Hap Seng posts higher net profit of RM156.3mil

Hap Seng said the plantation division’s revenue doubled to RM242.2mil from RM121.3mil in the first quarter of 2021 due to higher average selling prices realised as well as improved sales volume of all palm products.

KUALA LUMPUR: Hap Seng Consolidated Bhd registered a higher net profit of RM156.3mil in the first quarter ended March 31, 2022 from RM120.83mil last year, thanks to growth recorded in most segments.

Revenue increased to RM1.64bil from RM1.28bil previously, mainly attributable to higher contribution from the plantation, automotive, trading and building materials divisions, it said in a filing with Bursa Malaysia.