KUALA LUMPUR (Aug 29): Jaya Tiasa Holdings Bhd reported a 115% jump in its fourth quarter net profit ended June 30, 2022 (4QFY22) to RM42.195 million from RM19.64 million a year earlier due to better profit margins from higher crude palm oil (CPO) and palm kernel average selling prices.

Revenue for the quarter rose 7.99% to RM214.8 million from RM198.9 million, despite seeing a huge decline of revenue in its timber division, which was down 48% from RM32.42 million to RM16.84 million, according to the group's filing with Bursa Malaysia on Monday.

For the full financial year ended June 30 (FY22), Jaya Tiasa’s cumulative net profit ballooned 321% to RM135.74 million from RM32.25 million. Cumulative revenue increased 7.84% to RM780.105 million from RM723.41 million in FY21.

Moving forward, Jaya Tiasa said CPO prices are expected to remain firm in the first half of the new financial year as a result of tight global vegetable oil supply and improved demand from major buyers.

Though it sees some improvement in manpower supply, the group is committed to continuing to address the labour shortage issue faced by the oil palm industry by focusing on sound labour retention policies, improving productivity and operational cost efficiency to mitigate the overall rising cost of operation.

Barring any unforeseen circumstances, the group anticipates the performance for the next financial year to be satisfactory.

Jaya Tiasa’s share price closed down two sen or 3.33% at 58 sen on Monday, translating into a market capitalisation of RM564.76 million.