KUALA LUMPUR (Nov 23): Kuala Lumpur Kepong Bhd’s (KLK) net profit tripled to RM625.8 million for the fourth quarter ended Sept 30, 2021, from RM208.82 million a year ago, thanks to higher palm oil prices and profit contribution from newly acquired IJM Plantations Bhd.

Revenue rose 48.24% to RM5.93 billion from RM4 billion in the same quarter last year, KLK’s filing to Bursa Malaysia showed.

The group did not declare any dividend for the latest quarter.

KLK said its plantation segment’s profit rose threefold to RM585.6 million from RM192.4 million a year earlier, due to improved crude palm oil (CPO) and palm kernel prices, higher CPO sales volume, profit contribution from IJM Plantations, and better profit contribution from processing and trading operations.

For the full year ended Sept 30, 2021 (FY21), KLK’s net profit also nearly tripled to RM2.26 billion from RM772.6 million in the previous year, as revenue increased 27.7% to RM19.92 billion from RM15.6 billion.

The group said the plantation segment’s performance in FY22 is expected to be better on the back of strong prevailing CPO prices and profit contribution from the newly acquired plantation subsidiaries.

Despite challenges from volatile raw material price movements and logistic issues caused by the pandemic, it said the oleochemical division expects to maintain its performance in FY22.

“Overall, the group is expected to sustain its strong performance going into FY22,” it said.

KLK’s share price closed 54 sen or 2.6% lower at RM20.26 on Tuesday, valuing the group at RM22.27 billion. Year-to-date, the counter has fallen 14.66%.