per metric ton (MT) for 1H25. During 1H25, PVO's sales volume for specialty fats products and the throughput at the main palm kernel processing plant increased by 14% and 3%, respectively. Accordingly, the sector's profit before tax increased by 167% YoY to reach Rs. 1 Bn in 1H25. The segment remains focused on expanding its product portfolio through research and development at its facilities.
BEVERAGE
During the six months under review, local volumes grew very marginally YoY. Meanwhile, the export business continued its growth momentum. For the nine months ended 30th September 2024, the Beverage sector paid Rs. 66.5 Bn in excise duties and other taxes to the Government of Sri Lanka (GoSL), an increase of 36% vs the prior year.
PORTFOLIO AND ASSET
MANAGEMENT
During 1H25, the Colombo Stock Exchange experienced significant volatility due to economic uncertainties and election anxieties. The Portfolio and Asset Management sector reported a profit before tax of Rs. 848 Mn, largely resulting from interest income and a fair value gain from fair value through profit or loss financial assets. Compared to the prior period, the decline in profit before tax is 73% due to lower fair value gains reflecting the fluctuation in share prices of investee companies.
The discretionary portfolio grew by 4.54% (adjusted for share repurchases), compared to the All-Share Price Index growth of 3.59%. The total portfolio, including strategic holdings, recorded a gain of 3.25% (adjusted for share repurchases) for the six months.
The discretionary portfolio maintains its equity philosophy of investing
in companies that display strong fundamentals for long-term value creation. Fixed-income investments are made with high-credit-quality financial institutions.
LEISURE
Recovery of tourism activity during
1H25 enabled Pegasus Reef Hotel and Giritale Hotel to record occupancy levels of 58% and 49%, respectively. The MICE (Meetings, Incentives, Conferences and Exhibitions) segment was another major contributor to revenue, with increased corporate events, day outings and other banquet functions. However, competitive pressures limited the pricing potential. Revenue of the Leisure sector grew
by 37% YoY to reach Rs. 534.3 Mn.
1
Proceeds from the rights issue were utilised for debt repayments, which significantly reduced its finance costs YoY. The sector reported a profit before tax adjusted for depreciation of Rs. 5.2 Mn compared to a loss of Rs. 57.7 Mn in the prior period.
REAL ESTATE
The commercial real estate sector witnessed modest growth during 1H25. Sector occupancy for the period under review was 80%. Average rate increase of 6% YoY supported revenue growth. The sector recorded a profit before tax of Rs. 130.4 Mn on a revenue of Rs. 172 Mn for the six months ended 30 September 2024.
Carsons Management Services (Private) Limited
12th November 2024
Statement of Profit or Loss and Other Comprehensive Income - Company
Unaudited Financial Statements for the period ended 30th September 2024 (All figures are in Sri Lankan Rupees Thousands)
2Q 2024 | 2Q 2023 | Change | 6M 2024 | 6M 2023 | Change | |
% | % | |||||
Revenue | 834,075 | 191,975 | 334 | 1,271,963 | 224,708 | 466 |
Items of expenses | ||||||
Administrative expenses | (17,925) | (12,878) | 39 | (30,570) | (24,225) | 26 |
Profit from operations | 816,150 | 179,097 | 356 | 1,241,393 | 200,483 | 519 |
Tax expense | (1,664) | (1,069) | 56 | (2,379) | (1,380) | 72 |
Profit for the period | 814,486 | 178,028 | 358 | 1,239,014 | 199,103 | 522 |
Other Comprehensive Income/(expenses) | ||||||
Net change in fair value- Equity investments at | (129,675) | 241,800 | (154) | 49,400 | 222,300 | (78) |
FVOCI | ||||||
Other comprehensive income/(expenses) for the | (129,675) | 241,800 | (154) | 49,400 | 222,300 | (78) |
period | ||||||
Total Comprehensive Income for the period | 684,811 | 419,828 | 63 | 1,288,414 | 421,403 | 206 |
Basic earnings per share (Rs.) | 6.99 | 1.48 | 371 | 10.61 | 1.69 | 526 |
Dividend per ordinary share (Rs.) | 6.88 | 1.80 | 282 | 10.68 | 1.80 | 493 |
Figures in brackets indicate deductions.
The notes from pages 12 to 22 form an integral part of these financial statements.
12th November 2024
3
Bukit Darah PLC | Condensed Interim Financial Statements for the six months ended 30th September 2024
Statement of Financial Position - Company
Unaudited Financial Statements for the period ended 30th September 2024 (All figures are in Sri Lankan Rupees Thousands)
As at | 30.09.2024 | 31.03.2024 |
(Unaudited) | (Audited) | |
ASSETS | ||
Non - Current Assets | ||
Investments in subsidiaries | 7,026,770 | 7,026,770 |
Investment in FVOCI investments | 1,288,625 | 1,239,225 |
Total non - current assets | 8,315,395 | 8,265,995 |
Current Assets | ||
Other non financial receivables | 9,869 | 4,060 |
Current tax recoverable | - | 298 |
Cash and cash equivalents | 869,552 | 50,959 |
Total current assets | 879,421 | 55,317 |
Total assets | 9,194,816 | 8,321,312 |
EQUITY AND LIABILITIES | ||
EQUITY | ||
Stated capital | 412,635 | 412,635 |
Capital reserves | 40,000 | 40,000 |
Revenue reserves | 7,820,607 | 7,778,127 |
Total Equity | 8,273,242 | 8,230,762 |
Current Liabilities | ||
Other financial payables | 88,724 | 90,550 |
Dividend payable - 2024/25 | 831,923 | - |
Current tax payable | 927 | - |
Total current liabilities | 921,574 | 90,550 |
Total liabilities | 921,574 | 90,550 |
Total equity and liabilities | 9,194,816 | 8,321,312 |
Net assets per ordinary share (Rs.) | 80.71 | 80.29 |
I certify that these financial statements are in compliance with the requirements of Companies Act No. 7 of 2007.
(Sgd.)
V. R. Wijesinghe
Director-Finance
Carsons Management Services (Private) Limited
The Board of Directors is responsible for the preparation and presentation of these financial statements. These financial statements were approved by the Board on 12th November 2024.
(Sgd.) | (Sgd.) |
M. Selvanathan | D.C.R. Gunawardena |
Director | Director |
The notes from pages 12 to 22 form an integral part of these financial statements.
4
Statement of Changes in Equity - Company
Unaudited Financial Statements for the period ended 30th September 2024 (All figures are in Sri Lankan Rupees Thousands)
Stated | Capital | Revenue | Total | |
Capital | Reserve | Reserves | Equity | |
Balance as at 31st March 2024 (Audited) | 412,635 | 40,000 | 7,778,127 | 8,230,762 |
Profit for the period | - | - | 1,239,014 | 1,239,014 |
Other Comprehensive income for the period | - | - | 49,400 | 49,400 |
Total Comprehensive Income for the period | - | - | 1,288,414 | 1,288,414 |
Dividends paid - Participating Cumulative Preference Shares | - | - | (156,574) | (156,574) |
Dividends paid - Ordinary Shares | - | - | (1,089,360) | (1,089,360) |
Balance as at 30th September 2024 (Unaudited) | 412,635 | 40,000 | 7,820,607 | 8,273,242 |
Balance as at 31st March 2023 (Audited) | 412,635 | 40,000 | 7,466,467 | 7,919,102 |
Profit for the period | - | - | 199,103 | 199,103 |
Other Comprehensive income for the period | - | - | 222,300 | 222,300 |
Total Comprehensive Income for the period | - | - | 421,403 | 421,403 |
Dividends paid - Participating Cumulative Preference Shares | - | - | (26,226) | (26,226) |
Dividends paid - Ordinary Shares | (183,600) | (183,600) | ||
Balance as at 30th September 2023 (Unaudited) | 412,635 | 40,000 | 7,678,044 | 8,130,679 |
Figures in brackets indicate deductions.
The notes from pages 12 to 22 form an integral part of these financial statements.
5
Bukit Darah PLC | Condensed Interim Financial Statements for the six months ended 30th September 2024
Statement of Cash Flows - Company
Unaudited Financial Statements for the period ended 30th September 2024 (All figures are in Sri Lankan Rupees Thousands)
Six months ended 30th September | 2024 | 2023 |
Cash flows from operating activities | ||
Profit before tax | 1,241,393 | 200,483 |
Changes in working capital: | ||
Other receivables | (5,809) | (6,160) |
Other payables | (1,826) | 1,631 |
Cash generated from operations | 1,233,758 | 195,954 |
Income tax paid | (1,154) | (679) |
Net cash generated from operating activities | 1,232,604 | 195,275 |
Cash flows from financing activities | ||
Dividends paid | (414,011) | (209,790) |
Net cash used in financing activities | (414,011) | (209,790) |
Net increase/(decrease) in cash & cash equivalents | 818,593 | (14,515) |
Cash & cash equivalents at the beginning of the period | 50,959 | 52,451 |
Cash & cash equivalents at the end of the period | 869,552 | 37,936 |
Statement of Cash & Cash Equivalents | ||
Cash at banks | 869,552 | 37,936 |
869,552 | 37,936 | |
Figures in brackets indicate deductions.
The notes from pages 12 to 22 form an integral part of these financial statements.
6
Consolidated Statement of Profit or Loss
Unaudited Financial Statements for the period ended 30th September 2024 (All figures are in Sri Lankan Rupees Thousands)
2Q 2024 | 2Q 2023 | Change | 6M 2024 | 6M 2023 | Change | |
% | % | |||||
Revenue | 78,219,254 | 69,844,909 | 12 | 149,884,039 134,577,578 | 11 | |
Direct operating expenses | (58,818,807) (49,458,393) | 19 | (112,299,462) (96,788,873) | 16 | ||
Gross profit | 19,400,447 | 20,386,516 | (5) | 37,584,577 | 37,788,705 | (1) |
Other income | 870,378 | 901,410 | (3) | 1,630,197 | 1,807,527 | (10) |
Items of expenses | ||||||
Administrative expenses | (5,375,517) | (4,841,870) | 11 | (10,396,478) | (9,569,563) | 9 |
Distribution expenses | (3,362,770) | (3,274,260) | 3 | (6,814,000) | (6,449,613) | 6 |
Other operating expenses | (210,881) | (117,055) | 80 | (342,964) | (209,295) | 64 |
(Provision)/Write back of impairment of assets | - | 291,063 | (100) | - | 291,063 | (100) |
Foreign exchange gains/(losses) | (2,025,801) | 414,062 | (589) | (1,338,521) | 63,428 | (2,210) |
Profit from operations | 9,295,856 | 13,759,866 | (32) | 20,322,811 | 23,722,252 | (14) |
Net finance costs | (1,684,484) | (3,081,547) | (45) | (3,471,447) | (5,989,733) | (42) |
Change in fair value of financial assets - fair value | (91,873) | 1,734,187 | (105) | 345,908 | 1,999,696 | (83) |
through profit or loss | ||||||
Share of net results of equity accounted investee | (22,336) | (13,118) | 70 | (26,840) | (17,124) | 57 |
Profit before tax | 7,497,163 | 12,399,388 | (40) | 17,170,432 | 19,715,091 | (13) |
Income tax expenses | ||||||
Current taxation | (3,136,625) | (3,633,765) | (14) | (6,272,563) | (6,149,409) | 2 |
Deferred taxation | (130,681) | (225,895) | (42) | (547,357) | (531,257) | 3 |
(3,267,306) | (3,859,660) | (15) | (6,819,920) | (6,680,666) | 2 | |
Profit for the period | 4,229,857 | 8,539,728 | (50) | 10,350,512 | 13,034,425 | (21) |
Profit Attributable to: | ||||||
Owners of the Company | 1,383,661 | 3,136,766 | (56) | 3,859,931 | 4,924,093 | (22) |
Non controlling interest | 2,846,196 | 5,402,962 | (47) | 6,490,581 | 8,110,332 | (20) |
4,229,857 | 8,539,728 | (50) | 10,350,512 | 13,034,425 | (21) | |
Basic earnings per share (Rs.) | 12.58 | 30.50 | (59) | 36.31 | 48.02 | (24) |
Dividend per ordinary share (Rs.) | 6.88 | 1.80 | 282 | 10.68 | 1.80 | 493 |
Figures in brackets indicate deductions.
The notes from pages 12 to 22 form an integral part of these financial statements.
12th November 2024
7
Bukit Darah PLC | Condensed Interim Financial Statements for the six months ended 30th September 2024
Consolidated Statement of Comprehensive Income
Unaudited Financial Statements for the period ended 30th September 2024 (All figures are in Sri Lankan Rupees Thousands)
2Q 2024 | 2Q 2023 | Change | 6M 2024 | 6M 2023 | Change | |
% | % | |||||
Profit for the period | 4,229,857 | 8,539,728 | (50) | 10,350,512 | 13,034,425 | (21) |
Other Comprehensive Income | ||||||
Items that are or may be reclassified subsequently | ||||||
to profit or loss: | ||||||
Exchange differences on translation of foreign | 9,674,356 | (687,951) | (1,506) | 6,822,068 | (5,892,350) | (216) |
operations | ||||||
Share of other comprehensive income of equity | 61,574 | 33,779 | 82 | 79,239 | (51,333) | (254) |
accounted investee, (net of tax) | ||||||
Other comprehensive income/(expenses) for the | 9,735,930 | (654,172) | (1,588) | 6,901,307 | (5,943,683) | (216) |
period, (net of tax) | ||||||
Total Comprehensive Income for the period | 13,965,787 | 7,885,556 | 77 | 17,251,819 | 7,090,742 | 143 |
Total Comprehensive Income Attributable to: | ||||||
Owners of the Company | 6,750,337 | 2,571,100 | 163 | 7,604,227 | 1,706,496 | 346 |
Non controlling interest | 7,215,450 | 5,314,456 | 36 | 9,647,592 | 5,384,246 | 79 |
13,965,787 | 7,885,556 | 77 | 17,251,819 | 7,090,742 | 143 | |
Figures in brackets indicate deductions.
The notes from pages 12 to 22 form an integral part of these financial statements.
12th November 2024
8
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |