KUALA LUMPUR: FGV Holdings Bhd
has returned to the black, posting a net profit of RM369.23mil in the first quarter ended March 31, 2022 (1Q22) primarily pushed by stronger ends in the plantation sector and enchancment in the logistics sector.
In a submitting wth Bursa Malaysia, the group mentioned the greater earnings of the plantation sector was bolstered by the greater crude palm oil (CPO) costs.
“Profit in plantation sector jumped to RM517.87mil in the quarter from RM52.8mil loss in corresponding quarter of the previous year.
“This on the back of higher average CPO price realised of RM5,058 per tonne compared to RM3,172 per tonne in previous year’s corresponding quarter coupled with higher CPO sales volume in current quarter by 28%.
“The improved performance of the sector for the current quarter was also underpinned by improvement in downstream and fertiliser businesses and higher share of results from joint ventures from RM2.17mil to RM22.89mil reported in current quarter,” it added.
FGV’s income jumped 72.4% to RM5.85bil in the quarter from RM3.93bil a 12 months in the past supported by greater common CPO value, sturdy quantity and better value for client and fertiliser merchandise.
Meanwhile, FGV’s income jumped 72.4% to RM5.85bil in the quarter from RM3.93bil a 12 months in the past supported by greater common CPO value, sturdy quantity and better value for client and fertiliser merchandise.
FGV group’s chief government officer Mohd Nazrul Izam Mansor mentioned the group has introduced a worthwhile quarter amid the uncertainties and challenges.
“We will strive to keep this positive momentum to meet the expectations of our stakeholders and to achieve the targets set for 2022,” he mentioned.
The group mentioned the provide disruption of competing edible oils brought on by the Ukraine conflict is predicted to preserve the CPO value at RM4,500 to RM5,000 per tonne this 12 months.
Given the reopening of worldwide borders and varied recruitment efforts initiated by the authorities, FGV has forecast a gradual restoration as employees are due to arrive from third quarter of this 12 months.
