KUALA LUMPUR (May 29): Sarawak Oil Palms Bhd’s net profit increased 2.7 times to RM68.54 million or 12.02 sen a share in the first quarter ended March 31, 2017 (1QFY17) from RM25.03 million or 5.67 sen a share a year ago, mainly due to higher fresh fruit bunch (FFB) production volume coupled with favourable realised price.

Quarterly revenue rose 7.9% to RM1.12 billion in 1QFY17 from RM1.04 billion in 1QFY16.

In a filing with Bursa Malaysia today, Sarawak Oil Palms said prices of its palm oil products rose to RM3,153 per tonne in 1QFY17 from RM2,980 per tonne in 4QFY16, while that of palm kernel products fetched RM3,476 per tonne from RM3,297 per tonne.

Going forward, Sarawak Oil Palms said its performance will continue to be driven by the FFB production and palm products price movement which is dependent on the world edible oil market, the movement of the ringgit and the economic situation.

Sarawak Oil Palms shares closed down two sen or 0.55% at RM3.60 today for a market capitalisation of RM2.06 billion.

Source: The Edge Malaysia – http://www.theedgemarkets.com/article/sarawak-oil-palms-1q-net-profit-increase-27-times-higher-palm-oil-output-prices