PETALING JAYA: CI Holdings Bhd’s (CIHB) net profit almost tripled to RM22.13mil in the fourth quarter ended June 30, 2021, from RM7.98mil a year earlier thanks to a significant increase in average olein prices.

       Revenue for the quarter surged by 21% to RM900.15mil compared to RM744.69mil previously despite lower exports sales.

       In a filing with Bursa Malaysia, the group attributed the higher revenue to100% increase in average olein prices despite a 25% decline in full container loads (FCL) exported due to a global shortage of containers and 4% strengthening of the ringgit against the US dollar.

       “The positive performance of the company is due to better margins on all of our products as a result of effective cost management and successfully overcoming shortages of FCL containers which was a problem faced by the world during the pandemic.

       “The effective management of the logistical issues faced during this period is vital as CIHB exports more than 95% of its products to its customers in 100 countries,” said its chairman and majority shareholder Datuk Seri Johari Abdul Ghani in a statement.

       CIHB’s business is in manufacturing and packing all types of edible oil.

       Cumulatively, for the full year of FY21, CIHB’s net profit doubled to RMM69.97mil million from RM30.11mil in FY20, on the back of a 22% jump in revenue to RM3.14bil.

       Year-to-date, shares in CIHB have surged more than 120% to RM4.18 apiece.

       Moving forward, the company said it will continue with its expansion plans to grow its revenue from edible oil operations.

       It also plans to partner up with property developers for its tapware and sanitary ware divisions.