Genting Plantations posts higher 1Q net profit of RM61.25mil
KUALA LUMPUR: Genting Plantations Bhd posted a higher net profit of RM61.25 million in the first quarter ended March 31, 2025 (1Q 2025) compared to RM42.83 million in the same period last year.
Revenue also increased by 19 per cent to RM719.45 million from RM605.83 million previously, attributable to higher palm product prices and improved sales volume in the downstream manufacturing segment.
In a Bursa Malaysia filing, Genting Plantations said fresh fruit bunch (FFB) production in 1Q 2025 saw a year-on-year decline, primarily due to disruptions caused by unusually heavy rainfall and flooding across several estates in Malaysia.
"The impact was partially offset by stronger output from the group's Indonesian estates, supported by a favourable age profile," it said.
Genting Plantations also reported higher crude palm oil and palm kernel prices of RM4,162 per tonne and RM3,311 per tonne, respectively.
"Reflective of the higher palm products selling prices, 1Q 2025 earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the Plantation segment increased year-on-year on top of the increased sales volume during the quarter," it said.
Meanwhile, Genting Plantations said the group's prospects for the remainder of the year will track the performance of its mainstay plantation segment, which is, in turn, dependent on movements in palm product prices and FFB production.
It said palm oil prices have since eased, driven by the seasonal recovery in production and the expected buildup in palm oil stocks.
"However, the group anticipates prices to stabilise in the near term, supported by purchases from key importing countries following the recent palm oil price correction.
"Nonetheless, escalating trade tensions and subdued crude oil prices may add to price volatility," it added. - Bernama
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