KUALA LUMPUR (Oct 29): Chin Teck Plantations Bhd (KL:CHINTEK) on Tuesday said its fourth quarter net profit surged 64.32% from the year before, thanks to higher sales volume and average selling prices (ASP) of fresh fruit bunches (FFB), crude palm oil (CPO) and palm kernel (PK).

Its average FFB price was RM845 per tonne, up by 9.03% year-on-year (y-o-y), while its average CPO price was RM3,983 per tonne (up by 3.64% y-o-y) and PK was RM2,608 per tonne (up by 28.4% y-o-y).

Net profit for the three months ended Aug 31, 2024 (4QFY2024) was RM22.53 million as compared to RM13.71 million in 4QFY2023, according to its filing. Earnings per share rose to 24.66 sen from 15.01 sen.

Revenue for the quarter jumped 69.09% to RM83.77 million from RM49.54 million in the same quarter last year.

No dividend was declared for the final quarter. The company has already declared a total of 40 sen dividend for FY2024.

For its full FY2024 ended Aug 31, Chin Teck’s net profit rose 63.66% to RM87.31 million, from RM53.37 million in FY2023. Revenue increased 28.78% to RM264.86 million as compared to RM205.67 million in the same period a year earlier.

Commenting on its business outlook, the group said that it anticipates the current trend in the ASP of CPO to persist.

It also expects to see a “satisfactory” performance from its plantation operations for the financial year ending Aug 31, 2025 (FY2025).

Shares of Chin Teck closed down three sen or 0.39% to RM7.68 on Tuesday, giving the group a market capitalisation of RM701.67 million.