KUALA LUMPUR, Nov 23 — Boustead Plantations Bhd’s net profit for the third quarter jumped 432 per cent to RM95.55 million from RM17.97 million in the same quarter last year due to an increase in palm products prices.

In a filing with Bursa Malaysia today, the company said revenue for the quarter ended Sept 30, 2021, rose 43 per cent to RM293.77 million as opposed to RM205.67 million previously.

It said the average crude palm oil (CPO) selling price for the third quarter recorded RM4,331 per metric tonne (MT), which surpassed last year’s corresponding quarter of RM2,772 MT by 56 per cent.

Meanwhile, palm kernel’s average selling price of RM2,541 MT was higher by 72 per cent.

However, fresh fruit bunches (FFB) production for the quarter at 263,276 MT was lower than the production in the third quarter of 2020 at 273,625 MT, the company said.

For the cumulative nine months period, net profit spiralled to RM156.15 million versus RM15.49 million previously, revenue stood at RM708.48 million as compared with RM535.42 million before the period.

It said the post-pandemic outlook for the palm oil industry in Malaysia remains bright, backed by balanced supply and demand as well as an expected recovery from labour shortages next year.

"The group remains focused on efforts to improve performance despite labour shortages.

"The implementation of various yield and productivity improvement initiatives as well as cost management programmes continue to support the performance,” it said.

The group has identified opportunities within the scope of mechanisation and recruitment of local workers which are among the key ingredients within the Boustead Reinventing Strategy, it said. — Bernama