KUALA LUMPUR: Hap Seng Consolidated Bhd recorded a lower net profit of RM750.18 million in the financial year ended Dec 31, 2020 (FY20) compared to RM1.16 billion a year earlier
In a filing with Bursa Malaysia today, the group said revenue for FY20 also declined to RM5.85 billion from RM7.096 billion year-on-year with lower contribution from credit financing, automotive, trading and building materials divisions but mitigated by higher revenue from plantation and property divisions.
Moving forward, the group said it was well placed to benefit from acquisition opportunities and improve its overall performance for the financial year ending Dec 31 due to its relatively healthy financial position.
“This is despite the uncertainties in the domestic and global economies, as well as the COVID-19 vaccine efficacy,” said Hap Seng.
It said the impact of the second movement control order (MCO) was expected to be less severe compared to the previous MCO as more economic sectors and activities were allowed to operate and businesses were better prepared with proper standard operating procedures in place.
“In addition, the Malaysian government has recently announced the planned roll-out of the National Covid-19 Immunisation Programme from end-February 2021, which is expected to rein in the COVID-19 pandemic,” said Hap Seng. -Bernama
