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Petronas expected to post higher earnings for FY21
Petronas expected to post higher earnings for FY21
Historic high CPO price a boon for FGV
Historic high CPO price a boon for FGV
Agong urges govt to focus on eradicating hardcore poverty
Agong urges govt to focus on eradicating hardcore poverty
Some 75 Malaysian students evacuated following Queensland floods
Some 75 Malaysian students evacuated following Queensland floods
Agong: Transition to endemic phase must be done carefully
Agong: Transition to endemic phase must be done carefully
Anwar submits motion to debate Leissner’s revelation
Anwar submits motion to debate Leissner’s revelation
KPJ Healthcare returns with maiden wakalah sukuk
KPJ Healthcare returns with maiden wakalah sukuk
The Malaysian Reserve
The Malaysian Reserve
162 programmes for WAVE 2021 Festival this year
162 programmes for WAVE 2021 Festival this year
Azmin: Russia-Ukraine conflict will affect global economy
Azmin: Russia-Ukraine conflict will affect global economy
KPS’ transformation programme boosts earnings to RM1.3b
KPS’ transformation programme boosts earnings to RM1.3b
SAY, YRMS help the needy through ‘Kita Bantu’ programme
SAY, YRMS help the needy through ‘Kita Bantu’ programme
Job vacancies increase by 143.2%
Job vacancies increase by 143.2%
eWages to monitor payment for foreign workers
eWages to monitor payment for foreign workers
BMW, Regas rolls out EV facility in Sarawak
BMW, Regas rolls out EV facility in Sarawak
CIMB’s 4Q21 profit rises on lower provisioning
CIMB’s 4Q21 profit rises on lower provisioning
RHB expects loan growth to grow between 4% and 5% in FY22
RHB expects loan growth to grow between 4% and 5% in FY22
Kerjaya Prospek to launch 2 property projects
Kerjaya Prospek to launch 2 property projects
Farm Fresh sets IPO price at RM1.35 per share
Farm Fresh sets IPO price at RM1.35 per share
BIZ in BRIEF
BIZ in BRIEF
YTL to benefit from possible revival of the HSR and MRT 3 projects
YTL to benefit from possible revival of the HSR and MRT 3 projects
DRB-Hicom expected to post better sales in FY22
DRB-Hicom expected to post better sales in FY22
Mah Sing’s 2Q21 earnings get boost from affordable homes launches
Mah Sing’s 2Q21 earnings get boost from affordable homes launches
KLCI ends firmer
KLCI ends firmer
Oil soars as more sanctions on Russia
Oil soars as more sanctions on Russia
GLOBAL Commodities
GLOBAL Commodities
Ukraine crisis risks pushing Sri Lanka closer toward default
Ukraine crisis risks pushing Sri Lanka closer toward default
China to add 3,000 ‘little giants’ this year to spur innovation
China to add 3,000 ‘little giants’ this year to spur innovation
Indonesia tycoon teams up with Bukalapak for online grocery push
Indonesia tycoon teams up with Bukalapak for online grocery push
Russia hikes rates to highest since 2003
Russia hikes rates to highest since 2003
Russian planes face grounding risk
Russian planes face grounding risk
Norwegian energy giant Equinor to pull out of Russia
Norwegian energy giant Equinor to pull out of Russia
Ukraine says Russian troops ‘reduced pace of offensive’, China calls for de-escalation
Ukraine says Russian troops ‘reduced pace of offensive’, China calls for de-escalation
UN: Over 100 civilians killed in Ukraine war, including 7 children
UN: Over 100 civilians killed in Ukraine war, including 7 children
World’s biggest plane destroyed in Russian attack on airfield
World’s biggest plane destroyed in Russian attack on airfield
Rooftop rescues in Australia as tens of thousands evacuated from floods
Rooftop rescues in Australia as tens of thousands evacuated from floods
Singapore court rejects latest gay sex ban challenge
Singapore court rejects latest gay sex ban challenge
Hugs, tears as ‘Fortress New Zealand’ relaxes border
Hugs, tears as ‘Fortress New Zealand’ relaxes border
How a pensioner made Spanish banks rethink counter services
How a pensioner made Spanish banks rethink counter services
Deaf drama CODA wins top prize at SAG awards
Deaf drama CODA wins top prize at SAG awards
Assembly is an ambitious, joyful collage of black art and voguing
Assembly is an ambitious, joyful collage of black art and voguing
Sidewalk is new catwalk outside Milan fashion shows
Sidewalk is new catwalk outside Milan fashion shows
Russia facing World Cup exile
Russia facing World Cup exile
Ice day for a swim: Braving America’s ice water ‘Olympics’
Ice day for a swim: Braving America’s ice water ‘Olympics’
Jazz eclipses Suns 118-114
Jazz eclipses Suns 118-114
Straka scores 1st for Austria with Honda Classic win
Straka scores 1st for Austria with Honda Classic win
SPORTS in BRIEF
SPORTS in BRIEF
Liverpool wins League Cup
Liverpool wins League Cup
The Reds has lifted the League Cup a record 9 times, while Klopp is the 1st German manager to win the tournament
Former Olympian R Subramaniam dies
Former Olympian R Subramaniam dies
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Historic high CPO price a boon for FGVFGV Holdings Bhd expects the Ukraine-Russia conflict to bring a net positive impact towards the palm oil sector and the group as the crude palm oil (CPO) prices reached historic highs.FGV group CEO Mohd Nazrul Izam Mansor said increasing uncertainties which rise from any major conflicts normally entails a spike in commodity prices.“At the same time, FGV has a minimum direct export to that part of the world, to Ukraine as well as Russia.“The range we are looking at for the CPO price forecast is between RM4,000 to RM5,000 per tonne for 2022,” he told reporters after the group’s financial year 2021 results briefing.Like other commodities, CPO prices jumped past RM7,000 a tonne for the first-time following Russia’s invasion of Ukraine.CPO futures contracts for April 2022 rose RM533 to RM6,786 a tonne, whereas the benchmark May 2022 contracts went up RM476 to close at RM6,458.Commenting on that, Mohd Nazrul said FGV does sell forward and the company’s policy entails FGV to sell up to six months forward.“I’m glad to also mention that we will manage to sell at least at price level until August 2022,” he added.FGV’s net profit for the financial year ended Dec 31, 2021 (FY21), soared to RM1.17 billion from RM146.16 million a year ago, while revenue jumped by 39% to RM19.58 billion from RM14.08 billion previously.The group announces a final dividend payment of eight sen per share, translating to a total dividend payout of RM291.85 million.For the fourth quarter ended Dec 31, 2021 (4Q21), FGV’s net profit jumped to RM465.09 million from RM131.06 million in 4Q20, underpinned by significant improvement in the plantation sector on the back of higher palm oil prices.Quarterly’s revenue surged 54.25% to RM6.18 billion from RM4.01 billion mainly due to higher contributions from its plantation and logistics segments.Earnings per share rose to 12.75 sen from 3.59 sen, the group’s filing to Bursa Malaysia showed.FGV’s plantation sector, the group’s business mainstay, which makes up the biggest chunk of its business portfolios, recorded a stronger performance in 4Q21 with a total operating profit before land lease agreement and impairment of RM716 million on the back of RM5.41 billion revenues.The group’s sugar sector under its 51% owned publiclisted subsidiary, MSM Malaysia Holdings Bhd, however, posted an operating loss of RM6 million in 4Q21 compared to operating profit of RM72 million in 4Q20 despite registering a higher revenue of RM642 million, a 2% increase from RM630 million a year earlier.On prospect, Mohd Nazrul said while uncertainties surrounding labour supply continue to persist, he expects the situation will recover in 3Q22 while its plantation sector will keep focusing on harvesting, crop recovery and replanting efforts to ensure the profitability of the group in the long run.“Along with this, our sugar sector will optimise its local presence through an aggressive sales strategy, regional export penetration and value-added business activities to improve sales volume.“Similarly, our logistics sector will also continue to explore opportunities for market expansion and diversification while heightening its operational effectiveness,” he added.Shares in FGV closed nine sen or 4.62% higher at RM2.04, valuing the plantation group at RM7.44 billion yesterday. — by NUR HANANI AZMAN