KUALA LUMPUR: Johor Corp (JCorp) saw its gross profit increase by 9% to RM2.4bil for the financial year 2023 (FY23), with revenue rising 8% to RM6.2bil.
JCorp said its net assets exceeded RM10.8bil in FY23.
“Our wellness and healthcare segment achieved outstanding results, posting a robust 17% revenue jump to RM3.4bil and a record profit after tax of RM270mil.
“This is a testament to KPJ Healthcare Bhd
’s initiatives to continuously upgrade and improve its services,” JCorp said in a statement.
Meanwhile, it said the real estate and infrastructure division achieved commendable results, driven by strategic land sales and robust demand for its premium developments.
“We are capitalising on the growing data centre and renewable energy sectors in Johor, actively pursuing opportunities across the value chain through our subsidiary, JLand Group,” it added.
However, its food and restaurant segment encountered significant challenges in the last three months of FY23, as revenue declined due to the intensifying conflict in Gaza.
This sharp downturn erased the gains made earlier in the year, resulting in an overall 1% growth in revenue for a total of RM4.9bil.
“The conflict severely impacted consumer sentiment and spending, particularly in our key markets, leading to a decline in net profit for the segment.
“It is important to note that this decline is attributable to external market factors beyond our control and does not reflect the underlying strength of our business or the effectiveness of our ongoing transformation initiatives.
“The group is actively implementing mitigation strategies to address these challenges and expects the segment to recover as the situation stabilises,” JCorp said.
JCorp’s agribusiness segment achieved RM1.3bil revenue in FY23, down 27% compared to the previous year.
The group said the decline was largely driven by external factors affecting the palm oil industry as a whole, including a downturn in crude palm oil and palm kernel sales volume, coupled with reduced average selling prices and inclement weather.
