PETALING JAYA: United Plantations Bhd (UP) remains focused on its operations and is taking various means to improve on its yields, costs and productivity, amidst the global uncertainties and challenges.
Based on the current palm oil prices and the company’s focus on securing the budgeted crop in the remaining part of 2024, UP said in a Bursa Malaysia filing that it expects its results for the year to be satisfactory.
For the second quarter ended June 30, 2024 (2Q24), UP’s net profit rose to RM185.94mil from RM159.02mil in the previous corresponding period, while revenue in 2Q24 grew to RM546.08mil from RM470.07mil a year earlier.
Basic earnings per share stood at 44.83 sen versus 38.34 sen previously.
For the six-months period ended June 30, 2024, UP’s net profit improved to RM318.81mil from RM271.11mil a year earlier, while revenue grew to RM1bil from RM930.06mil a year earlier.
UP said the improved earnings were attributable to higher crude palm oil (CPO) production and higher average CPO and palm kernel prices.