Group CEO Fakhrunniam said the group’s financial performance continues to demonstrate resilience and growth.
PETALING JAYA: FGV Holdings Bhd
will be intensifying its yield enhancement efforts for its plantation division, focusing on efficient crop recovery, loose fruit collection, and estate mechanisation.
In a statement, FGV noted that crude palm oil (CPO) production reached its peak in the third quarter of financial year 2024, driven by improved palm productivity.
For the third quarter ended Sept 30, 2024, FGV’s net profit rose to RM87.16mil from RM31.98mil in the previous corresponding period, mainly driven by its plantation, logistics and support division.
Revenue jumped to RM6.18bil from RM4.91bil in the previous corresponding quarter. Basic earnings per share stood at 2.39 sen versus 0.88 sen previously.
FGV group chief executive officer Fakhrunniam Othman said the group’s financial performance continues to demonstrate resilience and growth.
“Our plantation division has been one of the key drivers, showing remarkable improvement in fresh fruit bunch (FFB) production and yield.
“Despite challenges in some segments, our strategic focus on optimising operations and increasing efficiency is paying off, and I am confident that we are on track to close the year on a strong note.”
Fakhrunniam said the group’s plantation division posted a profit of RM96mil, a significant increase from RM0.68mil recorded in the same quarter last year.
“The performance was influenced by the increase in FFB production, which grew to 1.20 million tonnes from one million tonnes. “This increase resulted in a higher yield of 4.72 per ha by 27%, supported by improvements in crop patterns and strategic focus on quick-win initiatives such as loose fruit collection, the removal of unharvested bunches, enhanced crop security and improved accessibility.
For the nine-month period ended Sept 30, 2024, FGV’s net profit surged to RM160.05mil from RM31.18mil in the previous corresponding period, while revenue rose to RM16.24bil from RM13.99bil a year earlier.
Going forward, Fakhrunniam said the group’s logistics and support division continues to maintain strong performance, underpinned by high-quality logistics services, proactive customer engagement and digital transformation efforts that enhance efficiency and reduce costs.
“While we remain vigilant of potential challenges such as market volatility and global economic pressures, I am confident that with our strong operational base, strategic initiatives, and dedicated team, we will achieve our objectives for the remainder of the year and beyond,” Fakhrunniam said.
