KUALA LUMPUR (Feb 25): TSH Resources Bhd’s net profit jumped 76.68% to RM32.95 million in the fourth quarter ended Dec 31, 2020 from RM18.65 million a year earlier, thanks to higher crude palm oil (CPO) and palm kernel prices, partially offset by lower sales contribution from other segments.

Earnings per share rose to 2.39 sen from 1.35 sen, the group’s filing with Bursa Malaysia today showed.

Quarterly revenue rose 0.1% to RM195.24 million from RM195.06 million a year ago.

The group said its palm products segment reported higher revenue of RM176.5 million compared with RM166.7 million in the previous corresponding period, mainly due to higher CPO and palm kernel prices.

It noted that the average CPO price was RM2,779 per tonne compared with RM2,306 a year prior.

As for fresh fruit bunches (FFB) production, the group achieved 180,963 tonnes, up from 160,911 tonnes previously.

The group said other segments recorded lower revenue of RM18.8 million against RM28.3 million previously, on lower contribution from the bio integration division and cocoa division, resulting in lower sale of electricity and lower cocoa revenue.

TSH declared an interim dividend of 1.5 sen per share, payable on April 1.

On a quarter-on-quarter basis, net profit climbed 36.92% from RM24.07 million in the preceding quarter, while revenue inched up 0.55% from RM194.17 million.

For the full year, net profit soared 78.63% to RM79.09 million from RM44.28 million in the previous year. Full year revenue rose 8.74% to RM781.67 million from RM718.81 million.

TSH Resources is cautiously optimistic of achieving satisfactory performance for 2021.

“The board remains optimistic on the long-term prospects of the palm oil industry. Global population and per capita income growth as well as the many health qualities of palm oil are expected to drive greater demand for palm products,” it added.

Shares of TSH Resources closed two sen or 1.89% higher at RM1.08, giving it a market capitalisation of RM1.49 billion.