KUALA LUMPUR (May 24): Sarawak Oil Palms Bhd (SOPB) registered an 11.03% increase in net profit to RM79.06 million for the first quarter ended March 31, 2021 (1QFY21), from RM71.2 million a year earlier on the back of a higher revenue.
Earnings per share rose to 13.84 sen from 12.47 sen, according to the group’s filing with Bursa Malaysia.
Quarterly revenue surged 52.16% to RM788.32 million, from RM518.08 million in 1QFY20.
The group attributed the higher net profit and revenue to higher average realised prices of palm products sold.
On a quarter-on-quarter basis, SOPB’s net profit soared 320% from RM18.82 million in 4QFY20, despite revenue falling 3.9% from RM820.4 million.
SOPB did not declare any dividend for 1QFY21.
On prospects, the group said its performance would continue to be driven by fresh fruit bunches (FFB) production and palm products price movement, which is dependent on the world edible oil market, movement of the ringgit and the economic situation.
Shares of SOPB closed five sen or 1.25% higher at RM4.05 today, valuing the group at RM2.31 billion.
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