Revisiting $CIHLDG / 2828 (C.I. HOLDINGS BERHAD) as they hit their highest revenue and profit in FY 2023

You may read my previous attempt in understanding the business and having a general overview here: https://cutt.ly/2wS7pyUW

Sharing some insights gathered from their FY2023 Annual Report:

- As a whole, FY2023 net profit stood at RM100.4mil, with revenue at RM5.3bil. For reference, in FY2022 their net profit at RM67.2mil and revenue was at RM4bil.

- Their profit margin is hovering around 1.7% ~ 1.9%.

- Edible Oil Products Division revenue continues to grow YoY from 4.98bil to 6.33bil, which is mainly led by contribution from sales to Africa region (~1 bil).

- Tap & Sanitaryware division revenue also grew. They aim to improve profitability by focusing on transportation mega projects, healthcare, and retail. They have supplied to MRT 2 and are currently supplying to LRT 3, which strengthens their bid for upcoming projects such as the MRT 3 (31 stations) and Bayan Lepas, Penang, and ECRL (23 stations). That being said, they still intend to divest this Division to interested parties in order to focus on the Edible Oil Division.

- Net debt to equity ratio has significantly dropped from 1.50x to 1.09x.

- Retained earnings increased ~RM80mil vs FY2022, from RM233mil to RM314mil.

- No formal dividend policy in place due to potential future requirements of funds for expansions and growth, but they have been consistent in giving out dividends.

- Other developments to take note of: Johari vacates CI Holdings’ chairman post and will be filled by Megat Joha Megat Abdul Rahman (who is also a board member of $KUB / 6874 (KUB MALAYSIA BERHAD), $KLSE-M&G and Central Cable Bhd).

- Future prospects indicated from their latest QR : The Group will cautiously continue with its expansion plans for its edible oil division operations and with smart partnership tie-up with property developers for the tapware and sanitaryware divisions to enhance shareholders' value.

The catch for this stock is, the liquidity is almost non-existent. Haha...
😅