business

KLK's Q3 net profit more than doubles to RM784mil

KUALA LUMPUR: Kuala Lumpur Kepong Bhd's (KLK) net profit more than doubled to RM783.94 million in the third quarter (Q3) ended June 30, 2021 from RM368.69 million in the same quarter last year.

In a filing to Bursa Malaysia, KLK said this was driven by higher crude palm oil (CPO) and palm kernel (PK) selling prices during the quarter.

Its revenue surged 39.4 per cent to RM5.17 billion from RM3.71 billion.

For the nine-month period, KLK's net profit more than doubled to RM1.63 billion from RM563.79 million, while revenue jumped 20.6 per cent to RM13.98 billion from RM11.59 billion.

KLK said its year-to-date (YTD) net profit was boosted by non-operational gains derived from fair value surplus of RM324.3 million on deemed disposal of an associate, Aura Muhibah Sdn Bhd and surplus of RM158.4 million from sales of land and government acquisitions.

The company said the net profit from its plantation segment for financial year ending September 30, 2021 (FY21) would be significantly higher as CPO and PK selling prices were much better compared to last financial year.

It added that YTD, its oleochemical division had performed well and was expected to sustain its performance in the Q4 despite a challenging market environment.

"On the whole, the group's profit for FY21 will improve substantially," KLK said.

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