KUALA LUMPUR (May 23): Sarawak Oil Palms Bhd's net profit for the first quarter ended March 31, 2022 (1QFY22) more than doubled to RM194.99 million from RM79.06 million in the same period last year on the back of higher revenue contribution.
Earnings per share widened to 34.09 sen from 13.84 sen while quarterly revenue grew 81.98% to RM1.43 billion from RM788.32 million a year ago, its bourse filing showed on Monday.
"Both increases in revenue and earnings were mainly attributed to higher average realised prices of palm products sold," the oil palm planter and miller said.
On prospects, Sarawak Oil Palms said the performance of the group would continue to be driven by fresh fruit bunch production and palm products' price movements.
This, the group explained, is dependent on the world edible oil market, plantation labour supply, the effect of supply chain on cost of fertilisers and chemicals, ongoing Covid-19 pandemic, movements of ringgit and the economic situation.
Sarawak Oil Palms' shares closed six sen or 1.01% higher at RM6, giving the group a market capitalisation of RM3.49 billion.
Source: TheEdge - 24 May 2022