Plantation group’s 1Q net profit up 28%
PETALING JAYA: Higher crude palm oil (CPO) and palm kernel (PK) prices helped lift Sime Darby Plantation Bhd
’s (SDP) net profit in the first quarter ended March 31, 2022 (1Q22), 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.
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