JCorp’s FY2022 profit jumps 113% to RM808mil
Johor Corporation Group’s profit surge bolstered by strong performance across its business segments.
PETALING JAYA: Johor Corporation Group’s (JCorp) profit after tax (PAT) for the financial year ended Dec 31, 2022 (FY2022) surged 113% to RM808 million versus RM379 million in FY2021.
In a statement today, it said the stellar growth was achieved on the back of a 12% increase in group revenue, which rose to RM5.7 billion, bolstered by the strong performance recorded across its business segments.
It said at the company level, it registered the highest PAT ever in FY2022, amounting to RM701 million.
JCorp said in terms of segment performance, revenue for the agribusiness segment reached RM1.85 billion, marking a 13% rise in the fiscal year compared with FY2021 attributable to high crude palm oil and palm kernel prices.
It said its wellness and healthcare segment also grew considerably in FY2022 with revenue increasing by 13% compared with the year before.
“A significant uptick in inpatient and outpatient activities, growing by 50% and 19% respectively, contributed to this success while improved medical tourism revenue also played a vital role in boosting the segment’s results.
“The real estate and infrastructure segment demonstrated remarkable resilience, reinforcing its growth potential through the sale of industrial lands and residential properties,” it said.
However, JCorp said its food and restaurants segment recorded a RM31 million loss, primarily due to ongoing restructuring of the segment to streamline operations.
President and CEO Syed Mohamed Syed Ibrahim said he was pleased with the group’s JCorp 3.0 reinvention plan, which had culminated in successful results for the fiscal year under review.
“Our performance for FY2022 has been driven by a very successful corporate restructuring plan coupled with our asset rationalisation and financial restructuring efforts (which) have also (created) a positive impact,” he said.
He said the group would also continue to focus on environmental, social, and governance (ESG) considerations.
“In fact, we recently developed our sustainability framework and established a board of sustainability committee and set our target to achieve net zero by 2050.”
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