Felcra’s 1/2021 interim profit for C&R projects surges 146% to RM135.2m

By BERNAMA / Pic by TMR FILE PIX

FELCRA Bhd’s 1/2021 interim profit for consolidation and rehabilitation (C&R) projects for the financial period of Jan 1 to April 30, 2021, surged 146% to RM135.15 million from RM54.93 million for the same period last year.

The company, which is wholly owned by the Minister of Finance Inc, said of the total profit, RM74.31 million will be distributed as an interim 1/2021 distribution in stages starting Wednesday (Aug 23) to 63,353 participating farmers of 656 projects that recorded profits.

Meanwhile, a monthly distribution of RM4.17 million was paid for the period of January to April 2021, making the total interim 1/2021 distribution payment of RM78.48 million.

“As in previous years, the remaining profit surplus will be paid together with the 2021 year-end distribution after the adjustment of accounts and savings is made,” Felcra said in a statement today.

Meanwhile, group CEO Mohd Nazrul Izam Mansor said despite the better profit performance for interim 1, Felcra remained cognisant of several factors that needed further improvements such as productivity rates and operating costs of participating farmers.

“However, various transformation efforts undertaken by the company since 2018 have given the positive impact on profit margins, for example, the implementation of the GAP (good agricultural practices) concept in the daily process of estate management,” he said.

Felcra also continues to provide jobs in the estates in order to build harvesting expertise among the local human capital, where 2,500 harvest operators are expected to be needed nationwide to meet the needs of harvesting and tree management, he added.