KUALA LUMPUR (Feb 26): Genting Plantations Bhd (KL:GENP) posted a 77.3% year-on-year (y-o-y) rise in net profit for the fourth quarter, driven by higher palm product prices.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) increased to RM112.05 million from RM63.19 million in the same period a year earlier, according to the group’s bourse filing on Wednesday.

Quarterly revenue rose 7% to RM856.35 million versus RM800.46 million in 4QFY2023 on stronger crude palm oil (CPO) and palm kernel (PK) prices under its plantations segment.

Genting Plantations declared a special dividend of 13 sen per share and a final dividend of four sen per share, both payable on March 28.

This brought the total dividend payout for the financial year ended Dec 31, 2024 (FY2024) to 25 sen per share, higher than the 21 sen declared in FY2023.

For 4QFY2024, average selling price of CPO rose 25% to RM4,232 per metric tonne (MT) from RM3,395 per MT in 4QFY2023, while average selling price of PK leapt 69% to RM3,111 per MT versus RM1,841 per MT previously.

Fresh fruit bunch (FFB) production was flat at 584,000 MT compared to 577,000 MT in 4QFY2023.

On Genting Plantations’ other segments, the group’s property segment saw a 23% y-o-y rise in revenue to RM38.2 million while revenue for the AgTech segment increased 43% y-o-y to RM5 million. The downstream manufacturing segment saw a 2% y-o-y decline in revenue to RM260.1 million.

For FY2024, Genting Plantations reported a net profit of RM323.06 million, up 27.4% from RM253.49 million in FY2023. Annual revenue was flat at RM2.94 billion against RM2.97 billion previously.

Looking to FY2025, Genting Plantations said palm oil prices are expected to remain supported by constrained supply in the near term, while the group’s harvest is anticipated to improve, spurred by additional harvesting areas and progression of existing mature areas into higher yielding brackets.

“However, the price premium of palm oil over soybean oil may impact its competitiveness exerting downward pressure on palm oil prices,” it added.

Shares in Genting Plantations ended unchanged at RM5.51 on Wednesday, valuing the group at RM4.94 billion.