FGV likely to close year on a strong note

KUALA LUMPUR: FGV Holdings Bhd is expecting to close 2022 with strong annual results on the back of improvements in its operating performance.

According to the plantations group, the sector is expected to remain resilient in the fourth quarter with a flat crude palm oil (CPO) production projection of 18.3 million tonnes.

It added that CPO prices are expected to average about RM4,000 per tonne in the final quarter despite increased supply from seasonally higher fresh fruit bunch output as well as stockpiles in exporting countries such as Indonesia.

For the nine months ended Sept 30, 2022, FGV recorded a net profit of RM984.93mil – a 40.15% increase over the same period in 2021.

Earnings per share for the three quarters was 27 sen, up from 19.26 sen in the same corresponding period last year.

Its revenue rose to RM19.46bil – an improvement of 45% year-on-year.

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