KUALA LUMPUR (Nov 29): QL Resources Bhd logged its best quarterly net profit in the second quarter ended Sept 30, 2023 (2QFY2024) after it posted a RM122.64 million net profit, representing a 30.61% surge from RM93.9 million recorded in the same period last year.

The quarterly earnings is the highest for at least eight quarters since December 2021, after a better operating profit more than offset a lower share of associate's profits and higher tax expense.

As a result, earnings per share climbed to 5.04 sen from 3.86 sen, its Bursa Malaysia filing showed on Wednesday.

Notably, quarterly pre-tax profit grew 30% to 176.74 million, contributed mainly by its palm oil and clean energy segment, which saw a 338% increase in pre-tax profits and a 14% increase in revenue, and the integrated livestock farming segment, which saw a 93% surge in pre-tax profit.

Quarterly revenue edged 4% higher to RM1.69 billion from RM1.64 billion.

For the first half ended on Sept 30, 2023 (1HFY2024), the group’s net profit rose by 22.19% to RM215.45 million from RM176.33 million posted in the same period last year.

Revenue, on the other hand, increased by 4.1% to RM3.29 billion against RM3.16 billion.

On a quarterly basis, QL’s net profit increased from RM92.81 million reported in the immediate preceding quarter (1QFY2024), while revenue climbed by 5.67% from RM1.6 billion in 1QFY2024.

Moving forward, the group said despite the high-interest rate environment and uncertain global economic outlook, it is cautiously positive that the satisfactory business performance will continue into the coming quarter, with egg cost subsidy maintained by the Malaysian government to help to mitigate high farming cost.

Shares in QL settled unchanged at RM5.41, giving it a market capitalisation of RM13.17 billion.