KUALA LUMPUR: Kim Loong Resources Bhd’s net profit for its fourth quarter ended Jan 31, 2022 tripled to RM31.55mil from RM10mil in the previous corresponding period, boosted by higher palm oil prices.

       In a filing with Bursa Malaysia yesterday, the oil palm plantations and milling firm said revenue in the fourth quarter grew to RM495.57mil from RM253.74mil a year earlier.

       For its financial year ended Jan 31, 2022, Kim Loong’s net profit grew to RM137.17mil from RM94.89mil in the previous corresponding period, while revenue improved to RM1.70bil from RM971.68mil a year earlier.

       Commenting on its prospects, Kim Loong said it expects average crude palm oil price for the first half of the year to remain above RM5,000 per tonne.

       “Having said that, the group also faces challenges such as a significant surge in cost of fertiliser, likely caused by high international shipping costs, as well as warfare between Russia and Ukraine and labour shortage.”