Hap Seng Plantations’ Q4 net profit up 155%

“The global supplies of edible oils remain tight due to lower-than-expected production which have pushed edible oils prices to an unprecedented high,” said Hap Seng.

KUALA LUMPUR: Hap Seng Plantations Holdings Bhd is expecting its financial performance in 2022 to be influenced by the current high crude palm oil (CPO) prices, exacerbated by lower production, weather and labour issues.

In a filing with Bursa Malaysia, the group pointed out that Malaysian palm oil inventories decreased by 3.9% month-on-month to 1.552 million tonnes at end-January 2022 (from 1.615 million tonnes at end-December 2021) in tandem with the lower production.