(Company No.: 7867-P)
Corporate Presentation
1H25 Corporate Update & Financial Results
12 March 2025
Powered by Twin Engines
IR Adviser
Powered by Twin Engines
FINANCIAL PERFORMANCE
Financial Highlights | ||||
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Twin engine strategy demonstrates resilience amid competitive packaging landscape…
- 1H25 packaging revenue decreased 2.3% yoy amid competitive market for industrial packaging; sales volume remained steady
- Property development revenue increased 4.9% yoy on higher sales and healthy construction progress of ongoing projects, and encouraging take up for new project launches
Group revenue
RM'm
3,985 | 4,077 | |||||||
3,656 | ||||||||
3,519 | ||||||||
3,247 | ||||||||
4,476
Revenue by segment
1H25
57% 43%
1H24
58%42%
Packaging
Property development
+0.7% yoy
2,1992,215
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
1H241H25
Revenue Performance
3
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Operating profit supported by increased property division contribution… impacted by industrial packaging challenges
- 1H25 group operating profit decreased 7.3% yoy mainly on lower contribution from industrial packaging products due to heightened market competition; improved property division performance partially mitigated impact
Operating profit by segment
1H25
21%
79%
1H24
Group operating profit
RM'm
600.3 | ||||
549.5 | ||||
461.8 | ||||
561.0
589.6
736.5
30%
70%
Packaging
Property development
-7.3% yoy
379.7 | ||
352.1 | ||
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
1H241H25
Profit Performance
4
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Maintained healthy operating cashflow from twin-core businesses… continued investments for long term growth
Net cash from operations | Net cash | ||||||
used | |||||||
in investing | |||||||
activities | |||||||
1H24 | 1H25 | ||||||
RM'm | |||||||
805 | 859 | ||||||
715 | 738 | ||||||
700 | |||||||
557 | |||||||
407 | 326 | ||||||
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | 1H24 | 1H25 |
Cash Flow
5
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
2Q25 revenue remained resilient as growth in property segment helped mitigate impact of packaging challenges…
2Q25 | 2Q24 | Change | RM'mil | 1H25 | 1H24 | Change |
1,105.1 | 1,092.7 | 1.1% | Revenue | 2,214.6 | 2,199.2 | 0.7% |
175.2 | 191.3 | (8.4%) | Operating Profit | 352.1 | 379.7 | (7.3%) |
212.8 | 226.5 | (6.1%) | EBITDA | 426.9 | 451.3 | (5.4%) |
173.5 | 188.7 | (8.0%) | PBT | 349.0 | 373.4 | (6.5%) |
123.9 | 141.0 | (12.1%) | PATMI | 252.6 | 278.9 | (9.4%) |
7.97 | 9.09 | (12.3%) | Basic EPS (sen) | 16.26 | 17.98 | (9.6%) |
15.9% | 17.5% | (1.6 pt) | OP margin | 15.9% | 17.3% | (1.4 pt) |
19.3% | 20.7% | (1.5 pt) | EBITDA margin | 19.3% | 20.5% | (1.2 pt) |
15.7% | 17.3% | (1.6 pt) | PBT margin | 15.8% | 17.0% | (1.2 pt) |
11.2% | 12.9% | (1.7 pt) | Net margin | 11.4% | 12.7% | (1.3 pt) |
*percentages presented might not reflect absolute figures due to rounding
Remarks
- 1H25 revenue remained resilient amid competitive packaging landscape, driven by stronger contribution from property development
- 1H25 operating profit declined mainly due to lower contribution from industrial packaging products; property division performance driven by higher sales and steady construction progress from ongoing projects, as well as encouraging responses to new launches
Quarterly Revenue (RM'm)
Quarterly Operating Profit (RM'm)
Quarterly PATMI (RM'm)
928.2 | 952.0 | 993.8 | 1,111.3 | 1,029.9 | 978.4 | 997.1 | 1,071.5 | 1,106.5 | 1,092.7 | 1,108.0 | 1,168.3 | 1,109.4 | 1,105.1 |
133.2 | 125.9 | 123.3 | 178.7 |
143.4 | 147.5 | 149.8 | 148.9 | 188.5 | 191.3 | 179.6 | 177.2 | 176.9 | 175.2 |
102.9
125.0 | ||||
93.7 | 88.3 | |||
107.2
106.3
109.8
137.8 | ||
114.9 | ||
141.0
135.9 | ||||||
130.5 | 128.6 | 123.9 | ||||
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
Income Statement Summary
6
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Despite increased borrowings to support new land acquisitions, net gearing remained healthy…
Balance Sheet (RM '000)
Property, Plant & Equipment
Other Investments
Right-of-use Assets
Land Held & Property Development Costs
Investment in Associates
Inventories
Trade & Other Receivables
Cash & Bank Balances
Deferred Tax Assets
Intangible Assets
TOTAL ASSETS
Trade & Other Payables
Borrowings (ST + LT)
Tax & Deferred Tax
Lease Liabilities
Shareholders' Equity
Retirement Benefits Obligations
Minority Interest
Net Tangible Assets / Share (RM)
Net Borrowings
Net Gearing
TOTAL LIABILITIES
1
As at | As at |
31.01.2025 | 31.07.2024 |
1,586,090 | 1,524,044 |
29,549 | 29,365 |
3,488 | 4,358 |
3,224,993 | 2,277,207 |
93,572 | 109,627 |
256,949 | 347,603 |
1,290,004 | 1,287,090 |
149,592 | 252,358 |
18,081 | 16,955 |
305,022 | 305,022 |
6,957,340 | 6,153,629 |
807,366 | 987,972 |
1,730,881 | 933,029 |
174,766 | 162,970 |
4,630 | 7,991 |
3,941,593 | 3,776,195 |
52,387 | 50,428 |
245,717 | 235,044 |
2.34 | 2.24 |
1,581,289 | 680,671 |
0.40x | 0.18x |
2,770,030 | 2,142,390 |
Remarks
New land acquisitions
Due to landbank acquisitions
Balance Sheet (Highlights)
7
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PACKAGING REVIEW
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
1H25 packaging performance saw impact of increased market competition in industrial packaging products…
Revenue | |||||||
RM'm | |||||||
-2.3% | |||||||
yoy | |||||||
2,358 | 2,551 | 2,491 | 2,861 | 2,626 | 2,594 | 1,286 | 1,256 |
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | 1H24 | 1H25 |
Operating Profit
RM'm | |||||||
9.8% | 10.2% | 8.3% | 8.4% | 8.9% | |||
7.4% | |||||||
7.0% | |||||||
5.8% | |||||||
-36.1% | |||||||
yoy | |||||||
175 | 251 | 254 | 238 | 184 | 218 | 114 | 73 |
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | 1H24 | 1H25 |
Revenue | Overseas | ||
(by geography) | Malaysia | ||
1H25 | |||
Domestic | |||
Exports | 37% | RM458.7m | |
(+4.6% yoy) | |||
RM797.8m | |||
(-5.9% yoy) | 63% |
1H24
Domestic
34% RM438.5m
Exports
RM847.7m 66%
Segment Performance: Packaging
9
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Packaging revenue remained stable in 2Q25 with steady sales volume… operating profit changes due to heightened market competition
Revenue | Operating Profit |
(Quarterly) | (Quarterly) |
678.1 | 692.8 | 749.7 | 740.8 | 716.0 | 655.1 | 635.4 | 619.7 | 650.4 | 635.8 | 656.9 | 651.3 | 625.7 | 630.7 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
64.7 | 53.7 | 57.0 | 62.6 | 56.9 | 58.3 | 44.5 | 24.3 | 50.4 | 64.0 | 58.4 | 45.2 | 31.0 | 42.1 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
19 Manufacturing Plants
Malaysia | Vietnam | |
Perak, Sungai Siput - PE Film & Bag | Selangor, Kajang - Converting | Ho Chi Minh, Vietnam - Woven Bag & Raffia |
Perak, Chemor - FFS Bag | Melaka, Ayer Keroh - Converting | |
Selangor, Pulau Indah - Stretch Film | Melaka, Teluk Emas - Converting | Myanmar |
Selangor, Pulau Indah - BOPP Film | Melaka, Tanjung Kling - CPP & MCPP Film | Yangon, Myanmar - Converting |
Selangor, Rawang - PE Film & Bag | Melaka, Jasin - CPP & MCPP | |
Selangor, Klang - PE Shrink Film | Melaka, Tanjung Kling - PP Strapping Band | USA |
Selangor, Shah Alam - Robotic Stretch Film Plant | Melaka, Bukit Rambai - Solar Encapsulant | |
Phoenix, USA - Stretch Film | ||
Selangor, Pulau Indah - PU Adhesives | Selangor, Shah Alam - Rigid Food Packaging | |
Operations Review: Packaging
10