Compared with the immediate preceding quarter of 3QFY21, Sarawak Oil Palms' net profit rose 66.03% from RM125.49 million, while revenue climbed 7.11% from RM1.3 billion. The group said the quarter-on-quarter earnings increase was also due to palm products' higher average realised prices, as it noted that 4QFY21's average realised price of palm oil products stood at RM5,468 per metric tonne (3QFY21: RM4,490), while palm kernel products' average realised price was RM4,272 (3QFY21: RM2,919). For the full FY21, Sarawak Oil Palms reported a 150.45% jump in net profit to RM511.21 million from RM204.12 million in FY20, again mainly due to palm oil products' higher average realised prices, despite an 8% drop in fresh fruit bunch (FFB) production because of labour shortages. Going forward, Sarawak Oil Palms said the group's performance will continue to be driven by FFB production and palm products' price movements. Sarawak Oil Palms' shares closed 11 sen or 2.09% higher at RM5.37 on Thursday, giving the group a market capitalisation of RM3.07 billion.

Source: The Edge Markets February 25, 2022 01:48 UTC