MKH Oil Palm (East Kalimantan) Berhad reported a stellar net profit of RM21 million on the back of revenue of RM90.59 million for its fourth quarter ended 30 Sep, 2024. Earnings per share (EPS) stood at 2.73 sen for the quarter.

There were no comparative quarterly figures on a quarterly basis, as the company was only listed on the main market of Bursa Malaysia Securities Berhad on 30 April this year.

The results were driven by a combination of higher crude palm oil (CPO) and palm kernel (PK) prices, which have been steadily trending up. Its efficiency levels also improved, with the company generating a higher oil extraction rate (OER) of 21.2% for the financial year ended 30 Sep 2024 (FY24), compared to 20.6% in FY23.

Meanwhile, the quarterly results brought its net profit for the full year ended Sep 30, 2024 (FY24) to jump 95.78% to RM64.21 million from RM32.8 million in FY23.

Over the same period, revenue increased by 4.16% to RM352.22 million. This brings the company's full year EPS to 8.25 sen.

Along with the financial results, MKHOP further declared a second interim single tier dividend of 2 sen per share to be paid on 30 December 2024 to shareholders whose name appear on the Company's Record of Depositors on 13 December 2024.

Thus, this would bring total dividends declared in FY24 to 4 sen per share, or a yield of approximately 6% based on MKHOP's current share price of 67 sen.