KUALA LUMPUR: FGV Holdings Bhd’s (FGV) net profit for the third quarter ended Sept 30, 2022 (Q3’22) went down to RM241.67 million from RM399.39 million recorded in Q3’21.
Revenue, however, rose to RM6.18 million from RM5.32 million previously, the group said in a filing with Bursa Malaysia on Nov 30.
It said the higher revenue was driven by the higher average crude palm oil (CPO) price realised during the quarter, while the lower net profit was mainly attributed to losses incurred in its sugar sector and lower CPO and processed palm oil (PPO) sales volume recorded by its plantation sector.
Moving forward, group CEO Datuk Nazrul Mansor said the group is strengthening its position in the Malaysian food market, not only in terms of essential food items such as cooking oil and sugar, but also building its presence in other value-added consumer food product segments.
On the sustainability front, he said FGV remains committed to respecting and championing human rights as part of its sustainability framework.
On the same note, Nazrul said the sustainable sourcing of raw sugar enables FGV’s subsidiary, MSM Malaysia Holdings Bhd to have sugar traceability and practices in accordance with environmental, social and corporate governance (ESG) framework commitment.
“Gula Prai is traceable to the mill and is now part of the ‘No Deforestation and No People Exploitation (NDPE) Sugar’ initiative,” he said. – Bernama