KUALA LUMPUR (Feb 28): CB Industrial Product Holding Bhd's (CBIP) net profit for the financial year ended Dec 31, 2023 (FY2023) surged to RM65.05 million, from a net loss of RM6.10 million a year earlier, as its refinery and special purpose vehicle (SPV) segments returned to the black.

In a bourse filing on Wednesday, CBIP said its full-year revenue dipped slightly to RM847.95 million from RM881.34 million, due to lower revenue generated by the refinery segment.  

For the fourth quarter ended Dec 31, 2023 (4QFY2023), CBIP posted a net profit of RM32.19 million, against a net loss of RM16.29 million a year earlier, on the back of revenue of RM218.73 million versus RM243.05 million previously.

Earnings per share stood at 6.82 sen, versus a loss per share of 3.41 sen.

Reviewing its full-year performance, CBIP said the oil palm plantation segment reported higher revenue (up 12%) and profit before taxation (27% higher).

It said the increases were mainly due to higher production as well as milling operations.

For FY2024, the company said considering the progress of the projects secured in hand and the current challenging environment, the board is optimistic that it will be able to achieve satisfactory results, mainly driven by the palm oil equipment and engineering segment.