Titan Chemicals Corp Bhd, South East Asia's largest polyolefins producer, announced its results for 2006 and the following are the highlights.
For financial year ended 31 December 2006, Titan Chemicals had an impressive year with the achievement of record group revenue of RM 5.4 billion, which was up 2l% against the previous year.
The company's Profit Before Tax (PBT) stood at RM823.6 million, which represents an 84% jump from RM 447.2 million a year ago. The growth in sales revenue and profit was driven mainly by higher average selling price and sales volume, improving on the back of positive and stronger market fundamentals.
Its year-to-date Profit After Tax (PAT) of RM773.2 million showed a 142% growth over the RM319.4 million recorded in 2005, The strengthening of business and consumer confidence during the period enhanced the operating profit even while operating in an environment of high crude oil prices.
In addition, the excess of the Group's interest in the net fair value of the acquired company, Chemical Brothers Limited was also recognized raising profit after tax by RM 340,9 million. Excluding this recognition, the Group still saw a 35% increase in 2006 PAT compared to 2005.
Earnings per share rose from 20.58 sen in 2005 to 44.19 sen for the financial year ended 31 December 2006.
2006 Q4 Performance:
For the fourth quarter of 2006, the group recorded revenue of RM 1.5 billion, which was a 33% growth from RM 1.1 billion in the corresponding quarter of 2005. The growth in the average selling price and sales volume by 14% and 17% respectively has contributed to the growth in sales revenue, driven by continued strong market fundamentals.
On the back of this performance, PBT stood at RM 226.3 million. Its' PAT of RM 241.1 million jumped 1,908% from RM 12.0 million corresponding quarter of 2005.
The Board has recommended a final tax exempt dividend of 4.5 sen per for the financial year ended 31 December 2006 subject to shareholders' approval at the forthcoming AGM.
Titan Chemicals Corp Bhd, Malaysia