KUALA LUMPUR: Ta Ann Holdings Bhd 's share price rose in early morning trade on the back of an earnings jump in its Q3 performance.

       At 9.34am, shares in the timber and oil palm plantation group were up 21 sen or 6.54% to RM3.42 a share on the back of 1.33 million units done.

       In a Nov 22 bourse filing, Ta Ann reported net profit of RM103.3mil, which was more than two times RM42.8mil posted in the same quarter a year ago.

       Revenue also rose strongly by 37.8% year-on-year to RM486.9mil in the quarter under review.

       Ta Ann declared a second interim dividend of 20 sen per share for the financial year (FY) ending Dec 31, 2021.

       It will be payable on Jan 24, 2022 to depositors whose names appear in the record of depositors on Jan 5, 2022.

       Basic earnings per share for the quarter rose to 23.45 sen from 9.71 sen in the same quarter a year ago.

       In the year-to-date period, the group said it has recognised a gain from the changes in the fair value of the biological assets amounting to RM46.80mil during the current period under review as compared to a gain of RM1.99mil in the preceding corresponding period.

       Ta Ann also explained that its performance in Q3 had been positive as it was mainly attributed to favourable commodities prices due to the global shortage of raw materials including food items, mineral resources as well as computer chips currently due to the interruptions of supply chains caused by the Covid-19 pandemic.

       “The last quarter of 2021 should see stability in CPO, FFB and the group’s export of timber products on the back of a gradual opening up of major economies,” it said.

       Meanwhile, it said that the easing of government policy on the movement control order starting from mid-October is expected to help improve its manpower in both its estates and mill operations.

       “This will potentially lead to growth in FFB and CPO production,” the company pointed out.