Sarawak Oil Palms' 3Q net profit rises to RM73.83 mil

Sarawak Oil Palms' 3Q net profit rises to RM73.83 mil
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KUALA LUMPUR (Nov 26): Sarawak Oil Palms Bhd’s net profit for the third quarter ended Sept 30, 2020 (3Q 20) rose to RM73.83 million from RM30.9 million in the same period last year.

Revenue improved 11% to RM794.88 million from RM716.31 million a year earlier, mainly attributed to higher average realised prices of palm products, it said in a filing with Bursa Malaysia today.

Meanwhile, the company registered total revenue of RM1.9 billion for the nine months ended Sept 30, 2020 against RM2 billion reported in the corresponding period in 2019, representing a decrease of 5%.

This, it said, was due mainly to lower volume of palm products sold.

On prospects, the company said it would continue to be driven by the fresh fruit bunches (FFB) production and palm products price movement which is dependent on the world edible oil market, movement of the ringgit, and the economic situation.