CBIP posts higher Q1 earnings on palm oil and engineering income 

KUALA LUMPUR: CB Industrial Product Holding Bhd (CBIP) posted a higher net profit in the first quarter, boosted by increased revenue from its palm oil plantations and improved margin at its equipment and engineering business.

Net profit in the three-ended March 31 surged 51% to RM18.6mil compared with RM12.3mil made a year ago.

Revenue increased 46% to RM157mil, CBIP said in a filing with Bursa Malaysia today.

"Considering the progress of the projects secured in hand and the current challenging environment, the Board is optimistic that the Group will be able to achieve satisfactory results mainly driven by the palm oil equipment and engineering segment for the financial year ending Dec 31, 2021," it said.

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