KUALA LUMPUR: Boustead Plantations Bhd registered a net profit of RM12.23 million in the first quarter (Q1) ended March 31, 2021 from a net loss of RM9.55 million recorded in the same quarter a year ago.
Group revenue increased 5.7 per cent to RM171.94 million from RM162.69 million previously.
Boustead Plantations, in a statement today, said the strong results were primarily attributable to higher palm product prices.
It said average crude palm oil (CPO) selling price stood at RM3,751 per tonne, reflecting an increase of RM958 or 34 per cent from RM2,793 per tonne in the same quarter last year.
Average palm kernel price was also higher at RM2,520 per tonne, up by RM820 or 48 per cent.
The company said fresh fruit bunches (FFB) production for the quarter stood at 180,165 tonnes while FFB yield came in at 2.6 tonnes per hectare (ha).
Average oil extraction rate and kernel extraction rate stood at 20.3 per cent and 4.0 per cent respectively.
Boustead Plantations chief executive officer Ibrahim Abdul Majid said it was optimistic that the current high CPO prices would boost its earnings this year, although this might be moderated by lower production due to existing labour shortage in the plantation industry.
“We are pleased to maintain our positive momentum to deliver improved results for the first quarter. Moving forward, the group’s performance will continue to be driven by crop production and CPO prices,” he said.
The company declared a first interim dividend of 0.3 sen per share for the year ending December 31, 2021.
The dividend will be paid on June 30 to shareholders on the register as at June 11 this year.