KUALA LUMPUR (May 27): Oil palm and timber company Subur Tiasa Holdings Bhd (KL:SUBUR) on Tuesday announced the retirement of its chairman Datuk Tiong Thai King.

Tiong, 80, assumed the role of chairman in October 2021. He has 55 years of leadership experience in the oil palm and timber industries.

He is also the group managing director of the Rimbunan Hijau Group of Companies and the executive chairman and founder of the Mafrica Group of Companies.

The former politician is the younger brother of tycoon Tan Sri Tiong Hiew King, founding chairman of the Rimbunan Hijau Group.

Separately, Subur Tiasa reported a net profit of RM1.41 million for the first quarter ended March 31, 2025 (1QFY2025), compared with a net loss of RM7.18 million a year earlier.

Revenue for the quarter declined 16.71% year-on-year to RM86.07 million from RM103.4 million. The decrease was due to softer contributions from the group’s core oil palm and timber-related operations, according to the group's exchange filing.

No dividend was declared for the quarter.

Subur Tiasa said the oil palm segment experienced a 21% decline in revenue to RM62.2 million for the quarter, mainly due to a 20% drop in fresh fruit bunches sales volume, which fell from 83,181 tonnes to 66,900 tonnes.

Additionally, the average selling price of crude palm oil decreased 2% from RM4,850 per tonne to RM4,732 per tonne.

Meanwhile, the timber segment recorded lower revenue of RM17.8 million and a pre-tax loss of RM5.2 million, amid reduced sales volumes of logs and timber panels.

Subur Tiasa’s shares closed unchanged at 63 sen, valuing the group at RM118.7 million. Year to date, the stock has retreated 19.23%.