Sarawak Oil 3Q net profit jumps on commodity price rally

by ANIS HAZIM / Pic credit: sop.com.my

SARAWAK Oil Palm Bhd’s net profit for the third quarter ended Sept 30, 2021 (3Q21) rose 70% year-on-year (YoY) to RM125.49 million or earnings per share (EPS) of 21.95 sen on higher average realised prices of palm products sold.

Revenue for the quarter jumped by 64% YoY to RM1.3 billion, according to its filing on Bursa Malaysia.

The board did not declare any dividend for the quarter under review.

For the nine months of 2021 (9M21), Sarawak Oil posted a net profit of RM302.87 million or EPS of 52.99 sen as revenue rose by 57% YoY to RM3 billion.

Sarawak Oil’s share price closed 4.08% or 15 sen lower at RM3.53 on Friday, valuing the group at RM2 billion.