SD Guthrie group managing director Datuk Mohamad Helmy Othman Basha
KUALA LUMPUR: SD Guthrie Bhd
's profit in the financial year ended Dec 31, 2024, was driven higher primarily by a stronger performance in its Malaysia uptstream business.
The group's net profit for the year rose to RM2.16bil from RM1.86bil in FY23, while revenue rose to RM19.83bil from RM18.43bil previously.
Earnings per share climbed to 31.3 sen from 26.9 sen in the previous year.
Meanwhile, the group's fourth quarter net profit was RM772mil, nearly four times the net profit of RM200mil in the year-ago quarter. Revenue was mildly lower at RM5.26bil from RM5.28bil in the comparative quarter.
The board of directors declared a final dividend of 11.71 sen per share, which brings the total annual payout to 16.36 sen per share in FY24.
"Our financial performance reflects the discipline, diligence and determination it has taken toturn the Malaysian operations around, which has resulted in far improved productivity.
"To drive further growth, the latest acquisition of an equity stake in Netherlands-based Marvesa Supply Chain Services B.V. strengthens our downstream footprint in Europe and unlocks opportunities for us to grow in the non-food segment, particularly animal feed and biofuel," said group managing director Datuk Mohamad Helmy Othman Basha in a statement.
He also said the group is working closely with its strategic partners on the renewable energy and industrial park growth pillars.
"Supported by strong fundamentals, the group will navigate through FY25 with caution, asthe operating environment remains unpredictable," added chairman Tan Sri Nik Norzrul Thani Nik Hassan Thani.
On the group's FY24 performance, the Malaysian upstream segment's recurring profit before interest and trax (PBIT) more than tripled year-on-year (y-o-y) to RM973mil as focused efforts to rehabilitate and restore operations to previous levels yielded positive results, enabling the Group to capitalise on strong crude palm oil prices (CPO).
"The group’s average realised CPO and palm kernel (PK) prices were 9% and 38% higher y-o-y, to RM4,101 per metric tonne (MT) and RM2,418 per MT, respectively.
"Minamas Plantations and New Britain Palm Oil also performed better in FY24 than in FY23, despite challenging operating conditions," it said.
In the downstream segment representd by SD Guthrie International (SDGI), the group reported a PBIT of RM579mil in FY24, driven by stronger profits from the Asia Pacific bulk operations. It said Europe continues to be the primary driver of SDGI’s performance, delivering strong margins.
