Sime Darby Plantation's 1Q net profit lifted to RM718mil on higher CPO, PK prices

KUALA LUMPUR: Higher crude palm oil (CPO) and palm kernel (PK) prices helped lift Sime Darby Plantation Bhd's net profit in the first quarter ended March 31, 2022, to RM718mil, a 27.76% increase over RM562mil in 1Q21.

The plantations group said revenue rose 19% year-on-year (y-o-y) to RM4.38bil as the higher prices offset the negative impact resulting from a prolonged labour shortage in the Malaysian palm oil industry and normalisation in Indonesian fresh fruit bunch (FFB) production.