KUALA LUMPUR – TH Plantations Bhd will put more assets for sale this year following the disposal of THP Gemas Sdn Bhd last year.
The plantation arm of Lembaga Tabung Haji is planning to dispose of non-core, non-strategic and underperforming assets with a combined value of RM150 million this year.
Its CEO Datuk Seri Zainal Azwar Zainal Aminuddin said this is because not all plantations in its land bank are “good performing estates.”
“What we are also doing is to consolidate and to have only the best performing assets in our stable,” he said at a press conference after the group’s annual general meeting here today.
Last year, the group disposed of its 2,819.27-ha palm oil estates in Gemas, Negri Sembilan for RM152 million, partly contributed to a higher net profit of RM147.07 million for 2016, representing a whopping growth of 136.7% from RM62.13 million in 2015.
Its revenue also saw a 23.5% increase from RM 455.3 million in 2015 to RM 562.31 million last year.