KUALA LUMPUR: FGV Holdings Bhd is expecting to close out 2022 with a strong annual result on the back of improvements in its operating performance.
According to the plantations group, the sector is expected to remain resilient in 4QFY22 with a flat crude palm oil (CPO) production projection of 18.3 million tonnes.
It added that CPO prices are expected to average about RM4,000 per tonne in the final quarter despite increased supply from seasonally higher fresh fruit bunch (FFB) output as well as stockpiles in exporting countries such as Indonesia.
“I am pleased to report that the group is on course for a strong close this financial year.
"Our improved operating performance for 9M FY2022 is mainly attributed to higher palm product margins due to higher CPO price realised and higher throughput and tonnage carried by the Logistic Sector," said FGV group CEO Datuk Nazrul Mansor in a statement.
For the nine months ended Sept 30, 2022, FGV recorded a net profit of RM984.93mil, a 40.15% increase over the same period in 2021.,
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Earnings per share for the three quarters was 27 sen, up from 19.26 sen in the 9MFY21.
The group's revenue rose to RM19.46bil, 45.34% improved year-on-year (y-o-y).
Despite the year-to-date earnings growth, the group's 3Q net profit was 39.4% lower y-o-y at RM241.67mil due to losses incurred in the sugar sector and lower CPO and processed palm oil sales volume in the plantation sector.
The group's revenue was 16.3% higher y-o-y at RM6.18bil on the back of the higher average CPO prices realised.
Moving forward, Nazrul said the group aspires to be a sustainable, global food and agribusiness player.
"We are strengthening our position in the Malaysian food market, not only in essential food items such as cooking oil and sugar but also building our presence in other value-added consumer food products segments," said Nazrul.