KUALA LUMPUR: Golden Pharos Bhd's pre-tax profit for the financial year ended Dec 31, 2023 rose to RM29.25 million — the highest since its listing in 1993 — from RM15.02 million in the previous financial year.
Revenue grew 28 per cent to RM89.67 million, its highest since 2014, from RM69.81 million previously.
"Golden Pharos has undertaken various strategic initiatives to enhance corporate governance and operational efficiency by strengthening decision-making processes and ensuring effective implementation to achieve sustainable growth and long-term value for its stakeholders," said chief executive officer Dr Mohd Zaki Hamzah.
"Moving forward, the group will continue its commitment to ensuring positive outcomes with a deep focus on several key drivers in its logging and upstream harvesting activities, midstream processing, downstream wood, and timber operations."
Zaki said the company negotiated and provided improved terms to logging contractors during the financial year.
Additionally, it is expanding the capabilities of its midstream sawmilling, downstream timber, and glass operations to enhance the overall results.
It recently announced and distributed an interim dividend of 4.6 sen per share to shareholders.
In the fourth quarter, Golden Pharos saw a significant 89.6 per cent jump in net profit to RM27.7 million compared to RM14.6 million a year ago.
Revenue surged 44.7 per cent to RM52.9 million from RM36.5 million previously.
"This remarkable performance was contributed by the rise in revenue and profitability of the group's harvesting, forest plantation, sawmilling, sales of timber, and logging compartments segment during the quarter under review," it said in the filing.
Zaki said Golden Pharos would further strengthen its business activities, namely its forest concession management, harvesting and distribution, board manufacturing and value-added wood-based product processing to generate more profits in the future.
