KUALA LUMPUR (Nov 29): Negri Sembilan Oil Palms Bhd (KL:NSOP), which shares the same major shareholder and management with Chin Teck Plantations Bhd (KL:CHINTEK), has declared a 14 sen dividend payout — comprising a special nine sen and second interim five sen payout — after reporting a 26.6% jump in its third quarter net profit from the previous year, largely on higher revenue.
The group's net profit for the third quarter ended Sept 30, 2024 (3QFY2024) climbed to RM9.96 million from RM7.87 million for 3QFY2023. Earnings per share came to 14.19 sen for 3QFY2024, up from 11.21 sen.
The 14 sen dividend it declared, to be paid on Dec 27, will raise its year to date payout for FY2024 to 20 sen from 12 sen in FY2024, its Thursday filings showed.
Revenue grew 21% to RM30.76 million from RM25.42 million, driven by higher sales of fresh fruit bunches (FFB) and crude palm oil sales, as well as higher selling prices of these products together with higher palm kernel (PK) prices, which helped offset a drop in PK sales.
For the first nine months of FY2024, the group's net profit jumped 66.4% to RM26.13 million from RM15.7 million, as revenue grew 16.9% to RM81.16 million from RM69.42 million.
The group's share price closed unchanged at RM4.15 on Thursday, giving the group a market capitalisation of RM299.1 million. The stock has gained over 32% since the start of the year.
Its largest shareholder is Tiong Thye Co Sdn Bhd with a 55.13% stake. It also holds a 36.67% stake in Chin Teck. Tiong Thye is majority-owned and controlled by the Goh family from Singapore.