,KUB chairman Datuk Seri Johari Abdul Ghani
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PETALING JAYA: KUB Malaysia Bhd plans to utilise the proceeds from its asset disposal to create a sustainably profitable company.
Chairman Datuk Seri Johari Abdul Ghani said the strategy has reflected on its balance sheet and has gained a more stable footing amid the ongoing Covid-19 crisis.
“KUB’s results for the financial period reflect the culmination of our transformational efforts to reduce any future losses through the disposal of our non-core/non-strategic businesses and to direct our focus and commit 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 sustainably profitable company,” Johari said in a statement yesterday.
For the financial year ended June 30 (FY21), KUB posted a net profit of RM158.6mil on the back of RM584mil attributable to the gain on disposals of non-core assets including oil palm plantation estates and an associate company involved in sanitary waste management.
“Despite the challenging operating environment caused by the imposition of prolonged restrictions to contain the COVID-19 pandemic, the group’s key sectors still recorded commendable profits,” Johari added.
The disposal exercise has raised the group cash position to RM423.1mil in FY21 compared to RM145.6mil as at December 31, 2019, as well as reduced its gearing ratio from 31% to 8% during the same period.KUB’s core businesses include liquefied petroleum gas (LPG), agriculture, and information and communications technology (ICT).