KUALA LUMPUR, Aug 25 — Boustead Plantations Bhd’s net profit rose to RM48.37 million in the second quarter ended June 30, 2021 (Q2 2021) from RM7.08 million recorded a year earlier.
The positive result was attributable to better profit at all regions and also boosted by a much-improved financial performance of Sabah region.
Its revenue also increased to RM242.78 million versus RM167.06 million thanks to the favourable palm products prices which led to the profit from operations of RM75.6 million.
“The group’s prospects for the coming year are largely influenced by the crop production, selling prices and ongoing Boustead Group’s Reinventing Boustead strategy,” it said in a filing with Bursa Malaysia.
Current global inventories are still low which is keeping palm oil prices at an elevated level for now and will contribute positively to its bottom line.
It said that any new changes in the import and export tax structures of consuming and producing countries and the global supply-demand dynamics of competing edible oils will continue to influence crude palm oil prices.
The government’s accelerated vaccination programme may raise hope that plantation operations can continue to be carried out as usual.
For the current quarter, the directors have declared a second interim single tier dividend of 2.3 sen per share in respect of the year ended December 31, 2021.
The dividends will be paid on September 30, 2021 to shareholders registered in the Register of Members at the close of business on September 10, 2021. — Bernama
