KUALA LUMPUR: Hap Seng Consolidated Bhd registered a higher net profit of RM156.3mil in the first quarter ended March 31, 2022 from RM120.83mil last year, thanks to growth recorded in most segments.

       Revenue increased to RM1.64bil from RM1.28bil previously, mainly attributable to higher contribution from the plantation, automotive, trading and building materials divisions, it said in a filing with Bursa Malaysia.

       It has also declared a first interim dividend of 10 sen per share for the financial year ending Dec 31, 2022 (FY22), payable on June 23.

       Hap Seng said the plantation division’s revenue doubled to RM242.2mil from RM121.3mil in the first quarter of 2021 due to higher average selling prices realised as well as improved sales volume of all palm products.

       The average selling price of crude palm oil (CPO) and palm kernel (PK) during the quarter stood at RM6,019 per tonne and RM4,702 per tonne, respectively, significantly higher than the preceding year’s corresponding quarter of RM3,854 per tonne for CPO and RM2,585 per tonne for PK.

       Hap Seng Industrial Park Shah Alam

       CPO sales volume rose 28% to 33,607 tonnes in the first quarter while PK sales volume was 8% higher at 7,319 tonnes, Bernama reported.

       Meanwhile, the automotive segment’s revenue for the current quarter at RM371.3mil rose 19% from RM312.2mil in the first quarter of 2021, amid improved performance in its passenger car and commercial vehicle segments.

       The passenger car segment achieved 22% higher revenue with 18% increase in the number of cars sold, while the after-sales and services segment registered a 9% increase in revenue. The commercial vehicle segment’s revenue increased 8% with higher sales of Actros.

       Hap Seng said the trading division’s revenue soared 78% to RM785.5mil versus RM441mil previously.

       Revenue for the fertiliser trading business in the first quarter more than doubled to RM621.3mil, as both the Malaysian and Indonesian markets registered higher sales.

       This is attributable to improved average selling prices due to global supply disruptions caused by the geopolitical tension in Europe.

       In addition, the building materials division comprising quarry, asphalt and bricks businesses and trading of building materials by Hafary Holdings Ltd saw a 12% rise in revenue to RM136.5mil in the first quarter against RM121.5mil in the same period a year ago.

       In contrast, the property and credit financing divisions both recorded lower revenue.

       ‘’Based on the foregoing and despite the uncertainties in the domestic and global economies, the board is cautiously optimistic of achieving satisfactory results for FY22,’’ Hap Seng said.