TH Plantations Berhad announced a higher Profit Before Tax (PBT) of RM28.6 million for the current quarter ended 30 September 2023, an increase of 20% from RM23.9 million reported in the corresponding quarter 2022.
Its Profit After Tax and Minority Interest (PATAMI) increased by 22% to RM17.6 million against RM14.4 million in the corresponding quarter last year. Revenue for the third quarter rose marginally to RM216.6 million, compared to RM213.3 million during the same period a year ago contributed by higher sales volume of Fresh Fruit Bunches (FFB) despite a slightly lower average realised prices of palm products and production volume. The better earnings in the third quarter were also contributed by the higher fair value of biological asset compared to the corresponding period last year.
Mohamed Zainurin Mohamed Zain – Chief Executive Officer of THP said, “The performance of the Group would continue to be driven by the FFB production and global world edible oil price movement. Overall production of FFB and CPO are expected to increase in the 4Q2023.
We will continue to take all necessary steps to improve the fundamentals of the Group including optimising its manuring, consolidation, mechanisation, and transformation initiatives in all its estates and mills to strengthen overall efficiency and cost management.”
The group expects palm oil product prices to remain stable at current levels until the end of the year, due to strong local consumption in Malaysia and Indonesia, as well as dry weather concern in Brazil and Indonesia, despite the lacklustre demand and higher stock in Malaysia.
