Boustead Plantation Bhd’s fourth quarter of financial year 2021 (4Q21) net profit rose to RM85.14 million from RM27.46 million in 4Q20, on the back of revenue of RM341.5 million for the quarter.
In a filing to Bursa Malaysia yesterday the company said average CPO price for 4Q of RM5,044 per tonne was 52% higher than that of RM3,324 per tonne recorded in the last quarter of FY2021.
For the full year of 2021 net profit surged 462% YoY to RM241.29 million in the financial year ended Dec 31, 2021 (FY21), boosted by stronger crude palm oil (CPO) prices.
Revenue jumped 38% to RM1.05 billion, the highest since its listing in 2014 compared to RM763.05 million previously.
Palm kernel’s average price soared 92% to RM3,855 per tonne versus RM1,852 per tonne previously, while FFB production for the quarter of 248,328 tonnes was marginally higher than the output in 4QFY20 of 247,693 tonnes.
Fresh fruit brunch (FFB) production for the same period was higher at 248,328 metric tonne (MT) but FFB yield reduced to 3.6 MT/Ha.
Oil extraction rate in the final quarter soared to 21.5% while kernel extraction rate (KER) fell 4.1%.
The group expects prospects for the coming year to be largely influenced by the selling prices and ongoing improvement programs undertaken by Boustead, as well as Boustead Group’s Reinventing Boustead strategy.
“Palm oil is expected to maintain trading at higher price in view of prolonged labour shortage and weaker production due to recent heavy rainfall. Malaysia’s end stock for 1Q22 is expected to stay at the low level due to weaker production,” Boustead said.
Oil palm prices would also be affected by the current La Nina in South America, the Indonesian government’s domestic market obligation and domestic price obligation and China’s low stock after the Chinese New Year celebrations.
The dividend will be paid on March 22, 2022 to shareholders registered in the Register of Members at the close of business on March 11, 2022.
Source: The Malaysian Reserve