[caption id="attachment_5861" align="aligncenter" width="1014"]
File Photo[/caption]
Sime Darby Plantation reported third-quarter net profit on Monday (November 23, 2020) compared to a year ago loss and said it is optimistic that demand for palm oil will increase further next year.
The results are supported by higher crude palm oil (CPO) and palm kernel prices, as well as improved contributions to its low-flow operations that help offset lower output.
For the July-September period, Sime posted a net profit of 190 million ringgit ($46.45 million), compared to a 243 million ringgit loss a year earlier. Revenue rose 13% to 3.18 billion ringgit.
"Despite the challenges posed by the pandemic on global markets, CPO prices continue to be supported in the second half of the year," Group Managing Director Mohammad Helmy Othman Basha said in a bourse filing.
“Palm oil demand has improved and is expected to grow further in 2021,” he added.
The world's largest crude palm oil producer by land size says its financial performance for the fiscal year ending December 31 is expected to be better than last year.
Source: Online/SZK
Comment Now