PETALING JAYA: United Plantations Bhd
believes that 2023 has started out on a bearish note, with slow trading activity and palm oil prices having eased considerably from the historical highs seen in 2022.
In a filing with Bursa Malaysia, the company said its net profit grew to RM112.09mil from RM59.69mil a year earlier, while revenue was lower at RM459.99mil, compared with RM642.91mil previously.
Basic earnings per share stood at 27.02 sen versus 14.39 sen last year.
Going forward, United Plantations said the acute labour shortages experienced in Malaysia over the last few years have finally turned a corner with new recruitment taking place in the plantation sector.
“The acute labour shortages experienced in Malaysia over the last few years have finally turned a corner with new recruitment taking place in the plantation sector.
“Nevertheless, due to the prolonged onboarding process of new workers, the industry will likely only feel the positive impact of this during the middle of 2023 thereby limiting production losses in the field which was very widespread in the Malaysian plantation industry during 2022.”
