ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
FINANCIAL REPORT
31 DECEMBER 2024
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT
31 DECEMBER 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 - 20 |
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
As at End of | As at Preceding | |||
Current Quarter | Financial Year End | |||
31 Dec 2024 | 31 Dec 2023 | |||
RM'000 | RM'000 | Changes | ||
(Unaudited) | (Audited) | % | ||
Assets | ||||
Property, plant and equipment | 2,463,461 | 2,136,537 | 15.3 | |
Right-of-use assets | 678,504 | 735,669 | -7.8 | |
Investment properties | 986,478 | 1,078,701 | -8.5 | |
Intangible assets | 20,590 | 22,806 | -9.7 | |
Investments in associates | 651,018 | 640,048 | 1.7 | |
Other investments | 420,458 | 510,179 | -17.6 | |
Deferred tax assets | 136,143 | 136,953 | -0.6 | |
Inventories | 35,896 | 35,893 | 0.0 | |
Other receivables | 33,525 | 30,641 | 9.4 | |
Total non-current assets | 5,426,073 | 5,327,427 | 1.9 | |
Inventories | 329,848 | 275,678 | 19.6 | |
Biological assets | 15,109 | 11,944 | 26.5 | |
Trade and other receivables | 486,294 | 550,932 | -11.7 | |
Deferred tax assets | - | 46,590 | -100.0 | |
Current tax assets | 27,552 | 38,594 | -28.6 | |
Other investments | 1,681,261 | 2,723,329 | -38.3 | |
Cash and cash equivalents | 3,569,464 | 2,651,509 | 34.6 | |
Assets classified as held for sale | - | 31,034 | -100.0 | |
Total current assets | 6,109,528 | 6,329,610 | -3.5 | |
Total assets | 11,535,601 | 11,657,037 | -1.0 | |
Equity | ||||
Share capital | 620,462 | 620,462 | 0.0 | |
Reserves | 1,272,731 | 1,695,078 | -24.9 | |
Retained earnings | 5,603,726 | 5,267,344 | 6.4 | |
Treasury stocks | (969) | (249) | 289.2 | |
Total equity attributable to stockholders of the Company | 7,495,950 | 7,582,635 | -1.1 | |
Non-controlling interests | 488,368 | 527,699 | -7.5 | |
Total equity | 7,984,318 | 8,110,334 | -1.6 | |
Liabilities | ||||
Borrowings | 857,180 | 917,583 | -6.6 | |
Lease liabilities | 22,158 | 19,873 | 11.5 | |
Contract liabilities | 33,882 | 39,570 | -14.4 | |
Retirement benefits | 26,892 | 31,183 | -13.8 | |
Deferred tax liabilities | 159,385 | 158,223 | 0.7 | |
Total non-current liabilities | 1,099,497 | 1,166,432 | -5.7 | |
Borrowings | 1,846,865 | 1,818,326 | 1.6 | |
Lease liabilities | 6,608 | 5,087 | 29.9 | |
Current tax liabilities | 59,932 | 126,895 | -52.8 | |
Trade and other payables | 527,047 | 416,854 | 26.4 | |
Contract liabilities | 11,334 | 13,109 | -13.5 | |
Total current liabilities | 2,451,786 | 2,380,271 | 3.0 | |
Total liabilities | 3,551,283 | 3,546,703 | 0.1 | |
Total equity and liabilities | 11,535,601 | 11,657,037 | -1.0 | |
Net assets per stock (sen) | 1208.26 | 1222.23 | -1.1 |
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 YEAR ENDED 31 DECEMBER 2024 | ||||||||||
Individual Quarter | Cumulative Quarters | |||||||||
Current | Preceding | Current Year | Preceding Year | |||||||
Year | Year | To Date | To Date | |||||||
Quarter | Quarter | (Four quarters | (Four quarters | |||||||
31 Dec 2024 | 31 Dec 2023 | to 31 Dec 2024) | to 31 Dec 2023) | |||||||
RM'000 | RM'000 | Changes | RM'000 | RM'000 | Changes | |||||
(Unaudited) | (Unaudited) | % | (Unaudited) | (Audited) | % | |||||
Revenue | 1,431,868 | 1,299,686 | 10.2 | 5,113,156 | 4,356,068 | 17.4 | ||||
Results from operating activities | 166,784 | (289) | 57,810.7 | 822,123 | 664,417 | 23.7 | ||||
Finance costs | (19,982) | (63,649) | (68.6) | (101,705) | (94,093) | 8.1 | ||||
Share of profits after tax of equity accounted associates | 19,314 | 7,161 | 169.7 | 37,853 | 49,178 | (23.0) | ||||
Profit before taxation | 166,116 | (56,777) | 392.6 | 758,271 | 619,502 | 22.4 | ||||
Tax expense | (46,926) | 10,425 | (550.1) | (191,833) | (59,615) | 221.8 | ||||
Profit from continuing operations | 119,190 | (46,352) | 357.1 | 566,438 | 559,887 | 1.2 | ||||
Other comprehensive (expense)/ income, net of tax |
Remeasurement of defined benefit liability
Foreign currency translation differences for foreign operations :
- gain/ (loss) during the period
Foreign currency translation differences realised on liquidation of a subsidiary
Fair value (loss)/ gain of equity instruments designated at fair value through other comprehensive income
Share of other comprehensive (expense)/ income of equity accounted associates
Other comprehensive (expense)/ income for the period, net of tax
Total comprehensive income/ (expense) for the period
Profit attributable to:
Stockholders of the Company
Non-controlling interests
Profit for the period
Total comprehensive income attributable to:
4,948
18,726
-
(65,692)
(52)
(42,070)
77,120
133,475
(14,285)
119,190
(627)
49,331
-
(22,124)
31
26,611
(19,741)
(63,598)
17,246
(46,352)
889.2
(62.0)
-
(196.9)
(267.7)
(258.1)
490.7
309.9
(182.8)
357.1
4,948
(360,127)
-
(64,857)
(2,508)
(422,544)
143,894
580,007
(13,569)
566,438
(627)
285,523
2,409
157,486
3,091
447,882
1,007,769
453,255
106,632
559,887
889.2
(226.1)
(100.0)
(141.2)
(181.1)
(194.3)
(85.7)
28.0
(112.7)
1.2
Stockholders of the Company | 88,988 | (35,945) | 347.6 | 162,180 | |
Non-controlling interests | (11,868) | 16,204 | (173.2) | (18,286) | |
Total comprehensive income/ (expense) for the period | 77,120 | (19,741) | 490.7 | 143,894 | |
Weighted average number of stocks in issue ('000) | 620,354 | 620,362 | 620,354 | ||
Basic earnings/ (loss) per stock (sen) | |||||
(based on the weighted average number of stocks) | 21.52 | (10.25) | 310.0 | 93.50 | |
The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.
860,590
147,179
1,007,769
620,362
73.06
(81.2)
(112.4)
(85.7)
28.0
2
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Individual Quarter | Cumulative Quarters | ||
Current | Preceding | Current Year | Preceding Year |
Year | Year | To Date | To Date |
Quarter | Quarter | (Four quarters | (Four quarters |
31 Dec 2024 | 31 Dec 2023 | to 31 Dec 2024) | to 31 Dec 2023) |
RM'000 | RM'000 | RM'000 | RM'000 |
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Included in the Total Comprehensive Expense/Income for the period are the followings :
Interest income | (39,202) | (44,262) | (176,203) | (161,449) |
Other income including investment income | (22,942) | (28,678) | (65,383) | (74,499) |
Interest expense | 19,982 | 63,649 | 101,705 | 94,093 |
Depreciation and amortisation | 49,308 | 59,106 | 215,724 | 176,435 |
Bad debts written off | 210 | 1,478 | 445 | 1,493 |
(Reversal of write down)/ Write down of inventories | (1,347) | 2,631 | (5,316) | 4,204 |
Property, plant and equipment write off | 13,604 | 176 | 14,321 | 2,563 |
Gain on disposal of investments | - | - | (91) | (477) |
Gain on remeasurement of non-controlling interest previously held | ||||
in an associate | - | - | - | (116,397) |
Gain on liquidation of a subsidiary | - | - | - | (3,097) |
Gain from a bargain purchase on step acquisition of an associate | - | - | - | (102,372) |
Loss/ (Gain) on disposal of property, plant and equipment | 106 | (577) | (3,980) | (4,278) |
Gain on disposal of assets classified as held for sale | - | - | (209,848) | - |
Provision of impairment loss on assets | 105,596 | 15,263 | 105,526 | 34,443 |
Unrealised foreign exchange (gain)/ loss | (37,343) | 76,159 | (47,716) | (3,620) |
Realised foreign exchange gain | (14,474) | (2,999) | (18,461) | (7,537) |
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 YEAR ENDED 31 DECEMBER 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 |
Remeasurement of defined benefit liability | - | - | - | - | (558) | - | (558) | (69) | (627) |
Foreign currency translation differences for foreign operations | - | 244,738 | - | - | - | - | 244,738 | 40,785 | 285,523 |
Fair value of financial assets | - | - | 157,655 | - | - | - | 157,655 | (169) | 157,486 |
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 | - | - | 3,091 | - | - | - | 3,091 | - | 3,091 |
Total other comprehensive income for the year | - | 247,147 | 160,746 | - | (558) | - | 407,335 | 40,547 | 447,882 |
Profit for the year | - | - | - | - | 453,255 | - | 453,255 | 106,632 | 559,887 |
Total comprehensive income for the year | - | 247,147 | 160,746 | - | 452,697 | - | 860,590 | 147,179 | 1,007,769 |
Dividends to stockholders | - | - | - | - | (248,144) | - | (248,144) | - | (248,144) |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | (4,387) | (4,387) |
Acquisition of non-controlling interest in subsidiaries | - | - | - | - | 12,849 | - | 12,849 | (659,780) | (646,931) |
Liquidation of a subsidiary | - | - | - | - | - | - | - | (5,510) | (5,510) |
Transfer upon the disposal of equity investment designated at FVOCI | - | - | 12,363 | - | (12,363) | - | - | - | - |
Total transactions with owners | - | - | 12,363 | - | (247,658) | - | (235,295) | (669,677) | (904,972) |
At 31 December 2023 | 620,462 | 1,268,408 | 386,422 | (249) | 5,267,344 | 40,248 | 7,582,635 | 527,699 | 8,110,334 |
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 |
Remeasurement of defined benefit liability | |||||||||
- | - | - | - | 4,520 | - | 4,520 | 428 | 4,948 | |
Foreign currency translation differences for foreign operations | - | (354,982) | - | - | - | - | (354,982) | (5,145) | (360,127) |
Fair value of financial assets | - | - | (64,857) | - | - | - | (64,857) | - | (64,857) |
Share of other comprehensive expense of equity accounted associates | - | - | (2,508) | - | - | - | (2,508) | - | (2,508) |
Total other comprehensive expense for the year | - | (354,982) | (67,365) | - | 4,520 | - | (417,827) | (4,717) | (422,544) |
Profit for the year | - | - | - | - | 580,007 | - | 580,007 | (13,569) | 566,438 |
Total comprehensive income for the year | - | (354,982) | (67,365) | - | 584,527 | - | 162,180 | (18,286) | 143,894 |
Dividends to stockholders | - | - | - | - | (248,145) | - | (248,145) | - | (248,145) |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | (13,956) | (13,956) |
Own shares acquired | - | - | - | (720) | - | - | (720) | - | (720) |
Acquisition of non-controlling interest in subsidiaries | - | - | - | - | - | - | - | (7,089) | (7,089) |
Total transactions with owners | - | - | - | (720) | (248,145) | - | (248,865) | (21,045) | (269,910) |
At 31 December 2024 | 620,462 | 913,426 | 319,057 | (969) | 5,603,726 | 40,248 | 7,495,950 | 488,368 | 7,984,318 |
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 YEAR ENDED 31 DECEMBER 2024
Current Year | Preceding Year |
To Date | To Date |
(Four quarters | (Four quarters |
to 31 Dec 2024) | to 31 Dec 2023) |
RM'000 | RM'000 |
(Unaudited) | (Audited) |
CASH FLOWS FROM OPERATING ACTIVITIES |
Profit before tax
Adjustments for:
Non-cash items
Non-operating items
Operating profit before working capital changes
Changes in working capital
Cash flows from operating activities
Dividend received, net
Tax paid
Payment of retirement benefits
Net cash flows from operating activities
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 subsidiaries Net cash outflow on liquidation of a subsidiary Decrease/ (Increase) in short term investments, net
Net cash flows from/ (used in) investing activities
758,271
284,452
(391,543)
651,180
118,776
769,956
75,097
(201,531)
(2,215)
641,307
(629,552)
240,318
(1,785,080)
1,437,037
180,234
(7,089)
-
1,390,525
826,393
619,502
215,707
(417,662)
417,547
(37,023)
380,524
81,534
(121,232)
(1,734)
339,092
(260,679)
-
(948,143)
756,627
151,642
(756,990)
(15)
(402,976)
(1,460,534)
5
CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank borrowings (net)
Lease liabilities (net)
Dividends paid to stockholders
Fixed deposits pledged for banking facilities
Dividends paid to non-controlling interests
Own shares acquired
Interest paid
Net cash flows from 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 31 December (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 |
(Four quarters | (Four quarters |
to 31 Dec 2024) | to 31 Dec 2023) |
RM'000 | RM'000 |
(Unaudited) | (Audited) |
117,127 | 796,021 | ||
(13,274) | (6,728) | ||
(248,145) | (248,144) | ||
395,431 | (192,858) | ||
(13,956) | (4,387) | ||
(720) | - | ||
(105,342) | (113,092) | ||
131,121 | 230,812 | ||
1,598,821 | (890,630) | ||
1,872,866 | 2,514,868 | ||
(285,435) | 248,628 | ||
3,186,252 | 1,872,866 | ||
RM'000RM'000
968,268610,141
2,299,3741,702,473
301,822338,895
3,569,4642,651,509
(383,212)(778,643)
3,186,2521,872,866
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
31 DECEMBER 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
- Amendments that are part of Annual Improvements - Volume 11:
- Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
- Amendments to MFRS 7, Financial Instruments: Disclosures
- Amendments to MFRS 9, Financial Instruments
- Amendments to MFRS 10, Consolidated Financial Statements
- Amendments to MFRS 107, Statement of Cash Flows
- Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity
7
ORIENTAL HOLDINGS BERHAD
(Registration No. 196301000446 (5286-U))
(Incorporated in Malaysia)
SELECTED EXPLANATORY NOTES
TO THE INTERIM FINANCIAL REPORT
31 DECEMBER 2024 (Cont'd)
1. Basis of Preparation (Cont'd)
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
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.
8