KUALA LUMPUR: Borneo Oil Bhd (BornOil) has posted a sterling set of results for its second quarter (Q2) ended 31 December 2022, with net profit more than doubling and revenue rising across its business units.

In an announcement to the stock exchange, BornOil's Q2 net profit came in at RM23.17 million, representing a 126 per cent increase from the RM10.27 million posted in the previous corresponding quarter.

Revenue also increased to RM21.25 million, compared to the RM18.37 million posted previously.

The company attributed the higher profit to a fair value gain of RM37.20 million on its quoted securities, offset by an unrealised exchange loss of RM8.10 million.

The company's various business divisions also saw higher revenues.

Food and franchise operations spearheaded by the 'Sugarbun' brand posted RM13.90 million, property investment and management came in at RM5.45 million and the resources and sustainable energy division registered higher revenue of RM1.90 million.

BornOil also said that its integrated limestone processing plant (ILPP) was completed during the quarter and is now at the cement production testing stage.

Although BornOil anticipates that business conditions will likely remain challenging, the company is cautiously optimistic and will continue strategising and navigating the ever-changing business environment to ensure the group remains resilient.

BornOil's current largest shareholder is Datuk Joseph Ambrose Lee, who has a stake of more than 17 per cent in the company.

Ambrose emerged as BornOil's largest shareholder in December 2021 when he made a block purchase of 1.25 billion BornOil shares for RM110 million or RM0.088 per share.

Since then, he has been progressively increasing his stake in the company by directly acquiring BornOil shares in the open market and converting BornOil warrants into shares.