,Sime Darby Plantation in Sg Buloh. With the continued impact of labour shortages on Malaysia’s CPO production as well as tight global vegetable oil inventory levels, the group expects prices to remain firm.
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KUALA LUMPUR: Sime Darby Plantation Bhd posted stronger earnings in the second quarter ended June 30, 2021 at RM617mil due to higher realised crude palm oil (CPO) and palm kernel (PK) prices, as well as an increase in fresh fruit bunch (FFB) production.
In a statement on Wednesday, it said net profit increased by 63% from RM378mil a year ago. Net profit increased by 9.8% from the RM562mil in the first quarter.
It declared an interim dividend of 7.9 sen per share which will go ex on Oct 27.
Sime Plantation’s revenue rose by 37% to RM4.41bil from RM3.21bil. Earnings per share were nine sen compared with 5.5 sen.
“Higher year-on-year palm prices and oil extraction rate (OER) have more than compensated for the marginally lower FFB production,” it said.
For the first half (1H21) its net profit increased by 39% to RM1.18bil from RM846mil in the previous corresponding period. Its revenue increased by 29% to RM8.08bil from RM6.26bil.
The group recorded a higher profit before interest and tax (PBIT) despite a reduction in profits from disposal of non-core assets (1HFY21: RM125mil versus 1H20:RM459mil).SimePlant2Q-table-Aug21
Sime Plantation said the group’s PBIT for its upstream segment more than doubled to RM1.33bil in 1H21 from RM604mil a year ago.
Underpinning the increases were high CPO and PK prices realised which averaged at RM3,422 and RM2,312 per tonne respectively.
Furthermore, the group’s FFB production increased by 2% on-year, driven by improved production in its Indonesia operations.
Sime Darby Oils, the group’s downstream segment, also doubled its PBIT to RM253mil from RM113mil primarily due to improved sales volumes and margins in Asia Pacific.
Sime Plantation chairman, Tan Sri Megat Najmuddin Megat Khas said the group is on track to achieve its financial targets for the financial year 2021, despite
the challenges posed by the pandemic and the national level lockdown.
He said the group has set up three industrial vaccination centres (PPVIN) for the plantation industry in the Sarawak and Selangor.
“More than 10,500 workers will be inoculated in these centres. We are also looking at setting up more centres in our operations across the country,” he said.
Sime Plantation group managing director, Mohamad Helmy Othman Basha said the
group has performed well, despite the numerous challenges of the current
environment, ranging from labour shortages to the Withhold Release Order imposed by the US Customs and Border Protection on its Malaysian products.