FGV reportes its second quarter earnings with revenue increasing 23% to RM5.52 billion, which it said was driven by a higher average CPO price realised of RM4,103 per MT in the current quarter compared to RM4,000 per MT in the corresponding quarter of the previous year, as well as higher CPO sales volume.
The Group's profit before zakat and taxation rose to RM140.73 million, compared to RM14.39 million in the same quarter of the previous year. PAT improves from loss of RM12 milliom during last year's Q2 the group managed to turn around with RM86 million profit this year.
First half revenue stayed healthy at RM10 billion while the group managed to eek out a RM72 million profit as compared to RM805,000 loss in 1HFY23.
The improvement it said was mainly attributed to higher profits in the Plantation and Logistics and Support Divisions.
Nevertheless, the increase in profit was partially offset by weaker performance in the Sugar and Oils & Fats Divisions in the current quarter