KUALA LUMPUR: Kim Loong Resources Bhd
posted the next net profit of RM41.09 million for the third quarter ended Oct 31, 2021 (Q3), from RM28.84 million registered in the identical quarter final 12 months.
Revenue jumped to RM492.80 million within the interval beneath evaluate from RM278.60 million beforehand.
The group achieved record-high income and profit earlier than tax at RM1.21 billion and RM161.99 million respectively for the cumulative three quarters ended Oct 31, 2021, as in contrast to RM717.94 million and RM127.58 million respectively for the corresponding interval a 12 months in the past.
The outstanding efficiency for the present monetary year-to-date was primarily due to larger common promoting costs of recent fruit bunches (FFB) and crude palm oil (CPO).
“The plantation operations didn’t face an issue in promoting its FFB manufacturing as many of the produce was provided to mills inside the group,” it mentioned in a submitting with Bursa Malaysia right now.
The larger income from the milling operations for the present quarter and year-to-date as in contrast to the corresponding intervals final 12 months was primarily contributed by larger common CPO promoting worth.
“The market situation and demand for the group’s milling merchandise have been good and regular for the present quarter and year-to-date,” it mentioned.
The group additionally declared a particular single tier dividend of 4 sen per share for the monetary 12 months ending Jan 31, 2022 (FY 2022), payable on Feb 17, 2022.
On prospects, Kim Loong expects that a further 27,000 tonnes of FFB might be produced in FY 2022 from the 1,099.69 hectares the group has taken bodily possession of on Feb 9, 2021.
“Based on the latest remark of manufacturing output, the administration forecasts the FFB manufacturing for FY 2022 might be about 95 per cent of the amount achieved in FY 2021 after taking into account the affect of ongoing replanting programme, labour scarcity and seasonal issue on cropping pattern,” it mentioned.
As for palm oil milling operations, the corporate mentioned the administration expects a complete processing amount of about 1.45 million tonnes of FFB which is shut to 10 per cent larger than FY 2021.
“The efficiency of the milling operations may even be supplemented by income of about RM5 million from supplying energy to the grid,” it added. – Bernama
