Chin Teck’s net profit widens to RM68.07m in FY21

KUALA LUMPUR, Oct 28 — Chin Teck Plantations Bhd’s net profit widened to RM68.07 million for the financial year ended Aug 31, 2021 (FY21) from RM35.98 million in the previous year.

Revenue improved 40.75 per cent to RM182.71 million from RM129.81 million in FY20, due to significant increases in the average selling prices of fresh fruit bunches (FFB), crude palm oil (CPO) and palm kernel (PK) even though sales volume decreased, the company said in a filing with Bursa Malaysia today.

In the fourth quarter (Q4), the group’s net profit rose to RM16.53 million from RM13.71 million a year earlier.

Revenue also ticked up 32.17 per cent to RM51.75 million from RM39.15 million previously.

On prospects, the plantation company said CPO average selling prices have strengthened since the end of FY21.

“The average selling prices of CPO are expected to remain strong and this would have a corresponding effect on the financial performance for FY22,” it said.

In another filing, the company said in view of interim and special dividends payments, the directors do not recommend any final dividend in respect of FY21. — Bernama

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