PRL Global (PRG) H2 2024 earnings summary

Executive summary

• Revenue increased 14.8% year-over-year to $1,269.4 million, driven by strong trading and logistics sales.

• Net profit attributable to members declined 13.4% to $21.9 million, impacted by discontinued operations and higher costs.

• Disposal of Cheekah Kemayan Plantation Sdn Bhd (farming segment) completed, resulting in a $15.0 million gain on sale.

• Total comprehensive income attributable to members was stable at $22.7 million.

• Dividends paid totaled 12.5 cents per share, including a special dividend of 5.0 cents.

Financial highlights

• Gross profit fell to $46.3 million from $77.5 million year-over-year due to higher cost of sales.

• Earnings per share from continuing operations were 5.83 cents, down from 20.65 cents; discontinued operations contributed 13.10 cents.

• Net tangible assets per share rose to $2.11 from $1.99.

• Cash and cash equivalents at year-end were $48.9 million, down from $65.5 million.

• Operating cash flow increased to $15.9 million from $11.0 million.

Outlook and guidance

• Directors recommend a final dividend of 3.0 cents per share, payable 25 October 2024.

• No further material events or changes in state of affairs post year-end, except for dividend declaration and receipt of sale proceeds from CKP.