KUALA LUMPUR (Aug 16): Fima Corp Bhd's net profit for the first quarter ended June 30, 2022 (1QFY23) surged more than four-fold to RM11.55 million from RM2.34 million, in line with higher revenue contributions mainly from oil palm production and processing, and the production and trading of security and confidential documents.

Earnings per share amounted to 4.87 sen from 0.98 sen before, according to a Bursa Malaysia filing on Tuesday (Aug 16).

Quarterly revenue grew 92.58% to RM74.33 million from RM38.6 million due to higher sales recorded by all of the group's divisions.

Fima said revenue from its production and trading of security and confidential documents division was 126.3% or RM16.6 million higher against the corresponding period last year mainly due to higher sales volume for travel documents.

As for its oil palm production and processing segment, Fima said the division registered RM18.9 million or 78.5% increase in revenue compared with the corresponding period last year, primarily due to higher sales volumes and prices of crude palm oil and crude palm kernel oil.

On a quarter-on-quarter basis, Fima's net profit plunged by 58.15% from RM27.61 million in the immediate preceding quarter while revenue fell by 19.18% from RM91.98 million in 4QFY22.

Looking ahead, Fima said it will continue to focus on establishing new strategic alliances to develop new products and solutions to complement its existing products for the production and trading of security and confidential documents segment.

The group foresees the overall performance of the oil palm production and processing segment remaining very much influenced by the direction of palm oil prices and estate yield.

Fima's share price closed unchanged at RM1.94 on Tuesday, valuing the company at RM475.8 million.