Izaddeen Daud
PETALING JAYA: Boustead Plantations Bhd
(BPB) will remain steadfast on enhancing yield and operational efficiency while improving cost efficiencies to drive sustainable growth.
Despite headwinds and market volatility, director Izaddeen Daud said he is optimistic that BPB’s prospects will improve over the long-term through continuous integration of digitalisation and mechanisation across its operations.
Looking ahead, he said in a statement yesterday that BPB has a solid plan in place and is committed to navigating the difficult environment while upholding environmental, social and governance standards.
In a filing from Bursa Malaysia, the group reported a 38% drop year-on-year (y-o-y) in its revenue to RM199.7mil as well as a 99% drop y-o-y of its net profit to RM5.2mil or an earnings per share of 0.23 sen for its first quarter of 2023 (1Q23), ended March 31, 2023.
BPB said the output of fresh fruit bunch for the quarter was 190,400 tonnes, which was 3% less than the production for the 1Q22 at 195,882 tonnes.
At its AGM, the group reviewed its financial year 2022 (FY22) ended Dec 31, 2022 with a recorded revenue of RM1.2bil, which was attributable to high palm product prices in the first half of 2022, as well as gains realised from the disposal of land.
