FGV Holdings has released its latest earnings with YTD revenue declining 28% to RM13.99 billion compared to the previous corresponding financial period while the profit before zakat and taxation of the Group decreased significantly to RM157.02 million for the financial period under review compared to RM1.49 billion reported in the previous financial period. PAT plunged from RM984 million to RM31 million.
Profit attributable to equity shareholders for Q3 2022 dipped even further to RM23 million from RM241 million achieved in 2022, while revenue for Q3 2023 came in at RM4.9 billion versus RM6.18 billion in the preceding year’s quarter.
FGV said the performance in the current financial period was dragged down by the lower profit registered in the Plantation Sector. The improvement in Logistics and Other sectors and lower losses incurred by the Sugar Sector have partially mitigated the decline in profit from the plantation Sector
The profit in Plantation Sector plummeted to RM186.62 million for the financial period ended 30 September 2023 from RM1,570.10 million recorded in the previous financial corresponding period mainly due to the weaker average CPO price realised achieved of RM3,948 per mt against RM4,989 per mt registered in the previous corresponding financial period. This was further compounded by higher CPO production costs ex-mill by 35%.
