Friday 29 Mar 2024
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KUALA LUMPUR (June 22): United Malacca Bhd's net profit in its fourth quarter ended April 30, 2017 (4QFY17) rose 43% to RM29 million from RM20.23 million a year ago, thanks to higher fresh fruit bunches (FFB) production, and better crude palm oil (CPO) and palm kernel prices.

Earnings per share in the quarter climbed to 13.86 sen from 9.67 sen a year ago. Revenue was up 47% at RM70.28 million compared with RM47.9 million previously.

Quarterly FFB production rose 49% year-on-year (y-o-y), said United Malacca in a filing. Meanwhile, CPO and palm kernel (PK) average prices rose by 25% and 32% respectively, it added.

The company proposed a second interim single-tier dividend of 12 sen, and a special 3 sen single-tier dividend, both payable on Aug 24. This brings its total FY17 payout to 23 sen, up 44% from the 16 sen dividend it paid in FY16.

Its FY17 annual net profit came in 42% higher at RM84.55 million from RM59.57 million in FY16, as CPO and PK prices grew 28% and 67% respectively, coupled with an 8% higher FFB production, it said. Revenue grew 34% year-on-year to RM274.71 million from RM205.74 million.

While its plantation businesses flourished with profit before tax (PBT) growing 81% and 252% y-o-y in Malaysia and Indonesia respectively, its investment holding's PBT declined 59%, dragged by foreign exchange losses.

Moving forward, United Malacca expects satisfactory results for its FY18.

"The group expects higher FFB production for the financial year ending April 30, 2018 (FY18), due to improved FFB yield from the young matured palms and an additional 4,898 hectares coming into maturity," it said.

As at 5pm, shares of United Malacca closed one sen or 0.17% higher at RM6.03, giving it a market capitalisation of RM1.26 billion.

 

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