KUALA LUMPUR (Feb 28): Sarawak Oil Palms Bhd (KL:SOP) said its fourth-quarter net profit rose 22% to RM139.81 million, compared with RM114.03 million a year earlier, on improved fresh fruit bunch (FFB) production yield and higher selling prices.

Revenue for the quarter ended Dec 31, 2024 (4QFY2024) was flat at RM1,467.40 million, against RM1,468.28 million previously, according to the company in an exchange filing on Friday.  

SOP did not declare any dividend for the latest quarter.

For the full year, net profit rose 48% to RM446.75 million from RM300.87 million in FY2023, primarily driven by an increase in production yield, lower production costs, and higher selling prices.

Full-year revenue stood at RM5.31 billion, compared with RM5.12 billion in the corresponding period a year earlier, on the back of higher sales volume and improved selling prices.

The company said its performance will continue to be driven by cyclical FFB production, global world edible oil price movement, effects of the supply chain on fertilisers, as well as chemical and fuel prices, which will affect the costs of production.  

It added that it is taking steps to improve production through more efficient management, including cost control and replanting programmes.  

SOP's share price closed four sen or 1.3% lower at RM3.07 on Friday, valuing the company at RM2.74 billion.