PETALING JAYA: Hap Seng Consolidated Bhd
saw its net profit for its third quarter ended Sept 30, 2024 (3Q24) surging almost four times year-on-year (y-o-y) to RM193.1mil, despite revenue dipping 3.9% to RM1.48bil.
The group attributed higher profit contribution from its plantation, property and credit financing divisions, specifically to the increase in selling prices of crude palm oil (CPO), palm kernel (PK), as well as better CPO, PK and fresh fruit bunch production.
For the year up to September (9M24), Hap Seng Consolidated posted earnings of RM500.5mil, which was 34.4% lower y-o-y compared to the first nine months of 2023. Turnover was also lower by 11.4% at RM4.23bil.
The group said in a filing with Bursa Malaysia that 9M23 results included a RM600.3mil gain from the disposal of subsidiaries. “Excluding these gains, year-to-date pre-tax and after-tax profits would be higher than the preceding year’s corresponding period by 110% and 144% respectively,” it revealed.
