KUALA LUMPUR, Nov 26 — Sarawak Oil Palms Bhd’s (SOPB) net profit for the third quarter (Q3) ended September 30, 2021 soared 70 per cent to RM125.48 million against RM73.83 million in the same quarter a year ago.
Revenue for the period jumped 64 per cent to RM1.30 billion compared with RM794.88 million previously due to higher average prices of palm oil products, it said in a filing with Bursa Malaysia today.
For the nine months ended September 30, 2021, the group’s revenue expanded to RM3.03 billion against RM1.93 billion reported in the corresponding period in 2020.
Group profit before tax for the same period was RM435.1 million against RM254.7 million previously.
“The increase in profit before tax was mainly due to an increase in the average realised prices of palm oil products despite the drop of about 10 per cent in the production of fresh fruit bunches (FFB) due to labour shortage during this Covid-19 pandemic period,” it said.
On its prospects, the group said its performance would continue to be driven by FFB production and the price of palm oil products, which is dependent on the world edible oils market, movement of the ringgit and the economic situation. — Bernama
