Boustead Plantations Bhd’s net profit jumped five-fold to RM95.56mil in the third quarter ended Sept 30, 2021, from RM17.97mil in the same period a year ago, thanks to higher palm product prices.

The group declared a third interim single-tier dividend of 1.75 sen per share. During the quarter in review, revenue rose to RM293.77mil from RM205.68mil in previously.

Boustead Plantations noted that average crude palm oil (CPO) selling price for the third quarter of 2021 was up 56% year-on-year (y-o-y) to RM4,331 per tonne, while average palm kernel price jumped 72% y-o-y to RM2,541 per tonne.

Year-to-date, the group’ net profit jumped 10-fold to RM156.16mil from RM15.5mil in the nine months to September 2020, while revenue rose to RM708.49mil from RM535.43mil.

Chief executive officer Zainal Abidin Shariff said despite the tough external pressures on operating costs, the group was able to achieve commendable results, due primarily to record-high palm product selling prices, coupled with improved production costs and increased productivity.

Source: The Star