,Cepatwawasan said: "As CPO prices are expected to hover above RM3,000 during the remainder of this year, the group’s operating results, cash flow and financial condition for the current financial year ending 2021 are not expected to be significantly affected by the Covid-19 pandemic."
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KUALA LUMPUR: Plantation-based CepatWawasan Group Bhd’s net profit rose by 49.7% to RM9.47mil in the second quarter ended June 30, 2021 from RM4.76mil a year ago due to the record palm oil high prices.
In a filing with Bursa Malaysia on Wednesday, it said the higher earnings were mainly due to higher average selling price of crude palm oil (CPO) by 83% and higher average selling prices of palm kernel (PK), fresh fruit bunches (FFB) and empty fruit bunches (EFB) oil by about two-fold.
However, production of CPO fell by 18%, PK (22%), FFB (5%) and EFB oil 31% respectively.
Cepatwawasan said its revenue increased by 45.1% to RM81.38mil from RM56.08mil. Earnings per share were 3.07 sen compared with 1.54 sen.
For the first half, its net profit jumped by 271% to RM15.08mil from RM4.05mil in the previous corresponding period. Its revenue reported a 26.4% increase to RM131.97mil from RM104.39mil.
On the 2Q 21 results, it said the plantation segment’s profit increased by RM9.05mil to RM11.01mil mainly due to a substantial increase in average FFB selling price by about two-fold. FFB production was however lower by 5%.
Its oil mill segment’s profit fell 32% to RM2.23mil mainly due to poorer FFB production in the Sandakan region. As a result, FFB processed by the mill decreased by 20% and the processing margin was also squeezed due to stiff competition for FFB.
On the outlook, Cepatwawasan said the prices of CPO started high in January 2021 and hit a 13-year high of close to RM5,000 per tonne in May 2021. Prices have retraced since then but rebounded to the current level of above RM4,000.
“As CPO prices are expected to hover above RM3,000 during the remainder of this year, the group’s operating results, cash flow and financial condition for the current financial year ending 2021 are not expected to be significantly affected by the Covid-19 pandemic,” it said.