not vested
Hap Seng Plantations 1Q net profit more than triples y-o-y amid higher CPO and PK pricesby Izzul Ikram
KUALA LUMPUR (May 25): Hap Seng Plantations Holdings Bhd reported a net profit of RM101.67 million for the first quarter ended March 31, 2022 (1QFY22), up more than three-fold year-on-year from RM29.37 million, mainly on the back of higher average selling prices (ASPs) of crude palm oil (CPO) and palm kernel (PK).
Earnings per share spiked to 12.71 sen from 3.67 sen, the planter’s bourse filing on Wednesday (May 25) showed.
Likewise, its quarterly revenue was carried by ASPs 99.56% higher y-o-y to RM242.15 million from RM121.32 million, but was also supported by a higher sales volume of all palm products.
The ASP of CPO increased by 56.18% to RM6,019 per tonne compared to RM3,854 per tonne a year earlier, while the ASP of PK stood at RM4,702 per tonne, 81.9% higher from RM2,585 per tonne.
CPO sales volume stood at 33,607 tonnes in 1QFY22, while PK sales volume was at 7,319 tonnes — an increase of 28% and 8% respectively compared to a year prior — mainly attributed to higher CPO and PK production and favourable inventory movements.
“CPO and PK production for the current quarter were higher by 6% and 7% respectively, as compared to the preceding year's corresponding quarter, benefitting from higher fresh fruit bunches (FFB) production, as well as higher CPO and PK extraction rates.
“FFB production for [the] current quarter was 5% higher than the preceding year corresponding quarter, with higher FFB yield due to seasonal yield trends and changes in cropping patterns,” it added.
The planter did not declare any dividends for the quarter.
Expect prices to moderate in the second half of 2022, as CPO production enters its peak production cycle, subject to the resolution of the labour shortage situation in Malaysia with the re-entry of migrant workers.
Source: theedgemarkets.com
https://www.theedgemarkets.com/article/ ... -pk-prices
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