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PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) saw its net profit improve 19.3% to RM208.82 million for its fourth quarter ended Sept 30, on the back of improvement across most segments which was offset by a bigger loss from its investment holdings business.
Revenue for the quarter stood at RM4 billion, a 5.3% increase from RM3.8 billion reported previously.
According to its Bursa filing, the group’s plantation segment saw profit rose 52.2% to RM192.4 million from RM126.4 million reported previously driven by favourable realised crude palm oil (CPO) and palm kernel selling prices.
Its manufacturing segment reported a 24.8% higher profit at RM118.9 million from RM95.3 million recorded previously attributed to an increase in revenue as well as a RM20.1 million higher unrealised gain from fair value changes on outstanding derivative contracts.
Meanwhile, KLK’s property development segment saw a 63.2% surge in profit for the quarter supported by a higher revenue, while its investment holdings/ other segment posted a RM14.7 million equity loss from an overseas associate, Synthomer Plc.
For the full year, KLK reported net profit rose 25.1% to RM772.6 million from RM617.51 million reported for the previous financial year.
Revenue for the period saw a marginal 0.3% uptick to RM15.6 billion from RM15.53 billion reported previously.
The group stated it will recommend the payment of a final payment of dividend for the financial year at a later date
In regard to its prospects for the next financial year, it expects plantation profits to improve given the buoyant prevailing CPO prices as palm oil inventories remained tight, supported by higher exports.
The group’s oleochemical division anticipates a challenging year ahead due to the uncertainties arising from the resurgence of Covid-19 worldwide.
Overall, it expects the profit for financial year 2021 to be better.
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