KUALA LUMPUR, Nov 29 — QL Resources Bhd’s net profit for its second quarter ended September 30, 2022 (Q2 2022) grew to RM93.9 million, or up 104 per cent, from RM45.94 million in Q2 2021 as a result of higher sales across all business segments.

Revenue in the quarter under review also expanded 31 per cent to RM1.64 billion versus RM1.25 billion previously, it said in a filing with Bursa Malaysia.

QL Resources said the marine product manufacturing segment sales increased by 24 per cent during Q2 2022 mainly due to higher selling prices and improved selling volume arising from the strong US dollar for all activities, except for surimi-based products following labour constraints.

The palm oil and clean energy segment sales rose 23 per cent driven by higher project progress at its associate company Boilermech but were partially offset by weaker performance of palm oil activities with lower crude palm oil (CPO) selling price and a drop in fresh fruit bunches (FFB) tonnage processed.

The group said the integrated livestock farming segment sales went up 30 per cent due to high feed raw material trading volume and price as well as the higher selling price of farm produce.

It said its convenience store chain segment sales rose 57 per cent caused by the opening of additional 70 new stores and higher average sales per store with pent-up demand and positive effects from government stimulus after the economy re-opened.

"With the softening of consumer sentiment due to rising inflationary pressure and economic slowdown caused by higher interest rate as well as reduced government stimulus packages, the management is cautiously optimistic that the business performance will remain resilient with the continuing cost subsidy by government to mitigate the high farming cost,” it noted. — Bernama