JOHOR BAHRU: Johor Plantations Group Berhad (formerly known as Johor Plantations Berhad) (JPG), announced the unaudited financial results of JPG and its subsidiaries (collectively, the Group) for the second quarter ended June 30, 2024 (2Q FY2024). The Group’s revenue increased by 34.9% year-on-year (YoY), from 2Q FY2023’s RM267.6 million to RM360.9 million in 2Q FY2024. Profit before tax and zakat (PBT) rose by 160.5% YoY, from RM25.2 million in 2Q FY2023 to RM65.7 million in 2Q FY2024.
The higher revenue and PBT for the period were largely attributed to:
· 31.2% increase in crude palm oil (CPO) delivery volume from 55,851 metric tonnes (MT) in 2Q FY2023 to 73,262 MT in 2Q FY2024;
· 31.2% rise in palm kernel (PK) delivery volume from 14,604 MT in 2Q FY2023 to 19,154 MT in 2Q FY2024; and
· 16.6% YoY increase in PK selling price and a 1.5% YoY increase in CPO selling price.
For the cumulative six months ended June 30, 2024 (6M FY2024), the Group’s revenue increased by 26.2%, from RM519.6 million in 6M FY2023 to RM655.8 million in 6M FY2024, while PBT rose by 407.4%, from RM25.4 million in 6M FY2023 to RM128.7 million in 6M FY2024.
The higher revenue and PBT for the six-month period were mainly due to:
· 26.2% increase in CPO delivery volume from 107,941 MT in 6M FY2023 to 136,187 MT in 6M FY2024;
· 19.3% increase in PK delivery volume from 29,353 MT in 6M FY2023 to 35,027 MT in 6M FY2024; and
· 11.2% increase in PK selling price in 6M FY2024 as compared to 6M FY2023 and flattish CPO price.
The Board has declared an interim dividend of 1.25 sen per share for the quarter, which is payable on Sept 24, 2024.
JPG managing director, Mohd Faris Adli Shukery said, “Increased CPO volume and sustained selling prices were key drivers of our improved profitability this quarter. These positive results align with our vision of becoming the globally preferred producer of premium sustainable and traceable oils and fats. To ensure continued success, we remain focused on enhancing operational efficiency, yield improvement, advancing our mechanisation efforts, and enforcing stringent cost controls. These efforts will position us to capitalise on any potential market opportunities.”
“We are poised to strengthen our position as a leading force in the integrated oil palm sector, and we are confident that these efforts will solidify our standings and drive ongoing growth for the months to come. Sustainability will remain integral to our operations due to increasing preference for responsibly-sourced palm oil. Furthermore, our accelerated digitalisation and mechanisation initiatives align seamlessly with our broader transformation towards future-proofing and resilience,” he added.
