KUALA LUMPUR, July 21 ― United Plantations Bhd’s shares were up in the early trade after the group reported better earnings in the second quarter ended June 30, 2022 (Q2 2022), amidst elevated crude palm oil (CPO) prices.

At 9.15am, the counter gained eight sen to RM14.08 sen, with 29,200 units traded.

In a filing with Bursa Malaysia, United Plantation reported that its net profit grew by 36 per cent to RM184.63 million from RM135.79 million a year ago.

Revenue rose 45.5 per cent year-on-year to RM701.26 million from RM481.87 million in Q2 2021.

Its plantation segment’s revenue rose by 25.6 per cent quarter-on-quarter (q-o-q) on the back of higher production and rising prices, while its refinery segment recorded a 6.4 per cent q-o-q increase in revenue due to higher selling prices.

"With the significant uncertainties related to the consequences of the Russia-Ukraine war and the unresolved chronic labour shortage in Malaysia, it is difficult to predict the results for 2022.

"However, based on the current palm oil prices and the company’s ability to minimise significant crop losses so far despite the acute labour shortage, we expect that the results for the year will be satisfactory and better than in 2021,” it said. ― Bernama