KUALA LUMPUR: Genting Plantations Bhd
’s net profit surged 70 per cent to RM432.22 million for the monetary 12 months ended Dec 31, 2021 (FY2021), from RM254.36 million in 2020.
Revenue rose 25 per cent to RM3.13 billion from RM2.50 billion beforehand, the group stated in a submitting with Bursa Malaysia at present.
For the fourth quarter, its net profit doubled to RM161.64 million versus RM79.04 million a 12 months earlier on the again of 45 per cent greater income of RM1.07 billion.
The group’s improved income for 2021 was underpinned by stronger palm merchandise costs, which greater than compensated for the decline in contemporary fruit bunches (FFB) manufacturing, and decrease biodiesel and refined palm merchandise gross sales quantity.
“Group FFB manufacturing for 2021 declined marginally by 3.0 per cent year-on-year, primarily attributable to the replanting actions in Malaysia, however (this was) mitigated by higher harvest in Indonesia attributable to elevated harvesting space,” it stated in a press assertion.
As for its 2022 prospects, Genting Plantations stated this may observe the efficiency of its mainstay plantation section, which, in flip, was dependent principally on the actions in palm merchandise costs and the group’s FFB manufacturing.
“In the close to time period, palm product costs are anticipated to be supported by the availability tightness of palm oil and different substitute oils and fat, in addition to Indonesia’s current export ruling. Nevertheless, the export ruling could have an hostile influence on the Indonesian native palm product costs,” it stated.
The board really useful a remaining dividend of 4.0 sen per share for FY2021.
“The board additionally declared a particular single-tier dividend of 15 sen per atypical share. Should the ultimate dividend be authorised by shareholders, complete dividend (together with the interim dividend of 11.0 sen) for 2021 will quantity to 30 sen per atypical share,” the corporate stated.
In comparability, the whole dividend for FY2020 amounted to 21 sen. – Bernama
