Chin Teck Plantations Bhd's net profit nearly doubled to RM22.69 million for its third quarter ended May 31, 2024, from RM11.44 million a year earlier on higher sales volumes of fresh fruit bunches, crude palm oil and palm kernels.

KUALA LUMPUR (July 29): Chin Teck Plantations Bhd's net profit nearly doubled to RM22.69 million for its third quarter ended May 31, 2024 (3QFY2024), from RM11.44 million a year earlier, driven by higher revenue.

Earnings per share rose to 24.83 sen from 12.52 sen, according to the oil palm planter's bourse filing.

Revenue for the quarter jumped 41.7% year-on-year to RM66.6 million from RM47 million, thanks to higher sales volumes of fresh fruit bunches (FFB), crude palm oil, and palm kernels,

For the first nine months of FY2024, net profit rose over 63% year-on-year to RM64.8 million from RM39.7 million, while revenue increased 15.98% to RM181 million from RM156.1 million.

Chin Teck has declared a second interim dividend of eight sen per share and a special dividend of 20 sen per share, payable on Aug 30, with an ex-date of Aug 13.

Commenting on its prospects for the remainder of FY2024, Chin Teck said it expects FFB production to increase, which would positively impact plantation profits.

Shares in Chin Teck gained five sen, or 0.66%, to RM7.60 at Monday's market close, giving the group a market capitalisation of RM694.36 million.