United Plantations Bhd ( (UPBMF) ) has released its Q3 earnings. Here is a breakdown of the information United Plantations Bhd presented to its investors.
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United Plantations Berhad, a prominent player in the agribusiness sector, primarily engages in the cultivation and processing of palm oil and palm kernel products, with operations focusing on plantations and refining. In its third quarter report for 2024, United Plantations Berhad reported a 6.8% increase in revenue, reaching RM1,570.5 million compared to the same period last year, largely driven by higher prices for crude palm oil (CPO) and palm kernel (PK). However, the profit after tax for the quarter dipped by 8.8% to RM215.8 million. Key financial highlights include a 5.3% rise in profit before taxation, reaching RM698.5 million for the nine months ended September 2024. The plantation segment saw a 4.7% revenue increase despite a decline in production, due to improved CPO and PK prices. Meanwhile, the refinery segment experienced a revenue boost of 10.4%, though profit before tax decreased by 15.8% due to regional refining capacity pressures. Looking ahead, the company remains optimistic about achieving satisfactory results for the year, with a focus on improving yields and reducing costs in response to global economic uncertainties and geopolitical challenges.
