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KUALA LUMPUR: Johor Corporation (JCorp) Group recorded a profit after tax (PAT) of RM379 million for the financial year ended Dec 31, 2021 (FY2021), up over 100 per cent, compared with a loss after tax of RM237 million in FY2020.

This was achieved on the back of a revenue of RM5.13 billion, an increase of 19 per cent from RM4.3 billion previously.

"The improved results were attributable to stronger revenue from the agribusiness segment due to the uptrend in crude palm oil and palm kernel prices," JCorp said in a statement today.

The group's wellness and healthcare segment enjoyed stronger contributions from hospital activities particularly resulting from higher inpatient and outpatient numbers, as well as from successful cost optimisation efforts across the segment.

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The agribusiness segment recorded a revenue of RM1.65 billion, a significant jump of 49 per cent against FY2020, while the wellness and healthcare segment achieved a 10 per cent increase in

revenue.

"As we progress into the age of the 'new normal', the JCorp 3.0 Reinvention Plan has accelerated our efforts by resetting and reimagining the group to be resilient, agile and sustainable as we future-proof this institution," said JCorp president and chief executive Datuk Syed Mohamed Syed Ibrahim.

Reflecting the group's strong financial health, in the first quarter of 2022, JCorp was assigned an AAA/stable rating by RAM Ratings for its RM3.5 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme.

JCorp is a value-driven organisation with total assets in excess of RM23 billion as of end-FY2021. - Bernama