KUALA LUMPUR: Far East Holdings Bhd’s net profit rose to RM164.27mil for the financial year ended Dec 31, 2021 (FY21) from RM97.98mil last year on the back of higher crude palm oil (CPO) and palm kernel (PK) prices.
The plantation firm also registered a firmer revenue of RM694.66mil in FY21 against RM669.05mil in FY20.
In a filing with Bursa Malaysia yesterday, Far East said the solid performance was fuelled by the higher average CPO price, which climbed 59% to RM4,321 per tonne 2021 versus RM2,719 per tonne in 2020, as well as average PK price which jumped 75% to RM2,874 per tonne against RM1,640 per tonne last year.
In addition, a higher share of profit from associated companies, which rose 98% to RM33.59mil higher fair value gain on the biological asset which surged 2,139% to RM4.30mil as well as fair value gain recognised on investment property of RM1mil, also contributed to its performance
.For the fourth quarter ended Dec 31, 2021 (Q4’FY21), Far East’s net profit improved to RM52.97mil from RM39.59mil in Q4’FY20, while revenue advanced to RM227.54mil from RM206.88mil previously. — Bernama