KUALA LUMPUR, Aug 30, 2022 - (ACN Newswire) -  PLS Plantations Berhad recorded a net profit after tax (PAT) of RM35.0 million, a strong conclusion to the financial year ended 30 June 2022 (FY2022). This represents an increase of 109.6% compared to RM16.7 million in the preceding financial year ended 30 June 2021 (FY2021). Total revenue for FY2022 stood at an all-time high of RM184.1 million, up 36.5% compared to RM134.8 million in FY2021 driven by increased sales and higher average selling prices of fresh fruit bunches (FFB).

Annual PAT was further moderated by several factors, including the recognition of fair value loss in biological assets of RM5.2 million compared to a RM1.4 million gain in the preceding quarter (Q3FY2022), higher tax, administration expenses, and a one-off provision for doubtful debt in the manufacturing and trading segment which the Company incurred in the last quarter of FY2022.

Net profit after tax and minority interest (PATMI) for the year stood at RM27.3 million, up 118.4% from RM12.5 million in the preceding financial year. The positive performance was mainly due to the improved quarter on quarter (QoQ) revenue of RM44.8 million up by 41.8% from RM31.6 million in the corresponding quarter for the period ended 31 June 2021 (Q5FY2021).

For the fourth quarter ended 30 June 2022 (Q4FY2022), PLS Plantations saw a dip in its PBT to RM4.8 million or 12.7% lower compared to RM5.5 million in Q5FY2021. Overall QoQ PAT saw a decrease to RM0.6 million, a decrease of 82.5% compared to RM3.7 million in the corresponding quarter last year. Earnings per share (EPS) currently stands at -0.10 sen (diluted) compared to 0.65  sen last year.

PLS Plantations Group CEO Lee Hun Kheng said, "It has been an eventful year for PLS Plantations. In addition to diversifying the business into different cash crops, we are also building our distribution channels and diversifying into downstream products, specifically into durian consumer products. We are focused on rolling out our Agropreneur Programme and building the Integrated Agrotech Park. Our collaboration with both the Federal and State Government and ecosystem partners will be the backbone of our efforts to play a role in strengthening the local agrofood ecology and network which will contribute to the nation's overall food security. Over the coming months, we will be executing a series of partnerships that will allow PLS to fast track our crop diversification efforts - specifically intercropping and cash crops."

The key initiatives for FY2022 initiated by PLS Plantations as part of its plan to become the nation's leading sustainable agrofood company are:

i. a joint venture with Landasan Erajaya Sdn Bhd ("LESB") on a proposed collaboration to undertake intercropping with cash crops, durian and other forest plantation activities;
ii. signing of Memorandum of Understanding ("MoU") with the Ministry of Agriculture and Food Industries ("MAFI") to conduct an in-depth study and put forward a proposal for the national food security agenda; and
iii. launched the PLS Agropreneur Programme and PLS Integrated Agrotech Park to strengthen the local agrofood ecosystem.

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1995. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "seek," or "believe." These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements  that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com