Higher palm oil price boost for Sime Darby

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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