Company Registration No. 200510666D
Riverstone Holdings Limited
Condensed Interim Consolidated Financial Statements
For the third quarter and nine months ended 30 September 2024
Table of Contents
- Condensed interim consolidated statement of profit or loss and other comprehensive
income | 3 | |
B. Condensed interim statements of financial position | 4 | |
C. | Condensed interim statements of changes in equity | 6 |
D. | Condensed interim consolidated statement of cash flows | 10 |
- Notes to the condensed interim consolidated financial statements………………………....12
- Other information required by Listing Rule Appendix 7.2……………………………………24
2 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
- Condensed interim consolidated statement of profit or loss and other comprehensive income
3Q2024 | 3Q2023 | 9M2024 | 9M2023 | ||
1 Jul | 1 Jul | 1 Jan | 1 Jan | ||
2024 | 2023 | 2024 | 2023 | ||
to | to | to | to | ||
30 Sep | 30 Sep | 30 Sep | 30 Sep | ||
Note | 2024 | 2023 | 2024 | 2023 | |
RM'000 | RM'000 | RM'000 | RM'000 | ||
Revenue | 4 | 298,435 | 222,801 | 794,790 | 684,962 |
Cost of sales | (194,822) | (145,017) | (494,484) | (480,405) | |
Gross profit | 103,613 | 77,784 | 300,306 | 204,557 | |
Other income | 7,021 | 7,817 | 21,968 | 23,426 | |
Selling and distribution expenses | (4,355) | (3,635) | (12,128) | (10,928) | |
General and administrative expenses | (9,253) | (8,123) | (29,255) | (23,469) | |
Other operating (expenses)/ income - net | (6,617) | (313) | (6,740) | 1,191 | |
Operating profit | 90,409 | 73,530 | 274,151 | 194,777 | |
Finance costs | (9) | (17) | (37) | (17) | |
Profit before taxation | 6 | 90,400 | 73,513 | 274,114 | 194,760 |
Income tax expense | 7 | (18,200) | (14,246) | (57,226) | (41,910) |
Profit for the financial period | 72,200 | 59,267 | 216,888 | 152,850 | |
Other comprehensive income: | |||||
Items that may be reclassified | |||||
subsequently to profit or loss | |||||
Foreign currency translation (loss)/ gain | (39,855) | (3,818) | (41,785) | 18,500 | |
Other comprehensive income for the | |||||
financial period | (39,855) | (3,818) | (41,785) | 18,500 | |
Total comprehensive income for the | |||||
financial period | 32,345 | 55,449 | 175,103 | 171,350 | |
Profit attributable to: | |||||
Equity holders of the Company | 72,200 | 59,266 | 216,888 | 152,850 | |
Non-controlling interests | - (1) | 1 | - (1) | - (1) | |
72,200 | 59,267 | 216,888 | 152,850 | ||
Total comprehensive income attributable | |||||
to: | |||||
Equity holders of the Company | 32,345 | 55,448 | 175,103 | 171,350 | |
Non-controlling interests | - (1) | 1 | - (1) | - (1) | |
32,345 | 55,449 | 175,103 | 171,350 | ||
Earnings per share | |||||
Basic (sen) | 4.87 | 4.00 | 14.63 | 10.31 | |
Diluted (sen) | 4.87 | 4.00 | 14.63 | 10.31 |
(1) Denotes amounts less than RM500.
3 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
B. Condensed interim statements of financial position
Group | Company | ||||
30 | 31 | 30 | 31 | ||
September | December | September | December | ||
Note | 2024 | 2023 | 2024 | 2023 | |
RM'000 | RM'000 | RM'000 | RM'000 | ||
Non-current assets | |||||
Property, plant and equipment | 11 | 727,029 | 726,026 | - | - |
Investments in subsidiaries | - | - | 210,526 | 228,563 | |
Deferred tax assets | 1,151 | 1,101 | - | - | |
728,180 | 727,127 | 210,526 | 228,563 | ||
Current assets | |||||
Inventories | 106,741 | 83,183 | - | - | |
Trade receivables | 155,762 | 128,001 | - | - | |
Other receivables | 4,186 | 5,632 | 1,254 | 2,208 | |
Prepayments | 2,223 | 4,272 | 113 | 60 | |
Derivatives | 10 | 8,570 | 1,540 | - | - |
Cash and cash equivalents | 790,083 | 875,433 | 418,567 | 404,742 | |
1,067,565 | 1,098,061 | 419,934 | 407,010 | ||
Total assets | 1,795,745 | 1,825,188 | 630,460 | 635,573 | |
Current liabilities | |||||
Payables and accruals | 101,944 | 71,525 | 428 | 490 | |
Amount due to a subsidiary | - | - | 167 | - | |
company | |||||
Lease liabilities | 12 | 426 | 495 | - | - |
Contract liabilities | - | 628 | - | - | |
Provision for taxation | 21,690 | 11,940 | - | 2,240 | |
124,060 | 84,588 | 595 | 2,730 | ||
Net current assets | 943,505 | 1,013,473 | 419,339 | 404,280 | |
Non-current liabilities | |||||
Lease liabilities | 12 | 159 | 523 | - | - |
Employee benefit obligations | 946 | 930 | - | - | |
Deferred tax liabilities | 58,470 | 57,583 | - | - | |
59,575 | 59,036 | - | - | ||
Total liabilities | 183,635 | 143,624 | 595 | 2,730 | |
Net assets | 1,612,110 | 1,681,564 | 629,865 | 632,843 |
4 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
B. Condensed interim statements of financial position (cont'd)
Group | Company | ||||
30 | 31 | 30 | 31 | ||
September | December | September | December | ||
Note | 2024 | 2023 | 2024 | 2023 | |
RM'000 | RM'000 | RM'000 | RM'000 | ||
Equity attributable to owners of | |||||
the Company | |||||
Share capital | 13 | 156,337 | 156,337 | 156,337 | 156,337 |
Treasury shares | (815) | (815) | (815) | (815) | |
Reserves | 1,456,585 | 1,526,039 | 474,343 | 477,321 | |
1,612,107 | 1,681,561 | 629,865 | 632,843 | ||
Non-controlling interests | 3 | 3 | - | - | |
Total equity | 1,612,110 | 1,681,564 | 629,865 | 632,843 | |
Total equity and liabilities | 1,795,745 | 1,825,188 | 630,460 | 635,573 |
5 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
- Condensed interim statements of changes in equity
Attributable to equity holders of the Company | |||||||
Share | Non- | ||||||
capital | Treasury | Retained | Other | Total | controlling | Total | |
Group | (Note 13) | shares | earnings | reserves | reserves | interests | equity |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
2024 | |||||||
Balance at 1 January 2024 | 156,337 | (815) | 1,535,039 | (9,000) | 1,526,039 | 3 | 1,681,564 |
Profit for the financial period | - | - | 216,888 | - | 216,888 | - (1) | 216,888 |
Other comprehensive income for the financial period | - | - | - | (41,785) | (41,785) | - | (41,785) |
Total comprehensive income for financial period | - | - | 216,888 | (41,785) | 175,103 | - (1) | 175,103 |
Dividends (Note 8) | - | - | (244,557) | - | (244,557) | - | (244,557) |
Balance at 30 September 2024 | 156,337 | (815) | 1,507,370 | (50,785) | 1,456,585 | 3 | 1,612,110 |
2023 | |||||||
Balance at 1 January 2023 | 156,337 | (815) | 1,729,668 | (32,265) | 1,697,403 | 4 | 1,852,929 |
Profit for the financial period | - | - | 152,850 | - | 152,850 | - (1) | 152,850 |
Other comprehensive income for the financial period | - | - | - | 18,500 | 18,500 | - | 18,500 |
Total comprehensive income for financial period | - | - | 152,850 | 18,500 | 171,350 | - (1) | 171,350 |
Dividends (Note 8) | - | - | (266,790) | - | (266,790) | - | (266,790) |
Balance at 30 September 2023 | 156,337 | (815) | 1,615,728 | (13,765) | 1,601,963 | 4 | 1,757,489 |
(1) Denotes amounts less than RM500.
6 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
C. Condensed interim statements of changes in equity (cont'd)
Attributable to equity holders of the Company | ||||||||
Share | Non- | |||||||
capital | Treasury | Retained | Other | Total | controlling | Total | ||
Group | (Note 13) | shares | earnings | reserves | reserves | interests | equity | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | ||
2024 | ||||||||
Balance at 1 July 2024 | 156,337 | (815) | 1,435,170 | (10,930) | 1,424,240 | 3 | 1,579,765 | |
Profit for the financial period | - | - | 72,200 | - | 72,200 | - (1) | 72,200 | |
Other comprehensive income for the financial period | - | - | - | (39,855) | (39,855) | - | (39,855) | |
Total comprehensive income for financial period | - | - | 72,200 | (39,855) | 32,345 | - (1) | 32,345 | |
Balance at 30 September 2024 | 156,337 | (815) | 1,507,370 | (50,785) | 1,456,585 | 3 | 1,612,110 | |
2023 | ||||||||
Balance at 1 July 2023 | 156,337 | (815) | 1,556,462 | (9,947) | 1,546,515 | 3 | 1,702,040 | |
Profit for the financial period | - | - | 59,266 | - | 59,266 | 1 | 59,267 | |
Other comprehensive income for the financial period | - | - | - | (3,818) | (3,818) | - | (3,818) | |
Total comprehensive income for financial period | - | - | 59,266 | (3,818) | 55,448 | 1 | 55,449 | |
Balance at 30 September 2023 | 156,337 | (815) | 1,615,728 | (13,765) | 1,601,963 | 4 | 1,757,489 | |
(1) | Denotes amounts less than RM500. | |||||||
7 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
C. Condensed interim statements of changes in equity (cont'd)
Share | ||||||
capital | Treasury | Retained | Other | Total | Total | |
(Note 13) | shares | earnings | reserves | reserves | equity | |
Company | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 |
2024 | ||||||
Balance at 1 January 2024 | 156,337 | (815) | 381,320 | 96,001 | 477,321 | 632,843 |
Profit for the financial period | - | - | 295,213 | - | 295,213 | 295,213 |
Other comprehensive income for | ||||||
the financial period | - | - | - | (53,634) | (53,634) | (53,634) |
Total comprehensive income | ||||||
for the financial period | - | - | 295,213 | (53,634) | 241,579 | 241,579 |
Dividends (Note 8) | - | - | (244,557) | - | (244,557) | (244,557) |
Balance at 30 September 2024 | 156,337 | (815) | 431,976 | 42,367 | 474,343 | 629,865 |
2023 | ||||||
Balance at 1 January 2023 | 156,337 | (815) | 407,104 | 63,423 | 470,527 | 626,049 |
Profit for the financial period | - | - | 284,168 | - | 284,168 | 284,168 |
Other comprehensive income for | ||||||
the financial period | - | - | - | 26,476 | 26,476 | 26,476 |
Total comprehensive income | ||||||
for the financial period | - | - | 284,168 | 26,476 | 310,644 | 310,644 |
Dividends (Note 8) | - | - | (266,790) | - | (266,790) | (266,790) |
Balance at 30 September 2023 | 156,337 | (815) | 424,482 | 89,899 | 514,381 | 669,903 |
8 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
C. Condensed interim statements of changes in equity (cont'd)
Share | ||||||
capital | Treasury | Retained | Other | Total | Total | |
(Note 13) | shares | earnings | reserves | reserves | equity | |
Company | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 |
2024 | ||||||
Balance at 1 July 2024 | 156,337 | (815) | 248,207 | 95,109 | 343,316 | 498,838 |
Profit for the financial period | - | - | 183,769 | - | 183,769 | 183,769 |
Other comprehensive income for | ||||||
the financial period | - | - | - | (52,742) | (52,742) | (52,742) |
Total comprehensive income | ||||||
for the financial period | - | - | 183,769 | (52,742) | 131,027 | 131,027 |
Balance at 30 September 2024 | 156,337 | (815) | 431,976 | 42,367 | 474,343 | 629,865 |
2023 | ||||||
Balance at 1 July 2023 | 156,337 | (815) | 380,809 | 93,469 | 474,278 | 629,800 |
Profit for the financial period | - | - | 43,673 | - | 43,673 | 43,673 |
Other comprehensive income for | ||||||
the financial period | - | - | - | (3,570) | (3,570) | (3,570) |
Total comprehensive income | ||||||
for the financial period | - | - | 43,673 | (3,570) | 40,103 | 40,103 |
Balance at 30 September 2023 | 156,337 | (815) | 424,482 | 89,899 | 514,381 | 669,903 |
9 | P a g e
Riverstone Holdings Limited and Subsidiary Companies
D. Condensed interim consolidated statement of cash flows
Group | ||||
3Q2024 | 3Q2023 | 9M2024 | 9M2023 | |
1 Jul | 1 Jul | 1 Jan | 1 Jan | |
2024 | 2023 | 2024 | 2023 | |
to | to | to | to | |
30 Sep | 30 Sep | 30 Sep | 30 Sep | |
2024 | 2023 | 2024 | 2023 | |
RM'000 | RM'000 | RM'000 | RM'000 | |
Cash flows from operating activities | ||||
Profit before taxation | 90,400 | 73,513 | 274,114 | 194,760 |
Adjustments for: | ||||
Depreciation of property, plant and equipment | 16,014 | 15,050 | 47,847 | 45,101 |
Property, plant and equipment written off | 11 | 21 | 68 | 54 |
(Gain)/ loss on disposal of property, plant and | ||||
equipment | (6) | (31) | 1 | (85) |
Fair value (gain)/ loss on derivatives | (9,060) | (256) | (7,470) | 1,987 |
Interest expense | 9 | 17 | 37 | 17 |
Interest income | (6,558) | (7,238) | (20,882) | (22,275) |
Foreign exchange differences | (5,621) | 1,296 | (9,887) | 2,560 |
Operating cash flows before working capital | ||||
changes | 85,189 | 82,372 | 283,828 | 222,119 |
Decrease/ (increase) in inventories | 7,986 | 6,993 | (23,558) | 7,613 |
Increase in receivables and prepayments | (6,699) | (6,228) | (24,266) | (9,967) |
Increase in employee benefit obligations | 15 | 1 | 16 | 64 |
Increase/ (decrease) in payables, accruals and | ||||
contract liabilities | 29,148 | 1,497 | 29,791 | (16,220) |
Cash flows generated from operations | 115,639 | 84,635 | 265,811 | 203,609 |
Interest paid | (9) | (17) | (37) | (17) |
Interest received | 6,558 | 7,238 | 20,882 | 22,275 |
Income tax paid | (22,039) | (23,646) | (46,639) | (59,772) |
Net cash flows generated from operating | ||||
activities | 100,149 | 68,210 | 240,017 | 166,095 |
Cash flows from investing activities | ||||
Proceeds from disposal of property, plant and | ||||
equipment | 12 | 168 | 76 | 241 |
Purchase of property, plant and equipment | (37,850) | (11,998) | (49,668) | (30,363) |
Net cash flows used in investing activities | (37,838) | (11,830) | (49,592) | (30,122) |
Cash flows from financing activities | ||||
Payment of principal portion of lease liabilities | (108) | (277) | (368) | (571) |
Dividends paid | - | - | (244,557) | (266,790) |
Net cash flows used in financing activities | (108) | (277) | (244,925) | (267,361) |
10 | P a g e