Cepatwawasan’s 3Q net profit more than doubles to RM11.62m on higher palm oil prices

TheEdge Mon, Oct 25, 2021 01:48pm - 2 years View Original


KUALA LUMPUR (Oct 25): Cepatwawasan Group Bhd’s net profit for the third quarter ended Sept 30, 2021 more than doubled to RM11.62 million from RM5.35 million a year ago, underpinned by higher palm oil prices.

Its quarterly revenue also rose 64.61% to RM103.88 million, from RM63.11 million a year ago, the plantation firm said in a bourse filing.

The group did not declare any dividend for the latest quarter.

The group said the higher revenue and net profit were mainly due to higher average selling price of crude palm oil (CPO), palm kernel (PK), fresh fruit bunches and empty fruit bunch (EFB) oil by 61%, 75%, 72% and 75% respectively.

Production of CPO and PK also increased by 16% and 12% respectively while production of EFB oil reduced by 23%.

For the nine months ended Sept 30, the group’s net profit was close to three-fold higher at RM26.7 million compared to RM9.41 million a year earlier, while its revenue climbed 40.81% to RM235.86 million, from RM167.51 million.

“The prices of CPO started high in January 2021 and are currently trading higher around RM5,000 per MT. Prices are expected to remain strong throughout the remaining period of 2021,” it said. 

“The group’s operating results, cash flow and financial condition for the current financial year ending 2021 are not expected to be significantly affected by the Covid-19 pandemic. Nevertheless, the group will continue to monitor and assess the impact and at the same time adhere to all preventive and control measures to curb the spread of Covid-19,” it added.  

At noon break on Monday, Cepatwawasan shares fell 0.5 sen or 0.66% to 75 sen, valuing the group at RM240.42 million.

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