JOHOR BAHRU: Johor Plantations Group Berhad (JPG) recorded profit before tax and zakat (PBT) in full year 2024 (FY2024) of RM346.2 million from RM186.92 million in full year 2023 (FY2023), a remarkable 85.2% jump from the previous year.
Net profit grew 54.5% to RM256.1 million from RM165.7 million in FY2023. This performance was driven by 21.7% increase in revenue year-on-year (YoY) in FY2024, growing to RM1.5 billion from RM1.3 billion in FY2023.
In the fourth quarter 2024 (4QFY2024), PBT surged 47.4% to RM104.3 million from RM70.7 million in fourth quarter 2023 (4QFY23). Consecutively, net profit increased 29% to RM79.9 million in 4QFY2024 from RM61.9 million in 4QFY2023.
The Board has declared a third interim dividend of 2.75 sen per share for the quarter,
rewarding its shareholders with a total dividend of 5.25 sen per share for the year. This is based on full year earnings per share of 10.29 sen calculated based on outstanding 2.50 billion number of shares post-listing. With this, the total dividend payout amounted to 51% of Profit After Tax and Minority Interest (Patami) for the year.
The Group’s strong performance for FY2024 reflects both operational excellence and optimal business strategy. JPG recorded a 9.3% YoY increase in FFB production to 1.1 million MT and yield improvement to 22.4 MT/Ha in FY2024.
This operational success was amplified by:
• 10.2% jump in crude palm oil (CPO) delivery volume to 298,024 MT from 270,347 MT
in FY2023;
• 6.6% rise in palm kernel (PK) delivery volume to 77,436 MT in FY2024 from 72,675 MT in FY2023;
• 8.6% increase in average CPO selling price of RM4,826/MT
• 29.3% increase in average PK selling price of RM3,543/MT
“Overall JPG achieved another stellar performance in 2024 thanks to the dedicated efforts of our team, strategic initiatives and unwavering commitment to delivering results. These include the successful listing of JPG on Main Market Bursa Malaysia, positive demand from our Sukuk issuance, and marking our entry into the downstream through the joint venture agreement with Fuji Oil Asia and the development of Integrated Sustainable Palm Oil Complex (iSPOC).
“With the full guidance from the Board, we are also well on track to reach the milestones in our growth journey, expanding our income streams beyond purely upstream plantation. This year, we remain steadfast in our commitment to delivering results. We will continue to pursue excellence at every level, enhancing our core capabilities while positioning ourselves for sustainable growth and seizing new opportunities,” said JPG managing director Mohd Faris Adli Shukery.
