Kuala Lumpur Kepong : Fourth Quarter 2023Ended 30 September 2023

Individual Quarter

Cumulative Quarter

3 months ended

12 months ended

30 September

30 September

2023

2022

+/(-)

2023

2022

+/(-)

RM'000

RM'000

%

RM'000

RM'000

%

Revenue

5,777,310

6,976,704

(17.2)

23,647,586

27,149,474

(12.9)

Operating expenses

(5,418,054)

(6,418,203)

(15.6)

(22,370,469)

(24,236,304)

(7.7)

Other operating income

6,059

138,206

(95.6)

536,074

468,843

14.3

Finance costs

(103,558)

(105,818)

(2.1)

(405,676)

(358,130)

13.3

Net (impairment losses)/reversals of

impairment on financial assets

(59,861)

(11,624)

*

(59,769)

11,962

N/M

Share of results of associates

(14,930)

112,432

N/M

(174,919)

142,617

N/M

Share of results of joint ventures

(4,147)

35,693

N/M

(20,600)

41,016

N/M

Profit before taxation

182,819

727,390

(74.9)

1,152,227

3,219,478

(64.2)

Taxation

(14,040)

(189,293)

(92.6)

(161,530)

(781,121)

(79.3)

Net profit for the period

168,779

538,097

(68.6)

990,697

2,438,357

(59.4)

Attributable to:

Equity holders of the Company

116,308

462,130

(74.8)

834,259

2,166,290

(61.5)

Non-controlling interests

52,471

75,967

(30.9)

156,438

272,067

(42.5)

168,779

538,097

(68.6)

990,697

2,438,357

(59.4)

Sen

Sen

Sen

Sen

Earnings per share - basic

10.8

42.9

77.4

200.9

Earnings per share - diluted

N/A

N/A

N/A

N/A

* More than 100%

N/M - Not meaningful

N/A - Not applicable

Individual Quarter

Cumulative Quarter

3 months ended

12 months ended

30 September

30 September

2023

2022

2023

2022

RM'000

RM'000

RM'000

RM'000

Net profit for the period

168,779

538,097

990,697

2,438,357

Other comprehensive (loss)/income that

will be reclassified subsequently to

profit or loss

Currency translation differences

(199,457)

168,269

383,223

182,713

Share of other comprehensive (loss)/

income in associates

(83,193)

90,125

(40,811)

112,610

(282,650)

258,394

342,412

295,323

Other comprehensive income/(loss) that

will not be reclassified subsequently to

profit or loss

Net change in fair value of equity

instruments

34,659

(46,444)

(50,218)

7,330

Share of other comprehensive income/(loss)

in associates

1,876

43,876

(19,277)

63,420

Share of other comprehensive loss in

joint venture

-

-

(18)

-

Remeasurement of defined benefit plans

(11,148)

70,757

(11,148)

70,757

25,387

68,189

(80,661)

141,507

Total other comprehensive (loss)/income

for the period

(257,263)

326,583

261,751

436,830

Total comprehensive (loss)/income

for the period

(88,484)

864,680

1,252,448

2,875,187

Attributable to:

Equity holders of the Company

(129,401)

787,723

1,111,087

2,608,423

Non-controlling interests

40,917

76,957

141,361

266,764

(88,484)

864,680

1,252,448

2,875,187

30 September

30 September

2023

2022

RM'000

RM'000

Assets

Property, plant and equipment

12,905,633

12,123,317

Right-of-use assets

1,325,678

1,338,533

Investment properties

23,503

-

Inventories

2,012,424

1,991,597

Goodwill on consolidation

351,725

336,241

Intangible assets

52,885

17,142

Investments in associates

2,288,845

2,366,997

Investments in joint ventures

66,063

215,962

Other investments

745,242

595,711

Other receivables

394,069

425,925

Deferred tax assets

478,365

322,289

Derivative financial assets

1,249

-

Total non-current assets

20,645,681

19,733,714

Inventories

2,956,580

4,024,163

Biological assets

219,198

209,344

Trade and other receivables

3,470,140

2,750,026

Contract assets

74,489

83,186

Tax recoverable

212,720

41,253

Derivative financial assets

47,663

545,266

Short term funds

117,798

66,375

Cash and cash equivalents

2,382,122

2,785,198

Total current assets

9,480,710

10,504,811

Total assets

30,126,391

30,238,525

Equity

Share capital

1,382,683

1,379,249

Reserves

12,958,161

12,932,297

14,340,844

14,311,546

Less: Cost of treasury shares

(22,108)

(24,504)

Total equity attributable to equity holders of the Company

14,318,736

14,287,042

Non-controlling interests

1,825,023

1,764,780

Total equity

16,143,759

16,051,822

Liabilities

Deferred tax liabilities

1,076,632

1,098,679

Lease liabilities

155,095

158,322

Deferred income

81,633

90,149

Provision for retirement benefits

535,302

482,598

Borrowings

7,002,610

7,208,861

Derivative financial liabilities

21

-

Total non-current liabilities

8,851,293

9,038,609

Trade and other payables

1,970,083

2,106,407

Contract liabilities

131,123

138,121

Deferred income

8,656

8,628

Lease liabilities

26,034

22,514

Borrowings

2,891,365

2,173,427

Tax payable

42,022

154,681

Derivative financial liabilities

62,056

544,316

Total current liabilities

5,131,339

5,148,094

Total liabilities

13,982,632

14,186,703

Total equity and liabilities

30,126,391

30,238,525

Net assets per share attributable to equity holders

of the Company (RM)

13.28

13.25

KUALA LUMPUR KEPONG BERHAD

197301001526 (15043-V)

Condensed Consolidated Statement of Changes in Equity

For the year ended 30 September 2023

(The figures have not been audited.)

Attributable to the equity holders of the Company

Exchange

Fair

Non-

Share

Capital

fluctuation

value

Retained

Treasury

controlling

Total

capital

reserve

reserve

reserve

earnings

shares

Total

interests

Equity

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

At 1 October 2022

1,379,249

1,654,341

412,913

750,923

10,114,120

(24,504)

14,287,042

1,764,780

16,051,822

Net change in fair value of equity instruments

-

-

-

(50,218)

-

-

(50,218)

-

(50,218)

Transfer of reserves

-

11,912

-

-

(11,912)

-

-

-

-

Share of comprehensive loss in associates

-

-

(40,811)

-

(19,277)

-

(60,088)

-

(60,088)

Share of comprehensive loss in joint venture

-

-

-

-

(18)

-

(18)

-

(18)

Remeasurement of defined benefit plans

-

-

-

-

(9,210)

-

(9,210)

(1,938)

(11,148)

Currency translation differences

-

1,043

395,319

-

-

-

396,362

(13,139)

383,223

Total other comprehensive income/(loss) for the period

-

12,955

354,508

(50,218)

(40,417)

-

276,828

(15,077)

261,751

Profit for the period

-

-

-

-

834,259

-

834,259

156,438

990,697

Total comprehensive income/(loss) for the period

-

12,955

354,508

(50,218)

793,842

-

1,111,087

141,361

1,252,448

Acquisition through business combination

-

-

-

-

-

-

-

15,927

15,927

Employees' share grant scheme

3,434

-

-

-

-

2,396

5,830

-

5,830

Effect of changes in shareholdings in subsidiaries

-

-

-

-

(6,787)

-

(6,787)

(11,819)

(18,606)

Dividend paid - FY2022 final

-

-

-

-

(862,749)

-

(862,749)

-

(862,749)

- FY2023 interim

-

-

-

-

(215,687)

-

(215,687)

-

(215,687)

Dividends paid to non-controlling interests

-

-

-

-

-

-

-

(85,226)

(85,226)

Total transactions with owners of the Company

3,434

-

-

-

(1,085,223)

2,396

(1,079,393)

(81,118)

(1,160,511)

At 30 September 2023

1,382,683

1,667,296

767,421

700,705

9,822,739

(22,108)

14,318,736

1,825,023

16,143,759

Attributable to the equity holders of the Company

Exchange

Fair

Non-

Share

Capital

fluctuation

value

Retained

Other

Treasury

controlling

Total

capital

reserve

reserve

reserve

earnings

reserve

shares

Total

interests

Equity

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

At 1 October 2021

1,375,695

1,568,336

113,371

743,755

9,019,962

(935,048)

(26,809)

11,859,262

2,347,778

14,207,040

Net change in fair value of equity instruments

-

-

-

7,330

-

-

-

7,330

-

7,330

Realisation on fair value of equity instruments

-

-

-

(162)

162

-

-

-

-

-

Transfer of reserves

-

84,515

-

-

(84,515)

-

-

-

-

-

Share of comprehensive income in associates

-

-

112,610

-

63,420

-

-

176,030

-

176,030

Remeasurement of defined benefit plans

-

-

-

-

70,083

-

-

70,083

674

70,757

Currency translation differences

-

1,490

187,200

-

-

-

-

188,690

(5,977)

182,713

Total other comprehensive income/(loss) for the period

-

86,005

299,810

7,168

49,150

-

-

442,133

(5,303)

436,830

Profit for the period

-

-

-

-

2,166,290

-

-

2,166,290

272,067

2,438,357

Total comprehensive income for the period

-

86,005

299,810

7,168

2,215,440

-

-

2,608,423

266,764

2,875,187

Acquisition through business combination

-

-

-

-

-

-

-

-

213,189

213,189

Expiry of unconditional mandatory general offer on

acquisition of remaining shares in a subsidiary

-

-

-

-

-

125,590

-

125,590

-

125,590

Purchase of shares from non-controlling interests

-

-

(1,431)

-

(27,371)

809,458

-

780,656

(893,647)

(112,991)

Issuance of shares to non-controlling interests

-

-

-

-

-

-

-

-

10

10

Redemption of redeemable preference shares

-

-

-

-

-

-

-

-

(6,400)

(6,400)

Employees' share grant scheme

3,554

-

-

-

-

-

2,305

5,859

-

5,859

Effect of changes in shareholdings in subsidiaries

-

-

1,163

-

(15,755)

-

-

(14,592)

11,083

(3,509)

Dividend paid - FY2021 final

-

-

-

-

(862,525)

-

-

(862,525)

-

(862,525)

- FY2022 Interim

-

-

-

-

(215,631)

-

-

(215,631)

-

(215,631)

Dividends paid to non-controlling interests

-

-

-

-

-

-

-

-

(173,997)

(173,997)

Total transactions with owners of the Company

3,554

-

(268)

-

(1,121,282)

935,048

2,305

(180,643)

(849,762)

(1,030,405)

At 30 September 2022

1,379,249

1,654,341

412,913

750,923

10,114,120

-

(24,504)

14,287,042

1,764,780

16,051,822

12 months ended 30 September

2023

2022

RM'000

RM'000

Cash Flows from Operating Activities

Profit before taxation

1,152,227

3,219,478

Adjustment for non-cash flow items:

Depreciation and amortisation

966,210

930,736

Surplus on government acquisition of land

(42,218)

(4,049)

Surplus on disposal of land

(10,212)

(3,698)

Impairment of property, plant and equipment

27,821

43,313

Surplus on disposal of a business line

(76,443)

-

Share of results of associates, net of tax

174,919

(142,617)

Share of results of joint ventures, net of tax

20,600

(41,016)

Other non-cash items

180,705

277,104

Non-operating items

284,286

262,908

Operating profit before working capital changes

2,677,895

4,542,159

Working capital changes:

Net change in current assets

705,274

(873,231)

Net change in current liabilities

(305,173)

295,621

Cash generated from operations

3,077,996

3,964,549

Interest paid

(404,413)

(355,677)

Tax paid

(644,404)

(884,973)

Retirement benefits paid

(51,665)

(51,157)

Net cash generated from operating activities

1,977,514

2,672,742

Cash Flows from Investing Activities

Purchase of property, plant and equipment

(1,554,518)

(1,252,203)

Purchase of right-of-use assets

(14,502)

(15,470)

Property development expenditure

(20,827)

(8,695)

Purchase of shares in a subsidiary, net of cash acquired

(108,892)

(303,834)

Purchase and subscription of shares in an associate

(17,274)

(479,062)

Purchase of shares from non-controlling interests

(18,880)

(922,449)

Purchase of other investments

(145,304)

(27,822)

Purchase of investment property

(23,503)

-

Purchase of intangible assets

(1,755)

(1,151)

Proceeds from disposal of property, plant and equipment

8,687

9,689

Compensation from government on land acquired

42,372

4,123

Proceeds from disposal of a business line

79,334

-

Proceeds from disposal of a subsidiary, net of cash disposed

-

1,964

Proceeds from disposal of other investments

-

514

Repayment of advances from a joint venture

123,599

20,993

(Increase)/Decrease in short term funds

(51,107)

205,464

(Increase)/Decrease in plasma project receivables

(15,436)

43,333

Dividends received from associates

12,482

184,720

Dividends received from investments

41,446

33,679

Interest received

63,909

44,363

Net cash used in investing activities

(1,600,169)

(2,461,844)

12 months ended 30 September

2023

2022

RM'000

RM'000

Cash Flows from Financing Activities

Term loans received

238,240

1,055,033

Issuance of Islamic medium term notes

-

2,000,000

Repayment of term loans

(530,391)

(1,425,468)

Redemption of Islamic medium term notes

-

(1,000,000)

Payments of lease liabilities

(24,002)

(18,239)

Payments of lease interest

(7,111)

(5,569)

Net drawdown/(repayment) of short term borrowings

773,843

(85,637)

Dividends paid to shareholders of the Company

(1,078,436)

(1,078,156)

Dividends paid to non-controlling interests

(85,226)

(173,997)

Issuance of shares to non-controlling interests

-

10

Redemption of redeemable preference shares from

non-controlling interests

-

(6,400)

Net cash used in financing activities

(713,083)

(738,423)

Net decrease in cash and cash equivalents

(335,738)

(527,525)

Cash and cash equivalents at 1 October

2,614,904

3,082,738

2,279,166

2,555,213

Currency translation differences on opening balances

18,827

59,691

Cash and cash equivalents at 30 September

2,297,993

2,614,904

Cash and cash equivalents consist of:

Cash and bank balances

1,278,808

836,685

Deposits with licensed banks

596,090

1,169,511

Money market funds

507,224

779,002

Bank overdrafts

(84,129)

(170,294)

2,297,993

2,614,904

12 months ended

30 September

2023

2022

RM'000

RM'000

Dividend paid in Financial Year 2023:

Final single tier dividend 80 sen per share for financial year ended

30 September 2022 (single tier dividend of 80 sen per share

for financial year ended 30 September 2021)

862,749

862,525

Interim single tier dividend of 20 sen per share for financial year ended

30 September 2023 (single tier dividend of 20 sen per share

for financial year ended 30 September 2022)

215,687

215,631

1,078,436

1,078,156

Investment

Property

Holding/

Plantation

Manufacturing

Development

Others

Elimination

Consolidated

RM'000

RM'000

RM'000

RM'000

RM'000

RM'000

12 months ended

30 September 2023

Revenue

External revenue

3,421,324

19,692,087

218,106

316,069

-

23,647,586

Inter-segment revenue

1,709,605

2,272

-

488,303

(2,200,180)

-

Total revenue

5,130,929

19,694,359

218,106

804,372

(2,200,180)

23,647,586

Results

Operating results

1,166,779

391,942

57,390

83,069

-

1,699,180

Interest income

12,180

9,142

6,580

95,635

(44,051)

79,486

Finance costs

(19,469)

(130,543)

(2,430)

(297,285)

44,051

(405,676)

Share of results of

associates

4,649

14,719

(18)

(194,269)

-

(174,919)

Share of results of

joint ventures

-

(20,600)

-

-

-

(20,600)

Segment results

1,164,139

264,660

61,522

(312,850)

-

1,177,471

Corporate expense

(25,244)

Profit before taxation

1,152,227