Value Creation Is The Bedrock Of Our Business ANNUAL INTEGRATED REPORT 2022 49 GROUP FINANCIAL REVIEW PERFORMANCE SUMMARY The Group achieved another historic high revenue and profit for the financial year ended 2022, beating our performance in 2021 thus, delivering our best results since our listing. Revenue surged by 31% to RM25.56 billion in 2022 from RM19.57 billion in 2021, while Profit After Tax and Minority Interest (PATAMI) increased by 14% to RM1.33 billion compared to RM1.17 billion in 2021. The stellar performance came on the back of higher average Crude Palm Oil (CPO) price realised and increased palm product prices. The strong results were also contributed by the increase in throughput and tonnage carried by our Logistics & Others (LO) Sector, and increased contribution from joint ventures as a result of improved performance and a one-time gain from a disposal of its subsidiary. The results, however, were partially offset by losses incurred in the Sugar Sector, stemming from higher production costs. The average CPO selling price achieved by the Group was RM4,832 per MT compared to RM3,671 per MT in 2021. This increase was driven by various factors, including the prolonged Russia-Ukraine conflict, labour shortages, lower palm production and softer supplies of other vegetable oils. RM25,562 million REVENUE 2021: RM19,566 million OPERATING PROFIT BEFORE LLA AND IMPAIRMENTS PROFIT BEFORE ZAKAT AND TAX 2021: RM1,714 million 2021: RM1,842 million RM2,341 million RM1,955 million Our Plantation Sector recorded significant improved profit of RM2,118 million compared to RM1,602 million in 2021. The stronger performance was mainly attributable to higher average CPO price realised, improved margins in downstream and fertiliser businesses as well as improved share of profit from a joint venture. The increase was partially offset by a higher fair value charge of the Land Lease Agreement (LLA) amounting to RM352.87 million compared to RM3.98 million registered in 2021. Plantation Profit Before Tax RM2,118 million 2021: RM1,602 million Profit/(Loss) Before Tax (RM177 million) 2021: RM86 million Our Sugar Sector registered a loss of RM177 million compared to RM86 million profit in 2021. The Sector’s performance was adversely affected by margin compression, mainly due to high input costs and the weakening of the Malaysian Ringgit despite higher revenue recorded on the back of higher overall average selling price. Sugar Our LO Sector’s profit continued to improve to RM104 million from RM90 million registered in 2021. The increase was mainly contributed by the higher volume of premium oils and throughput handled, as well as higher tonnage carried in 2022. However, the profit was offset by losses incurred by the Others Division due to impairments. Logistics & Others Profit Before Tax RM104 million 2021: RM90 million SECTOR FINANCIAL POSITION Revenue RM389 million 2021: RM363 million Revenue RM2,566 million 2021: RM2,260 million Revenue RM22,573 million 2021: RM16,920 million Our plantations are where it all begins, from seed to harvest. Gula Prai, the flagship brand for our sugar products. The LO Sector keeps our operations running smoothly.
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