KUALA LUMPUR: MHC Plantations Bhd's net profit rose 80 per cent to RM16.31 million for the second quarter (Q2) ended June 30, 2022, from RM9.07 million a year ago.

The company's revenue also increased 30.05 per cent to RM180.79 million from RM139.01 million last year.

The higher earnings were mainly due to the higher average selling prices of crude palm oil (CPO), palm kernel, fresh fruit bunches and empty fruit bunches oil by 59 per cent, 39 per cent, 57 per cent and 34 per cent, respectively, it said.

For the six months ended June 30, the company's net profit rose 74.25 per cent to RM27.78 million from RM15.94 million a year ago, while revenue rose 42.07 per cent to RM334.14 million from RM235.19 million previously.

On the outlook, MHC Plantations expects CPO prices to remain firm in the second half of 2022, given supply tightness amid the prolonged Russia-Ukraine conflict.

The company will continue to improve its operating efficiency and productivity, mainly through mechanisation.

The board is confident that, barring any unforeseen circumstances, the group will continue to perform satisfactorily for the financial year 2022, the filing noted.