KUALA LUMPUR – TH Plantations Bhd (THP) has returned to the black with a net profit of RM13.99 million for the financial year ended December 31, 2020 (FY20) compared with a net loss of RM226.50 million a year ago.
In a filing with Bursa Malaysia today, THP said its revenue rose 12.45% to RM555.10 million from RM493.65 million previously.
The increase was mainly due to higher sales volume and average realised prices for crude palm oil, palm kernel and fresh fruit bunches.
For the fourth quarter of FY20, THP posted a net profit of RM1.59 million on revenue of RM144.55 million, compared with a net loss of RM167.65 million on revenue of RM136.25 million in FY19.
It also continued to perform better operationally by recording a higher operating profit of 276.60% compared with FY19.
The improvement was attributed to higher revenue and fair value change in forestry, lower cost of sales and impairment, and gains on disposal of subsidiary.
“THP’s strategic recovery plan remains in progress, which will enable the group to be in a better financial position once completed,” the filing said.
“The group also expects the current market price for palm oil products to remain favourable throughout the next quarter due to low production, labour shortages, and low inventory levels of palm oil in Malaysia.” – Bernama, March 23, 2021
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