Despite economic gloom, KUB records RM158.6mil in profit after tax

 

KUB chairman Johari Abdul Ghani said the results reflected the group’s efforts to reduce future losses through the disposal of its non-core or non-strategic businesses.

PETALING JAYA: KUB Malaysia Bhd has capped the financial period ending June 30 with a revenue of RM584 million and profit after tax of RM158.6 million.

Johari Abdul Ghani.

The profit for the period was attributed to the gain on the disposal of two non-strategic assets – oil palm estates and an associate company involved in sanitary waste management.

Despite prolonged Covid-19 restrictions, KUB’s key sectors recorded profits with its cash position surging from RM145.6 million as at Dec 31, 2019 to RM423.1 million as at June 30 this year.

Its gearing ratio dropped from 31% to 8% during the same period.

In a statement, KUB chairman Johari Abdul Ghani said the results for the financial period reflected the group’s efforts to reduce future losses through the disposal of its non-core or non-strategic businesses.

He also said the group had focused and committed its resources to the core business segments of the group.

“Notwithstanding the challenging operating and economic backdrop, I believe that we are now on a much stronger and stable footing to execute our strategic plans going forward to become a sustainable, profitable company,” he said. - FMT