Judul : SIME DARBY’S ‘PURE PLAY’ AMBITION ON TRACK
link : SIME DARBY’S ‘PURE PLAY’ AMBITION ON TRACK
SIME DARBY’S ‘PURE PLAY’ AMBITION ON TRACK
KUALA LUMPUR – Sime Darby Bhd, which saw net profit rise 5% in the third quarter ended March 31, 2017 (Q3), is on track to list its plantation and property divisions by year-end.
“We will submit this (prospectus) around the third quarter of the year and hope to see the listing before end of the year. We would like to complete this exercise before the December year-end break,” president and group chief executive Tan Sri Mohd Bakke Salleh told reporters at a results briefing yesterday.
He said the group is appointing leadership for the entities, adding that there would be a combination of old and new faces.
Group CFO Datuk Tong Poh Keow said the group and its subsidiaries are undertaking an internal restructuring involving its borrowings, transfer of certain assets within the group and capitalisation of intercompany loans.
Last week, it completed the restructuring of the US$800 million (RM3.42 billion) multi-currency sukuk and achieved a final tender and consent participation of 91% across both series of sukuk. It is in the midst of restructuring its other borrowings.
The group’s total borrowings stood at RM15 billion as at March 31, 2017, comprising RM8.3 billion long-term borrowings and RM6.7 billion short-term borrowings.
Debt to equity ratio stood at 37% while bank and cash balances totaled RM3.98 billion. Net cash from operating activities stood at RM2.01 billion, reflecting a 15% increase year-on-year.
Upon listing, the property division will have 17,000 acres of land to be developed in the next few years while the Malaysia Vision Valley (MVV) project will see an injection of land from the plantation division into the property division or the MVV joint venture company directly.
“In terms of property landbank, we have carried out an exercise to ascertain the development potential of all the landbank. The ones considered to be marginal and highly unlikely to attract market interest or generate satisfactory return, we have decided to divest. So our focus will be on all the landbank where we can develop and be able to attract the market,” said Mohd Bakke.
In Q3, the group’s net profit rose 5% to RM699 million from RM663 million a year ago while revenue rose 22% to RM12.45 billion from RM10.23 billion a year ago.
For the nine months ended March 31, 2017, net profit rose 40% to RM1.79 billion from RM1.27 billion a year ago while revenue rose 8% to RM34.88 billion from RM32.24 billion a year ago.
Mohd Bakke said the results have largely been supported by higher crude palm oil (CPO) prices, averaging at RM2,861 per tonne in the first nine months compared with RM2,113 per tonne a year ago.
He expects CPO prices to range from RM2,600 to RM2,800 per tonne this month and does not expect prices to fall below RM2,500 per tonne for the next six months. The group expects to close the year around 3-4% higher than last year in terms of production.
Asked whether the group is on track to achieve its net profit target of RM2.2 billion for the current financial year, Mohd Bakke said it has achieved 81% of its Key Performance Indicator and will work hard to achieve its targets.
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✍ Sumber Pautan : ☕ Malaysia Chronicle
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