PETALING JAYA: Johor Corp (JCorp) returned to the black in the financial year ended Dec 31, 2021 (FY21) with a net profit of RM379 million compared with a net loss of RM237 million in FY20, on the back of a 19% revenue increase to RM5.13 billion from RM4.30 billion.
JCorp's improved results were attributable to a 49% increase of revenue from the agribusiness segment at RM1.65 billion due to the uptrend in crude palm oil and palm kernel prices. In addition, the wellness and healthcare segment achieved a 10% increase in revenue, contributed by hospital operations, particularly resulting from higher inpatient and outpatient numbers, as well as from cost optimisation efforts across the segment.
As a result of market dynamics, the real estate and infrastructure business saw a reduction in revenue contribution compared with FY20. The food and restaurants segment also contributed higher revenue driven by the pivot to e-commerce, refreshed menus as well as enhanced delivery channels.
The increase in operating profit despite provisions and impairments of RM250 million made during FY21 resulted in total net assets improving by 6% compared with FY20.
JCorp president and CEO Datuk Syed Mohamed Syed Ibrahim said the JCorp 3.0 Reinvention Plan has enabled it to achieve commendable results as evidenced in the reboot of earnings for the 2021 fiscal year in the face of a challenging volatility, uncertainty, complexity and ambiguity environment.
“In line with our reinvention journey, during the year, we were able to leverage on our digital transformation, which facilitated a robust decision-making process guided by business insights and powered by data analytics, leveraging on the latest technology such as cloud platforms, artificial intelligence, blockchain and machine learning,” he added.
