(Company No.: 7867-P)
Corporate Presentation
FY24 Corporate Update & Financial Results
24 September 2024
Powered by Twin Engines
IR Adviser
Powered by Twin Engines
FINANCIAL PERFORMANCE
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Record high revenue in FY2024 driven by increased property development contribution…packaging maintained resilient
- FY24 packaging revenue decreased 1.2% yoy amid challenging market; improved industrial packaging sales helped offset weaker consumer packaging demand
- Property development revenue improved 29.7% yoy on higher sales and healthy construction progress of affordable property developments, as well as strong take up for new project launches
Group revenue
RM'm
Revenue by segment
FY23FY24
36% | 58% | 42% |
64%
Packaging
Property development
+9.8% yoy
3,985 | ||||||
3,656 | ||||||
3,519 | ||||||
3,247 | ||||||
4,077
4,476
FY19 | FY20 | FY21 | FY22 |
FY23FY24
Revenue Performance
3
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Operating profit growth driven by strong property development contribution… packaging performance sustained
- FY24 operating profit rose 24.9% yoy on notable property development contribution; packaging division sustained performance
Group operating profit
RM'm
549.5 | 600.3 | 561.0 |
461.8
Operating profit by segment
FY23FY24
31%30%
69%70%
Packaging
Property development
+24.9% yoy
736.5
589.6
FY19 | FY20 | FY21 | FY22 |
FY23FY24
Profit Performance
4
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Maintained strong operating cashflow from twin-core businesses… continued investments for long term growth
Net cash from operations | Net cash | ||||
used | |||||
in investing | |||||
activities | |||||
FY23 | FY24 | ||||
RM'm | |||||
805 | 859 | ||||
715 | 738 | ||||
700 | |||||
557 | |||||
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
Cash Flow
5
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
FY2024 results on strong footing with record revenue and net profit…
4Q24 | 4Q23 | Change | RM'mil | FY24 | FY23 | Change |
1,168.3 | 1,071.5 | 9.0% | Revenue | 4,475.6 | 4,076.9 | 9.8% |
177.2 | 148.9 | 19.0% | Operating Profit | 736.5 | 589.6 | 24.9% |
215.8 | 184.6 | 16.9% | EBITDA | 883.6 | 726.1 | 21.7% |
177.0 | 145.6 | 21.6% | PBT | 728.9 | 568.7 | 28.2% |
135.9 | 114.9 | 18.2% | PATMI | 545.2 | 438.1 | 24.4% |
8.76 | 7.41 | 18.2% | Basic EPS (sen) | 35.15 | 28.25 | 24.4% |
15.2% | 13.9% | 1.3 pt | OP margin | 16.5% | 14.5% | 2.0 pt |
18.5% | 17.2% | 1.2 pt | EBITDA margin | 19.7% | 17.8% | 1.9 pt |
15.1% | 13.6% | 1.6 pt | PBT margin | 16.3% | 13.9% | 2.3 pt |
11.6% | 10.7% | 0.9 pt | Net margin | 12.2% | 10.7% | 1.4 pt |
Remarks
- FY24 revenue driven by contribution from property development, while packaging contribution remained resilient despite softer global demand
- FY24 profit improved due to increased contribution from property division, driven by higher sales and steady construction progress. Packaging contribution also improved due to increased operating efficiency of its industrial packaging segments, after excluding the impact of goodwill impairment in previous year.
*percentages presented might not reflect absolute figures due to rounding
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
1,106.5 | ||
1,071.5 | ||
1,092.7
1,108.0
1,168.3
133.2
125.9
123.3
178.7 | ||
143.4 | ||
147.5
149.8
188.5 | ||
148.9 | ||
191.3
179.6
177.2
102.9
93.7
88.3
125.0 | ||
107.2 | ||
106.3
109.8
137.8 | ||
114.9 | ||
141.0
130.5
135.9
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 |
Income Statement Summary
6
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Robust balance sheet with healthy net gearing of 0.18x…
Balance Sheet (RM '000)
Property, Plant & Equipment
Other Investments
Right-of-use Assets
Land Held & Property Development Costs
Investment in Jointly Controlled Entity & Associated Company
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 | Remarks |
31.07.2024 | 31.07.2023 | |
1,524,044 | 1,558,202 | |
29,365 | 23,476 | |
4,358 | 5,017 | |
2,277,207 | 1,882,796 | Due to landbank acquisitions |
109,627 | 117,519 | Disposal of 40% equity interest in a joint venture |
347,603 | 377,055 | |
1,287,090 | 1,060,431 | |
252,358 | 166,411 | |
16,955 | 9,286 | |
305,022 | 305,022 | |
6,153,629 | 5,505,215 | |
987,972 | 879,365 | |
933,029 | 836,840 | |
162,970 | 127,238 | |
7,991 | 7,012 | |
3,776,195 | 3,392,218 | |
50,428 | 48,415 | |
235,044 | 214,127 | |
2.24 | 1.99 | |
680,671 | 670,429 | |
0.18x | 0.20x | Mainly due to better cash management |
2,142,390 | 1,898,870 |
Balance Sheet (Highlights)
7
Powered by Twin Engines
PACKAGING REVIEW
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Packaging performance largely sustained in FY2024 despite challenging market…
Revenue | |||||
RM'm | -1.2% | ||||
yoy | |||||
2,358 | 2,551 | 2,491 | 2,861 | 2,626 | 2,594 |
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
Operating | Operating Profit | |||||||
Profit | Operating Profit Margin | Revenue | Overseas | |||||
RM'm | (by geography) | Malaysia | ||||||
FY24 | ||||||||
9.8% | 10.2% | 8.3% | 8.4% | Domestic | ||||
7.4% | 7.0% | |||||||
RM865.8m | ||||||||
33% | ||||||||
Exports | ||||||||
+18.5% | (+0.2% yoy) | |||||||
RM1.73b | ||||||||
yoy | ||||||||
(-1.9% yoy) | ||||||||
67% | ||||||||
FY23 | ||||||||
Domestic | ||||||||
33% | RM863.8m | |||||||
Exports | ||||||||
RM1.76b | 67% | |||||||
175 | 251 | 254 | 238 | 184 | 218 | |||
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | Note: FY23 results include goodwill impairment | ||
on Myanmar operations of RM22.7 million | ||||||||
Segment Performance: Packaging
9
Financial Highlights
Financial Highlights | Operations Review | Growth Strategies | Investment Merits | Appendix |
Packaging quarterly revenue increased... operating profit remained amidst competitive environment
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 | 64.7 | 53.7 | 57.0 | 62.6 | 56.9 | 58.3 | 44.5 | 24.3 | 50.4 | 64.0 | 58.4 | 45.2 | |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | |
Note: 4Q23 results include goodwill impairment on | ||||||||||||||||||||||||
Myanmar operations of RM22.7 million |
18 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 | ||
Operations Review: Packaging
10