Sarawak Oil Palms Berhad registered total revenue of RM1.43 billion for Q1FY2022 compared with RM788.3 million reported for the same quarter in 2021.
The difference represents an increase of 82% with the group’s profit before tax for the current quarter also increasing to RM268.6 million compared with RM113.0 million reported in the corresponding quarter last year. Sarawak Oil Palms said the increase in revenue and profit before tax was mainly attributed to higher average realised prices of palm products sold.
Accordingly compared to the previous quarter, the Group registered total revenue of RM1,434.6 million for Q1FY2022 compared with RM1,394.1 million reported in Q4FY2021. Profit before tax of RM268.6 million compared to RM279 million reported in Q4FY2021. One of the main reasons for the lower profit before tax reported was a decrease in FFB production by about 20% compared to the preceding quarter in spite of an increase in average realized prices of palm products during the quarter.
Moving forward, the group added that the performance would continue to be driven by the FFB production and palm products price movement which is dependent on the world edible oil market, plantation labour supply, the effect of the supply chain on costs of fertilizers, and chemicals, on-going COVID-19 pandemic, movement of Ringgit Malaysia and economic situation
Separately, on 7 March 2022, the Group announced its proposed bonus issue of up to 303,136,773 new ordinary shares on the basis of 1 bonus share for every 2 existing shares held on the entitlement date to be determined and announced later. Sarawak Oil Palms has obtained approval from Bursa Securities for the listing and quotation of up to 303,136,773 Bonus Shares to be issued pursuant to the Proposed Bonus Issue of Shares on the Main Market of Bursa Securities on 20 April 2022.
