Sarawak Plantation net profit dips to RM96.71m in FY2022

KUALA LUMPUR: Sarawak Plantation Bhd’s net profit for the financial year ended Dec 31, 2022 (FY2022) slipped to RM96.71 million from RM127.83 million recorded in FY2021.

Revenue fell to RM710.91 million compared with RM790.52 million previously, the company said in a filing with Bursa Malaysia.

The plantation group said the decrease in net profit was mainly due to lower operating profit coupled with a loss on fair value changes of biological assets of RM7.2 million in the current financial year against a gain of RM21.4 million in the preceding year.

“The group’s operating profit before tax was RM141.4 million in the current financial year compared to operating profit before tax of RM149.0 million for the preceding year.

“The decrease in operating profit was principally due to the effect of lower sales volume of crude palm oil (CPO) and palm kernel (PK) despite higher realised average selling prices of CPO and PK and higher production cost during the current financial year,” it said.

For the fourth quarter ended Dec 31, 2022, the group recorded a lower net profit of RM5.13 million from RM32.53 million recorded in the same quarter a year ago, while revenue declined to RM158.08 million from RM243.64 million previously. – Bernama