PETALING JAYA: Healthy cash flows supported by its robust financial position will allow TSH Resources Bhd
to embark on its next phase of expansion via diversification into the renewable energy space amid organic growth of its plantation business.
TSH’s net cash from operations saw a 40.4% jump to RM109.2mil in the first half of 2024 (1H24) against RM77.8mil in 1H23.
Its core pre-tax profit for 1H24 surged by 39% to RM90.7mil despite a marginal dip in revenue to RM494.9mil due to persistent inclement weather, lower production costs and finance costs along with improved contribution from its associate and joint ventures.
For the second quarter ended June 30 (2Q24), TSH posted a core pre-tax profit of RM55.9mil which was 62.2% higher year-on-year, the company said in a statement.
and 60.6% above 1Q24 core pre-tax profit of RM34.8mil. Revenue for the period of RM252.5mil was marginally higher compared with 1Q24 and marginally lower than 2Q23.
The higher pre-tax profit for the quarter was due to lower production costs and improved performance of its associate and joint ventures.
In a statement, TSH noted the PBT for 2Q24 and 1H24 was affected by a one-off prior period depreciation charge of RM22mil which arose from the mutual termination of the remaining PT Bulungan Citra Agro Persada land disposal.
Coupled with the net impact of other non-core items, pre-tax profit for 1H24 was 13.2% lower at RM71mil compared to RM81.7mil for 1H23.
