PETALING JAYA: Hap Seng Plantations Holdings Bhd
will focus on enhancing operational efficiency to offset rising production costs while maintaining good plantation practices to boost fresh fruit bunch (FFB) yield and extraction rates.
The group noted that the proposed minimum wage increase from RM1,500 to RM1,700 per month, effective Feb 1, 2025, will raise its production costs.
In the third quarter (3Q) ended Sept 30, the group’s net profit jumped 46.5% to RM55.4mil compared with RM37.8mil in the same corresponding quarter a year ago, translating into earnings per share of 6.93 sen from 4.73 sen previously.
Revenue climbed 7.7% to RM177.2mil against RM164.5mil last year, mainly due to higher average selling price and higher sales volume of all palm products.
For its first nine months, the company recorded a 69.2% rise in net profit to RM119.6mil, alongside a 5.2% increase in revenue to RM493.3mil.
