KUALA LUMPUR: The FBM KLCI erased earlier gains by midday as investors continued to take profit following a six-day rally in the closing days of 2024. At the midday break, the benchmark index was down 2.43 points to 1,630.44. The broader market, however, was positive with 506 gainers compared to 476 decliners, suggesting that investors had turned their attention to picking up bargains among the lower liners. Turnover was 2.4 billion shares valued at RM1.48bil. Investors continue to tread cautiously amid a suggestion by the Federal Reserve that there will be fewer rate cuts this year than initially projected, while the incoming Trump administration will fuel inflation with its growth policies. In China, the Shanghai Composite index dropped 0.46% to 3,247 while Hong Kong's Hang Seng gained 0.87% to 19,794. Singapore's Straits Times fell 1.71% to 3,799. Japan's stock exchange remained closed for a national holiday. On Bursa Malaysia, laggards included Nestle down ...
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 from increased sales volumes.
Key Takeaways:
Net Profit Surge: Chin Teck's net profit for 3QFY2024 surged to RM22.69 million, up from RM11.44 million a year earlier.
- Earnings per Share: EPS rose to 24.83 sen from 12.52 sen.
Revenue Growth: Revenue for the quarter increased by 41.7% year-on-year to RM66.6 million from RM47 million, attributed to higher sales volumes of fresh fruit bunches (FFB), crude palm oil, and palm kernels.
Nine-Month Performance: 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.
Dividend Declaration: Chin Teck has declared a second interim dividend of eight sen per share and a special dividend of 20 sen per share, payable on August 30, with an ex-date of August 13.
Future Prospects: The company expects FFB production to increase, which would positively impact plantation profits for the remainder of FY2024.
Market Reaction: 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.
Chin Teck’s strong financial performance in the third quarter highlights the company’s growth trajectory, driven by higher sales volumes and effective revenue strategies, while the declared dividends reflect its commitment to rewarding shareholders.
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