Boustead Plantations' net profit up 51% amid higher CPO prices

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KUALA LUMPUR: Boustead Plantations Bhd’s (BPB) net profit rose 51 per cent to RM73.22 million in the second quarter (Q2) ended June 30, 2022, from RM48.38 million in the same quarter last year.

Revenue increased 44 per cent to RM348.96 million from RM242.78 million previously due to an increase in palm products prices, which led to the profit from operations of RM112.5 million, the plantation group said in a filing with Bursa Malaysia today.

In Q2, the average crude palm oil (CPO) price stood at RM6,611 per tonne, higher than last year’s corresponding quarter of RM4,014 per tonne by 65 per cent.

The highest monthly average CPO price of RM6,857 per tonne was recorded in May 2022, which surpassed last quarter’s highest monthly average CPO price of RM6,780 per tonne recorded in March 2022.

Chief executive officer Zainal Abidin Shariff said the group’s latest performance was an outcome of the continuous efforts done in its yield performance initiatives, particularly the ongoing Plantations Performance Improvement Programme (PPIP), in addition to the group’s ability to manage cost-effectively.

However, adverse weather and labour shortages continued to impact the group’s yield performance, he said.

"In the current quarter, the increase in diesel prices is among factors affecting our production cost.

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"Nevertheless, proactive measures that we have undertaken under the PPIP allowed us to offset the impact,” he said.

On prospects, Zainal Abidin said the current price of palm oil is expected to experience a further correction in the second half of 2022, as stock levels are expected to be high due to factors of Indonesia lifting its export ban and increased quota on export, the ongoing Ukraine-Russia conflict and global climate change.

"The group is expected to achieve reasonable improvement in crop production in line with the progress of PPIP and Boustead Group’s Reinventing Boustead Strategy.

"We foresee that the production cost to be higher in the second half of 2022 due to the impact of minimum wages and increase in the fertiliser prices,” he added.

The board of directors has declared a second interim single-tier dividend of 2.75 sen per share for the year ending Dec 31, 2022, payable on Sept 27, 2022. - Bernama