United Plantations : First Quarter Report 2023

------------- Quarter ended 31 March --------------

Changes

(RM'000)

2023

2022

(%)

Revenue

459,987

642,908

-28.5%

Operating expenses

(357,520)

(586,730)

-39.1%

Other operating income

40,286

20,401

97.5%

Finance costs

(181)

(46)

293.5%

Interest income

6,472

1,060

510.6%

Share of results of joint ventures

990

(842)

217.6%

Profit before taxation

150,034

76,751

95.5%

Income tax expense

(37,575)

(15,141)

148.2%

Profit after taxation

112,459

61,610

82.5%

Profit for the period

112,459

61,610

82.5%

Net profit attributable to:

Equity holders of the parent

112,090

59,693

87.8%

Non-controlling interests

369

1,917

-80.8%

112,459

61,610

82.5%

Earnings per share

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

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

27.02

14.39

87.8%

(ii) Fully diluted (not applicable)

-

-

-

-------------- Quarter ended 31 March

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

Changes

(RM'000)

2023

2022

(%)

Profit for the period

112,459

61,610

82.5%

Other comprehensive income:

Items that will be reclassified subsequently

to profit or loss:

Currency translation differences

arising from consolidation

12,573

1,289

875.4%

Cash flow hedge

- changes in fair value

302,662

(222,263)

236.2%

- transfers to profit or loss

(258,074)

150,076

-272.0%

Total Comprehensive income

169,620

(9,288)

1926.2%

Total comprehensive income attributable to:

Equity holders of the parent

168,622

(11,266)

1596.7%

Non-controlling interests

998

1,978

-49.5%

169,620

(9,288)

1926.2%

31 March

31 December

(RM'000)

2023

2022

ASSETS

Non-Current Assets

Property, plant and equipment

1,248,547

1,241,751

Right-of-use assets

407,277

406,068

Associated company

50

50

Joint Ventures

54,490

53,499

Goodwill

356,856

356,856

Other receivables

708

692

Derivatives

1,412

11,342

Deferred tax assets

2,255

2,134

Total non-current assets

2,071,595

2,072,392

Current Assets

Biological assets

46,080

45,643

Inventories

222,138

219,549

Trade & other receivables

36,358

160,664

Prepayments

3,971

6,515

Tax recoverable

18,639

37

Derivatives

98,629

34,486

Cash and bank balances

672,463

537,232

Short term funds

321,808

242,282

Total current assets

1,420,086

1,246,408

Total assets

3,491,681

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

83,661

27,129

Retained profits

2,604,308

2,492,218

3,059,355

2,890,733

Non-controlling interests

15,026

14,028

Total equity

3,074,381

2,904,761

Non-Current Liabilities

Deferred tax liabilities

199,210

180,148

Retirement benefit obligations

12,928

12,805

Lease liabilities

12,149

11,969

Total non-current liabilities

224,287

204,922

Current Liabilities

Trade & other payables

166,124

153,521

Tax payable

20,918

52,674

Retirement benefit obligations

2,674

2,674

Derivatives

3,297

-

Bank borrowings

-

248

Total current liabilities

193,013

209,117

Total liabilities

417,300

414,039

Total equity and liabilities

3,491,681

3,318,800

Net assets per share (RM)

7.38

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

a

a

o

a

t

s

p

t

t

a

a

n

a

n

a

r

h

i

e

s

i

t

s

l

-

l

n

u

f

a

l

c

e

C

l

l

a

o

r

e

q

y

o

r

t

a

d

i

n

u

w

e

o

p

s

t

i

p

s

r

i

h

h

n

t

t

a

r

e

o

y

a

o

e

r

l

r

l

r

f

v

e

l

e

i

d

s

n

s

t

e

s

g

e

g

e

r

r

v

i

e

e

n

t

s

e

e

r

r

e

v

s

e

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

-

-

112,090

44,588

-

11,944

168,622

998

169,620

Balance at

31 March 2023

390,054

(18,668)

2,604,308

75,748

21,798

(13,885)

3,059,355

15,026

3,074,381

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

-

-

59,693

(72,187)

-

1,228

(11,266)

1,978

(9,288)

Balance at

31 March 2022

390,054

(18,668)

2,467,073

(182,012)

21,798

(14,707)

2,663,538

12,647

2,676,185