Fima Corp posts higher net profit in 1Q22

by NURUL SUHAIDI / pic source

FIMA Corp Bhd saw its net profit for the first quarter ended June 30, 2022 (1Q22), jumped 394.6% to RM11.5 million compared to RM2.3 million in 4Q21.

This is due to a higher revenue coupled with lower selling and marketing expenses.

The group also doubled its revenue by 92.9% for the 1Q22 from RM38.6 million to RM74.3 million due to higher sales recorded by all divisions.

The company announced a higher earnings per share of RM4.87 sen per share as against RM0.98 sen last year.

In a filing to Bursa Malaysia yesterday, the group said it will continue to put concerted efforts to establish new strategic alliances to develop new products and solutions to complement its existing products.

It said the overall performance of the oil palm production and processing is very much influenced by the direction of palm oil prices and its estates’ yield.

“Nevertheless, moving forward we will remain focus in improving our efficiency in oil processing and optimising production cost,” it said.