KUALA LUMPUR (July 20): United Plantations Bhd net profit for the second quarter ended June 30 (2QFY22) grew 36% to RM184.63 million from RM135.79 million a year ago, amid elevated crude palm oil (CPO) prices. Revenue for the quarter under review rose 46% year-on-year to RM701.26 million from RM481.87 million in 2QFY21, according to the group’s filing with Bursa Malaysia. For the first half of this year, United Plantations’ net profit grew 16% to RM244.33 million from RM210.61 million in the previous corresponding period, while revenue rose 53% to RM1.34 billion from RM881.52 million over the same period. Moving forward, the group said labour shortages remain the primary risk for the remainder of 2022. Shares of United Plantations closed 10 sen or 0.7% lower at RM14 per share on Wednesday (July 20), giving it a market capitalisation of RM5.83 billion.

Source: The Edge Markets July 20, 2022 23:16 UTC