United Plantations Berhad’s revenue for the current period at RM1.99 billion million was higher by 41.7% as compared to RM1.4 billion recorded in the corresponding period, this was mainly due to the increases in revenues for the plantation and refinery segments by 23.1% and 50.9% respectively in the current period.
The group’s profit before tax at RM637.6 million for the current period was higher by 33.3% as compared to RM478.2 million in the corresponding period.
Plantation was the major segment contributor to the group’s revenue which increased by 23.1% to RM963.9 million in the current period from RM783.2 million in the corresponding period due to higher CPO and PK prices. Average CPO price at RM3,839 per mt was 25.7% higher whereas average PK price at RM2,905 per mt was 38.9% higher when compared to the corresponding period. CPO production was lower by 1.3%, whereas PK production was marginally higher by 0.9% in the current period. As the result of higher fertilizer prices, higher minimum wages, and the newly concluded collective agreement, the cost of production of CPO and PK were 44.6% and 26.6% higher.
With CPO price surging to more than RM7,500 per mt before correcting to RM3,418 per mt as at 30 September 2022, windfall tax increased by 46.7% to RM55.5 million in the current period from the corresponding period. The profit before tax of this segment increased by 15.0% in the current period as compared to the corresponding period. The average selling prices of CPO and PK for the current period and the corresponding period are as shown below.
On a quarterly level, the group’s revenue for the current quarter at RM649.6 million was lower by 7.4% as compared to RM701.3 million recorded in the preceding quarter mainly as a result of the revenue from plantation and refinery segments being lower by 9.9% and 5.8% respectively. The profit before tax for the current quarter at RM302.0 million was higher by 16.6% as compared to RM258.9 million recorded in the preceding quarter due to a strong recovery from the refinery segment.
