United Plantations : Second Quarter Report 2023

-------------- Quarter ended 30 June ---------------

----------- 6 Months ended 30 June -----------

Changes

Changes

(RM'000)

2023

2022

(%)

2023

2022

(%)

Revenue

470,074

701,258

-33.0%

930,061

1,344,166

-30.8%

Operating expenses

(324,236)

(442,988)

-26.8%

(681,756)

(1,029,718)

-33.8%

Other operating income

55,747

280

19,809.6%

96,033

20,681

364.4%

Finance costs

(181)

(1,278)

-85.8%

(362)

(1,324)

-72.7%

Interest income

7,108

1,399

408.1%

13,580

2,459

452.3%

Share of results of joint ventures

(1,341)

248

-640.7%

(351)

(594)

-40.9%

Profit before taxation

207,171

258,919

-20.0%

357,205

335,670

6.4%

Income tax expense

(47,176)

(73,195)

-35.5%

(84,751)

(88,336)

-4.1%

Profit after taxation

159,995

185,724

-13.9%

272,454

247,334

10.2%

Profit for the period

159,995

185,724

-13.9%

272,454

247,334

10.2%

Net profit attributable to:

Equity holders of the parent

159,015

184,632

-13.9%

271,105

244,325

11.0%

Non-controlling interests

980

1,092

-10.3%

1,349

3,009

-55.2%

159,995

185,724

-13.9%

272,454

247,334

10.2%

Earnings per share

(i) Basic - based on an average 414,784,984

(2022:414,784,984) ordinary shares (sen)

38.34

44.51

-13.9%

65.36

58.90

11.0%

(ii) Fully diluted (not applicable)

-

-

-

-

-

-

-------------- Quarter ended 30 June

--------------

-------------- 6 Months ended 30 June

--------------

Changes

Changes

(RM'000)

2023

2022

(%)

2023

2022

(%)

Profit for the period

159,995

185,724

-13.9%

272,454

247,334

10.2%

Other comprehensive income:

Items that will be reclassified subsequently

to profit or loss:

Currency translation differences

arising from consolidation

17,034

2,204

672.9%

29,607

3,493

747.6%

Cash flow hedge

- changes in fair value

(28,333)

24,280

-216.7%

274,329

(197,983)

238.6%

- transfers to profit or loss

(36,060)

58,369

-161.8%

(294,134)

208,445

-241.1%

Total Comprehensive income

112,636

270,577

-58.4%

282,256

261,289

8.0%

Total comprehensive income attributable to:

Equity holders of the parent

110,804

269,375

-58.9%

279,426

258,109

8.3%

Non-controlling interests

1,832

1,202

52.4%

2,830

3,180

-11.0%

112,636

270,577

-58.4%

282,256

261,289

8.0%

30 June

31 December

(RM'000)

2023

2022

ASSETS

Non-Current Assets

Property, plant and equipment

1,257,511

1,241,751

Right-of-use assets

410,504

406,068

Associated company

50

50

Joint Ventures

53,148

53,499

Goodwill

356,856

356,856

Other receivables

708

692

Derivatives

-

11,342

Deferred tax assets

2,044

2,134

Total non-current assets

2,080,821

2,072,392

Current Assets

Biological assets

51,954

45,643

Inventories

231,235

219,549

Trade & other receivables

141,880

160,664

Prepayments

5,271

6,515

Tax recoverable

7,465

37

Derivatives

19,192

34,486

Cash and bank balances

548,619

537,232

Short term funds

111,218

242,282

Total current assets

1,116,834

1,246,408

Total assets

3,197,655

3,318,800

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent

Share capital

390,054

390,054

Treasury shares

(18,668)

(18,668)

Other reserves

35,450

27,129

Retained profits

2,348,538

2,492,218

2,755,374

2,890,733

Non-controlling interests

16,858

14,028

Total equity

2,772,232

2,904,761

Non-Current Liabilities

Deferred tax liabilities

165,205

180,148

Retirement benefit obligations

15,265

12,805

Derivatives

5,751

-

Lease liabilities

12,328

11,969

Total non-current liabilities

198,549

204,922

Current Liabilities

Trade & other payables

182,327

153,521

Tax payable

23,005

52,674

Retirement benefit obligations

976

2,674

Derivatives

20,566

-

Bank borrowings

-

248

Total current liabilities

226,874

209,117

Total liabilities

425,423

414,039

Total equity and liabilities

3,197,655

3,318,800

Net assets per share (RM)

6.64

6.96

Attributable to Equity Holders of the Parent

S

T

R

C

C

T

T

N

T

h

r

e

r

o

o

e

a

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a

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f

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a

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o

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r

r

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t

s

(RM'000)

Balance at

1 January 2023

390,054

(18,668)

2,492,218

31,160

21,798

(25,829)

2,890,733

14,028

2,904,761

Total comprehensive

income for the period

-

-

271,105

(19,805)

-

28,126

279,426

2,830

282,256

Dividends,

representing

total transaction

with owners

-

-

(414,785)

-

-

-

(414,785)

-

(414,785)

Balance at

30 June 2023

390,054

(18,668)

2,348,538

11,355

21,798

2,297

2,755,374

16,858

2,772,232

Balance at

1 January 2022

390,054

(18,668)

2,407,380

(109,825)

21,798

(15,935)

2,674,804

10,669

2,685,473

Total comprehensive

income for the period

-

-

244,325

10,462

-

3,322

258,109

3,180

261,289

Dividends,

representing

total transaction

with owners

-

-

(352,567)

-

-

-

(352,567)

-

(352,567)

Balance at

30 June 2022

390,054

(18,668)

2,299,138

(99,363)

21,798

(12,613)

2,580,346

13,849

2,594,195