KUALA LUMPUR (Feb 24): Innoprise Plantations Bhd’s (KL:INNO) net profit for the fourth quarter more than doubled year-on-year to a record high on the back of higher crude palm oil (CPO) average price. 

Net profit for the three months ended Dec 31, 2024 (4QFY2024) doubled to a record high RM36.24 million from RM16.63 million in the same period a year earlier, as revenue rose 44.2% to RM91.26 million versus RM63.28 million previously, according to the oil palm planter’s bourse filing on Monday.

For 4QFY2024, average CPO price per metric tonne (MT) rose 31% to RM4,822 from RM3,668 in 4QFY2023, while average palm kernel (PK) price per MT jumped 69% to RM3,297 from RM1,956 previously.

Innoprise declared a fourth interim dividend of 6.5 sen per share, payable on March 26. This brought the total dividend payout for the financial year ended Dec 31, 2024 (FY2024) to 15.55 sen per share, higher than the 10 sen per share declared in FY2023. 

For its full-year performance, Innoprise’s FY2024 net profit also stood at a record RM87.16 million, up 66.4% as compared to RM52.39 million in FY2023, while revenue increased 24.2% to RM277.78 million versus RM223.64 million previously.

For FY2024, average CPO price per MT rose 11% to RM4,233 from RM3,828 in FY2023, while average PK price per MT increased 34% to RM2,637 from RM1,975 previously.

Looking to FY2025, Innoprise said palm oil prices are expected to remain strong in coming months in view of policy changes related to Malaysian Sustainable Palm Oil Standard (MSPO) 2.0 implementation, increased demand for biodiesel in Indonesia and lower crop yield throughout Malaysia.

However, the group noted fresh fruit bunch production is expected to decrease in the coming quarter due to seasonal trends.

“Given the current level of CPO and PK prices, the board is confident of achieving reasonably good profit in the coming quarter,” it added. 

Shares in Innoprise ended four sen or 2.37% higher at RM1.73, valuing the company at RM828.42 million.