ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
FINANCIAL REPORT
30 JUNE 2024
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
30 JUNE 2024
Page No. | |
Condensed Consolidated Statement of Financial Position | 1 |
Condensed Consolidated Statement of Comprehensive Income | 2 - 3 |
Condensed Consolidated Statement of Changes in Equity | 4 |
Condensed Consolidated Statement of Cash Flows | 5 - 6 |
Notes to the Interim Financial Report | 7 - 19 |
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
As at End of | As at Preceding | |||
Current Quarter | Financial Year End | |||
30 Jun 2024 | 31 Dec 2023 | |||
RM'000 | RM'000 | Changes | ||
(Unaudited) | (Audited) | % | ||
Assets | ||||
Property, plant and equipment | 2,498,861 | 2,136,537 | 17.0 | |
Right-of-use assets | 701,402 | 735,669 | -4.7 | |
Investment properties | 1,099,078 | 1,078,701 | 1.9 | |
Intangible assets | 22,251 | 22,806 | -2.4 | |
Investments in associates | 635,938 | 640,048 | -0.6 | |
Other investments | 504,712 | 510,179 | -1.1 | |
Deferred tax assets | 144,701 | 136,953 | 5.7 | |
Inventories | 35,894 | 35,893 | 0.0 | |
Other receivables | 30,484 | 30,641 | -0.5 | |
Total non-current assets | 5,673,321 | 5,327,427 | 6.5 | |
Inventories | 345,620 | 275,678 | 25.4 | |
Biological assets | 11,622 | 11,944 | -2.7 | |
Trade and other receivables | 917,678 | 550,932 | 66.6 | |
Deferred tax assets | - | 46,590 | -100.0 | |
Current tax assets | 34,606 | 38,594 | -10.3 | |
Other investments | 1,305,020 | 2,723,329 | -52.1 | |
Cash and cash equivalents | 4,256,384 | 2,651,509 | 60.5 | |
Assets classified as held for sale | - | 31,034 | -100.0 | |
Total current assets | 6,870,930 | 6,329,610 | 8.6 | |
Total assets | 12,544,251 | 11,657,037 | 7.6 | |
Equity | ||||
Share capital | 620,462 | 620,462 | 0.0 | |
Reserves | 1,653,824 | 1,695,078 | -2.4 | |
Retained earnings | 5,625,008 | 5,267,344 | 6.8 | |
Treasury stocks | (249) | (249) | 0.0 | |
Total equity attributable to stockholders of the Company | 7,899,045 | 7,582,635 | 4.2 | |
Non-controlling interests | 502,498 | 527,699 | -4.8 | |
Total equity | 8,401,543 | 8,110,334 | 3.6 | |
Liabilities | ||||
Borrowings | 1,226,318 | 917,583 | 33.6 | |
Lease liabilities | 19,613 | 19,873 | -1.3 | |
Contract liabilities | 46,836 | 39,570 | 18.4 | |
Retirement benefits | 32,509 | 31,183 | 4.3 | |
Deferred tax liabilities | 156,158 | 158,223 | -1.3 | |
Total non-current liabilities | 1,481,434 | 1,166,432 | 27.0 | |
Borrowings | 1,776,920 | 1,818,326 | -2.3 | |
Lease liabilities | 3,803 | 5,087 | -25.2 | |
Current tax liabilities | 55,658 | 126,895 | -56.1 | |
Trade and other payables | 822,646 | 416,854 | 97.3 | |
Contract liabilities | 2,247 | 13,109 | -82.9 | |
Total current liabilities | 2,661,274 | 2,380,271 | 11.8 | |
Total liabilities | 4,142,708 | 3,546,703 | 16.8 | |
Total equity and liabilities | 12,544,251 | 11,657,037 | 7.6 | |
Net assets per stock (sen) | 1273.23 | 1222.23 | 4.2 |
The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.
1
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2024
Revenue
Results from operating activities
Finance costs
Share of profits after tax of equity accounted associates
Profit before taxation
Tax expense
Profit from continuing operations
Other comprehensive income/ (expense), net of tax
Foreign currency translation differences for foreign operations :
- (loss)/ gain during the period
Foreign currency translation differences realised on liquidation of a subsidiary
Fair value gain/ (loss) of equity instruments designated at fair value through other comprehensive income
Share of other comprehensive (expense)/ income of equity accounted associates
Other comprehensive income / (expense) for the period, net of tax
Individual Quarter | |||
Current | Preceding | ||
Year | Year | ||
Quarter | Quarter | ||
30 Jun 2024 | 30 Jun 2023 | ||
RM'000 | RM'000 | Changes | |
(Unaudited) | (Unaudited) | % | |
1,180,868 | 1,005,842 | 17.4 | |
91,407 | 171,596 | (46.7) | |
(43,739) | (10,289) | 325.1 | |
(394) | 11,108 | (103.5) | |
47,274 | 172,415 | (72.6) | |
(25,806) | (15,812) | 63.2 | |
21,468 | 156,603 | (86.3) | |
(35,965) | 196,624 | (118.3) | |
- | - | - | |
70,489 | (37,965) | 285.7 | |
(2,653) | 3,055 | (186.8) | |
31,871 | 161,714 | (80.3) |
Cumulative Quarters
Current Year | Preceding Year | |
To Date | To Date | |
(Two quarters | (Two quarters | |
to 30 Jun 2024) | to 30 Jun 2023) | |
RM'000 | RM'000 | |
(Unaudited) | (Unaudited) | |
2,370,195 | 1,970,251 | |
518,962 | 315,962 | |
(61,995) | (20,382) | |
3,728 | 29,510 | |
460,695 | 325,090 | |
(111,305) | (37,018) | |
349,390 | 288,072 | |
(48,097) | 281,123 | |
- | 2,409 | |
6,740 | (36,591) | |
(2,653) | 3,055 | |
(44,010) | 249,996 |
Changes
%
20.3
64.2
204.2
(87.4)
41.7
200.7
21.3
(117.1)
(100.0)
118.4
(186.8)
(117.6)
Total comprehensive income for the period | 53,339 | 318,317 | (83.2) | 305,380 | 538,068 |
Profit attributable to:
(43.2)
Stockholders of the Company | 38,188 | 125,201 | (69.5) | 357,664 | 219,437 | 63.0 | ||
Non-controlling interests | (16,720) | 31,402 | (153.2) | (8,274) | 68,635 | (112.1) | ||
Profit for the period | 21,468 | 156,603 | (86.3) | 349,390 | 288,072 | 21.3 | ||
Total comprehensive income attributable to: | ||||||||
Stockholders of the Company | 72,705 | 252,762 | (71.2) | 316,410 | 410,010 | (22.8) | ||
Non-controlling interests | (19,366) | 65,555 | (129.5) | (11,030) | 128,058 | (108.6) | ||
Total comprehensive income for the period | (83.2) | (43.2) | ||||||
53,339 | 318,317 | 305,380 | 538,068 | |||||
Weighted average number of stocks in issue ('000) | 620,362 | 620,362 | 620,362 | 620,362 | ||||
Basic earnings per stock (sen) | ||||||||
(based on the weighted average number of stocks) | 6.16 | 20.18 | (69.5) | 57.65 | 35.37 | 63.0 | ||
The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.
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ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
Individual Quarter | Cumulative Quarters | ||
Current | Preceding | Current Year | Preceding Year |
Year | Year | To Date | To Date |
Quarter | Quarter | (Two quarters | (Two quarters |
30 Jun 2024 | 30 Jun 2023 | to 30 Jun 2024) | to 30 Jun 2023) |
RM'000 | RM'000 | RM'000 | RM'000 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
Included in the Total Comprehensive Expense/Income for the period are the followings :
Interest income | (48,164) | (43,049) | (91,970) | (78,533) |
Other income including investment income | (38,552) | (42,603) | (39,012) | (43,298) |
Interest expense | 43,739 | 10,289 | 61,995 | 20,382 |
Depreciation and amortisation | 57,720 | 39,176 | 116,984 | 77,006 |
(Bad debts recovered)/ Bad debts written off | (7) | (1) | 241 | 14 |
(Reversal of write down)/ Write down of inventories | (1,518) | 1,041 | (4,759) | 1,552 |
Property, plant and equipment write off | 2,282 | 21 | 2,306 | 2,331 |
Gain on disposal of investments | - | (658) | (91) | (477) |
Gain on liquidation of a subsidiary | - | - | - | (3,097) |
Gain on disposal of property, plant and equipment | (855) | (290) | (1,190) | (3,000) |
Gain on disposal of assets classified as held for sale | - | - | (209,848) | - |
Provision of impairment loss on assets | 104 | 17,932 | 104 | 19,180 |
Unrealised foreign exchange loss/ (gain) | 35,605 | (71,615) | (77) | (97,148) |
Realised foreign exchange gain | (6,618) | (1,915) | (14,891) | (1,381) |
The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.
3
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
Attributable to stockholders of the Company | |||||||||
Non-distributable | Distributable | ||||||||
Share | Translation | Fair value | Treasury | Retained | Capital | Non-controlling | Total | ||
capital | reserve | reserve | stocks | earnings | reserve | Total | interests | equity | |
In thousands of RM | |||||||||
At 1 January 2023 | 620,462 | 1,021,261 | 213,313 | (249) | 5,062,305 | 40,248 | 6,957,340 | 1,050,197 | 8,007,537 |
Foreign currency translation differences for foreign operations | |||||||||
- | 221,729 | - | - | - | - | 221,729 | 59,394 | 281,123 | |
Fair value of financial assets | - | - | (36,620) | - | - | - | (36,620) | 29 | (36,591) |
Foreign currency translation differences realised on liquidation of a | |||||||||
subsidiary | - | 2,409 | - | - | - | - | 2,409 | - | 2,409 |
Share of other comprehensive income of equity accounted associates | - | - | 3,055 | - | - | - | 3,055 | - | 3,055 |
Total other comprehensive income for the period | - | 224,138 | (33,565) | - | - | - | 190,573 | 59,423 | 249,996 |
Profit for the period | - | - | - | - | 219,437 | - | 219,437 | 68,635 | 288,072 |
Total comprehensive income for the period | - | 224,138 | (33,565) | - | 219,437 | - | 410,010 | 128,058 | 538,068 |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | (319) | (319) |
Liquidation of a subsidiary | - | - | - | - | - | - | - | (5,510) | (5,510) |
Transfer upon the disposal of equity investment designated at FVOCI | - | - | 11,133 | - | (11,133) | - | - | - | - |
Total transactions with owners | - | - | 11,133 | - | (11,133) | - | - | (5,829) | (5,829) |
At 30 June 2023 | 620,462 | 1,245,399 | 190,881 | (249) | 5,270,609 | 40,248 | 7,367,350 | 1,172,426 | 8,539,776 |
In thousands of RM | |||||||||
At 1 January 2024 | 620,462 | 1,268,408 | 386,422 | (249) | 5,267,344 | 40,248 | 7,582,635 | 527,699 | 8,110,334 |
Foreign currency translation differences for foreign operations | |||||||||
- | (45,341) | - | - | - | - | (45,341) | (2,756) | (48,097) | |
Fair value of financial assets | - | - | 6,740 | - | - | - | 6,740 | - | 6,740 |
Share of other comprehensive expense of equity accounted associates | - | - | (2,653) | - | - | - | (2,653) | - | (2,653) |
Total other comprehensive expense for the period | - | (45,341) | 4,087 | - | - | - | (41,254) | (2,756) | (44,010) |
Profit for the period | - | - | - | - | 357,664 | - | 357,664 | (8,274) | 349,390 |
Total comprehensive income for the period | - | (45,341) | 4,087 | - | 357,664 | - | 316,410 | (11,030) | 305,380 |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | (13,901) | (13,901) |
Acquisition of non-controlling interest in a subsidiary | - | - | - | - | - | - | - | (270) | (270) |
Total transactions with owners | - | - | - | - | - | - | - | (14,171) | (14,171) |
At 30 June 2024 | 620,462 | 1,223,067 | 390,509 | (249) | 5,625,008 | 40,248 | 7,899,045 | 502,498 | 8,401,543 |
The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.
4
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
Current Year | Preceding Year | ||
To Date | To Date | ||
(Two quarters | (Two quarters | ||
to 30 Jun 2024) | to 30 Jun 2023) | ||
RM'000 | RM'000 | ||
(Unaudited) | (Unaudited) | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before tax | 460,695 | 325,090 | |
Adjustments for: | |||
Non-cash items | 124,284 | 4,694 | |
Non-operating items | (283,767) | (137,535) | |
Operating profit before working capital changes | 301,212 | 192,249 | |
Changes in working capital | (34,752) | (80,427) | |
Cash flows from operating activities | 266,460 | 111,822 | |
Dividend received, net | 42,084 | 46,360 | |
Tax paid | (142,919) | (60,300) | |
Payment of retirement benefits | (969) | (443) | |
Net cash flows from operating activities | 164,656 | 97,439 |
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure
Proceeds from disposal of assets classified as held for sale Purchase of investments
Proceeds from disposal of investments Interest received
Net cash outflow on acquisition of a subsidiary Net cash outflow on liquidation of a subsidiary Decrease/ (Increase) in short term investments, net
Net cash flows from/ (used in) investing activities
(490,025)
240,318
(722,135)
647,561
95,467
(270)
-
1,505,039
1,275,955
(120,156)
-
(271,659)
149,631
73,221
-
(15)
(419,723)
(588,701)
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CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank borrowings (net)
Lease liabilities (net)
Fixed deposits pledged for banking facilities
Dividends paid to non-controlling interests
Interest paid
Net cash flows from/ (used in) financing activities
Net increase/ (decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Effects of exchange rates on cash and cash equivalents
Cash and cash equivalents at 30 June (Note 1)
NOTE
1 Cash and cash equivalents consist of: - Cash and bank balances
Fixed deposits
Unit trust money market funds
Less:
Deposits pledged
Current Year | Current Year |
To Date | To Date |
(Two quarters | (Two quarters |
to 30 Jun 2024) | to 30 Jun 2023) |
RM'000 | RM'000 |
(Unaudited) | (Unaudited) |
299,728 | (85,596) | ||
(9,444) | (3,163) | ||
276,569 | (65,953) | ||
(13,901) | (319) | ||
(61,290) | (24,314) | ||
491,662 | (179,345) | ||
1,932,273 | (670,607) | ||
1,872,866 | 2,514,868 | ||
(50,830) | 282,375 | ||
3,754,309 | 2,126,636 | ||
RM'000RM'000
749,020539,150
3,140,1661,851,582
367,198387,631
4,256,3842,778,363
(502,075)(651,727)
3,754,3092,126,636
The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.
6
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
SELECTED EXPLANATORY NOTES
TO THE INTERIM FINANCIAL REPORT
30 JUNE 2024 (Cont'd)
1. Basis of Preparation
The interim financial report is unaudited and has been prepared in compliance with MFRS 134, Interim Financial Reporting and the additional disclosure requirements as in Part A of Appendix 9B of the Revised Listing Requirements.
The interim financial report should be read in conjunction with the most recent annual audited financial statements of the Group for the year ended 31 December 2023. These explanatory notes provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the year ended 31 December 2023.
The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with the most recent annual audited financial statements for the year ended 31 December 2023.
The adoption of the following amendments and annual improvements to existing accounting standards that came into effect on or after 1 January 2024 which are applicable to the Group, did not have any significant financial impact on the condensed consolidated interim financial statements upon their initial application.
MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2024
- Amendments to MFRS 16, Leases - Lease Liability in a Sale and Leaseback
- Amendments to MFRS 101, Presentation of Financial Statements - Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current
- Amendments to MFRS 107, Statement of Cash Flows and MFRS 7, Financial Instruments: Disclosures - Supplier Finance Arrangements
MFRS Accounting Standards, Amendments and IC Interpretations issued but not yet effective:
MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2025
- Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability
MFRS Accounting Standards, interpretations and amendments effective for annual periods begininng on or after 1 January 2026
- Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments
MFRS Accounting Standards, interpretations and amendments effective for annual periods begininng on or after 1 January 2027
- MFRS 18, Presentation and Disclosure in Financial Statements
- MFRS 19, Subsidiaries without Public Accountability: Disclosures
MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed
- Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
7
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
SELECTED EXPLANATORY NOTES
TO THE INTERIM FINANCIAL REPORT
30 JUNE 2024 (Cont'd)
1. Basis of Preparation (Cont'd)
The Group will adopt the above pronouncements when they become effective in the respective financial periods. These pronouncements are not expected to have a material impact on the financial statements of the Group upon their initial recognition.
-
Auditors' Qualification
There's no qualification on the audit report of the preceding annual financial statements of Oriental Holdings Berhad. - Seasonal Cyclical Factors
Majority of the business operations of the Group are generally in tandem with the prevailing economic conditions where the Group operates with the exception of a few sectors. Commodity price is the most significant determinant of the level of profitability for the plantation sector although seasonal factor such as climatic condition also plays a part in determining the production level. - Exceptional Items
There were no material exceptional items for the period under review. - Changes in Estimates
There were no material changes in estimates of amounts reported in prior financial period. - Debt and Equity Securities
There were no issuance and repayment of debt and equity stocks, stock buy-backs, stock cancellations, stocks held as treasury stocks and resale of treasury stocks for the current financial period to date. - Dividends Paid
Since the end of the previous financial year, the Company paid a final single tier dividend of 20 sen per ordinary stock totalling RM124,072,366 in respect of the financial year ended 31 December 2023 on 18 July 2024.
8