Higher palm oil prices augur well for Kim Loong

PETALING JAYA: Following record earnings in the second quarter ended July 31, 2022 (2Q), Kim Loong Resources Bhd expects a better financial year 2023 (FY23) on the back of higher palm oil prices and improving fresh fruit bunch (FFB) production.

The plantation company posted a net profit of RM49.7mil in 2Q, driven by the higher average selling prices of FFB and crude palm oil (CPO). Cumulatively, its first-half (1H) profit surged 37.8% year-on-year to RM88.9mil.