Cahya Mata books highest quarterly net profit in more than two years, declares three sen dividend

• Its property development segment had returned to black, with an operating profit of RM18.54 million.

KUALA LUMPUR (Feb 18): Cahya Mata Sarawak Bhd’s (KL:CMSB) net profit jumped 85.04% to RM65.8 million in the fourth quarter ended Dec 31, 2024 (4QFY2024), from RM35.56 million a year ago, lifted by improved business segments and better other income.

The net profit of RM65.8 million marks its highest since 3QFY2022, when it reported a net profit of RM154.36 million. On a per share basis, earnings stood at 6.12 sen in 4QFY2024, compared to 3.31 sen in 4QFY2023.

Quarterly revenue inched up 2.46% to RM340.99 million — its highest since 3QFY2020 when it recorded a revenue of RM428.42 million — from RM332.81 million a year earlier.

The group has proposed a first and final tax-exempt single-tier dividend of three sen per share. The entitlement and payment date for the dividend will be announced at a later date. Last year, CMS paid out two sen dividends per share.

During the quarter under review, CMS’ road maintenance segment’s operating profit jumped a whopping 180% year-over-year to RM23.91 million, from RM8.53 million a year ago. Meanwhile, its property development segment had returned to black, with an operating profit of RM18.54 million.

Its phosphates division also swung to an operating profit of RM28.6 million as opposed to an operating loss of RM57.6 million.

However, the operating profit of its cement segment declined 26.32% to RM40.92 million, from RM55.54 million last year.

On top of that its other income more than doubled to RM70.37 million, from RM27.7 million during the same period.

The group's bottom line was also boosted by a higher share of results of associates and joint ventures.

Share of results of its associates improved by 22.7% to RM22.07 million, from RM17.98 million, while share of results of joint ventures rose 54.2% to RM11.6 million, from RM7.53 million.

For FY2024, its net profit rose 12.01% to RM128.19 million, from RM114.44 million in FY2023, while revenue stayed flat at RM1.2 billion.

"This improved profit performance is also attributed to enhanced operational efficiencies across our core divisions, highlighting the group's dedication to effective cost management and profitability enhancement," it said in a statement.

The group expects improved performance in all its business segments on the back of projected economic growth and benefit from infrastructure projects coupled with a stable business environment in 2025.

Cahya Mata’s share price closed up half a sen or 0.5% to RM1, bringing the group a market capitalisation of RM1.08 billion.

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