Johor Plantations Group Bhd recently shared an upbeat outlook for the remainder of the year, driven by a successful third quarter.
The palm oil producer's net profit increased by 13% in the third quarter of 2024, reaching RM77.1 million.
The increase was largely driven by higher palm oil and palm kernel prices, along with increased sales volume.
The company also announced a dividend of 1.25 cents per share, scheduled for December.
During this period, the price of crude palm oil (CPO) increased by 5.7% to RM4,157 a tonne, while the price of palm kernels jumped 29% to RM2,843 a tonne.
This encouraging market price pushed Johor Plantations' revenue up by 18%, amounting to RM404.13 million for the quarter.
The company plans to focus on improving its efficiency and productivity, while accelerating its mechanization efforts.
In addition, Johor Plantations is developing an Integrated Sustainable Palm Oil Complex and partnering with Fuji Oil Group to build a new refinery that will produce specialty oils and fats.
The company's net profit for the first nine months of 2024 has jumped by 69% compared to the previous year, reaching RM176.81 million, reflecting strong and sustainable growth.
