KUALA LUMPUR (Nov 28): Economic Affairs Minister Datuk Seri Mohamed Azmin Ali says the more than 100% recovery in FGV Holdings Bhd's share price this year is due to the group's efficient, transparent and effective administration.

In a tweet today, Azmin noted that the counter had jumped by 67 sen to RM1.31 on Tuesday, from 64 sen on Dec 14 last year.

After falling to RM1.24 yesterday, the stock was back at RM1.31 at today's closing.

FGV today also announced that it has narrowed its net loss to RM262.41 million for the third quarter ended Sept 30, 2019, from RM849.46 million in the previous corresponding quarter, amid lower impairments.

In a statement, FGV chief executive officer Datuk Haris Fadzilah Hassan said the group's transformation plan was bearing fruit as evidenced by the significant improvement in operational performance.

"With higher crude palm oil price in the fourth quarter, our improving operational numbers bode well for the future," he added.