United Plantations Q3 net profit jumps 62% on higher CPO prices 


KUALA LUMPUR: Higher palm oil prices boosted United Plantations Bhd's earnings in the third quarter.

Net profit in the three-month ended Sept 30 surged 62% to RM154.1mil from RM95.3mil made a year ago.

Revenue was up at RM525.5mil compared with RM334mil previously. The company has declared an interim dividend of 30 sen a share.

"With the significant uncertainties related to the consequences of the Covid-19 pandemic, it is difficult to predict the results for 2021," the company said in a filing today.

Year-to-date. United Plantations has registered a net profit of RM364.7mil compared with RM300mil achieved in the same nine-month period last year.

With palm oil prices traded in the range of RM3,160 a tonne to RM4,600 a tonne, which were significantly above the windfall tax threshold of RM2,500 a tonne, the group's Malaysian plantation segment incurred RM37.8mil in windfall tax in the the first nine months of 2020.

"Based on the increased palm oil prices and the company’s ability to avoid any significant crop losses in spite of the acute labour shortages experienced during the year, the Board of Directors expect that the results for the year will be satisfactory and better than in 2020," it said.

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United Plantations , CPO , palm oil

   

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