As the planter’s earnings were dragged by rising operating costs and lower fresh fruit bunch output.
’s first half-year results for financial year 2022 as the planter’s earnings were dragged by rising operating costs and lower fresh fruit bunch output.
Excluding all exceptional items, SDP’s 2Q22 core net profit dropped by 19.5% year-on-year to RM503mil, despite a 26.7% increase in revenue. TA Research said: “All in, we expect SDP’s earnings for FY22 to FY24 to decline by 5.9% to 33.4%, respectively. This is after factoring in the lower-than-expected 2Q22 results and lower FFB production growth to be in line with management’s guidance.”This was mainly to account for lower FFB output assumptions in Malaysia but was partly offset by higher margin assumptions for the downstream segment.
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