by ANIS HAZIM / graphic by TMR

SARAWAK Oil Palms Bhd posted 147% in net profit to RM194.99 million for the first quarter ended March 31, 2022 (1QFY22) from RM79 million a year ago, mainly attributed to higher average realised prices of palm products sold.

Its 1QFY22 also saw higher earnings per share of 34.09 sen compared to 13.84 sen for 1QFY21, according to its filing to Bursa Malaysia on Monday.

The group’s revenue jumped 82% to RM1.43 billion from RM788.32 million in the same quarter from the previous year also attributed to higher average realised prices of palm products sold.

On its prospects, Sarawak Oil said it would continue to be driven by the fresh fruit bunch production and palm products price movement.

However, this is dependent on the world edible oil market, plantation labour supply, the effect of supply chain on costs of fertilisers and chemicals, the ongoing Covid-19 pandemic, movement of ringgit, and the economic situation.

Sarawak Oil’s share price rose 1.01% or six sen to RM6 on Monday, giving the group a market capitalisation of RM3.49 billion.