LIKE many other commodities, Malaysia’s golden crop palm oil went through a whirlwind of a year. The upward trend in prices saw interest return to plantation counters that had missed out on the rally in crude palm oil (CPO) prices in 2021.
United Plantations Bhd's net profit for the third quarter ended Sept 30, 2022 jumped 27.62% to RM196.72 million its best quarterly net profit to date from RM154.15 million in the same period last year, thanks to elevated crude palm oil and palm kernel prices.
Here is a brief recap of some corporate announcements that made news on Monday (Nov 7) involving Tenaga Nasional Bhd, Telekom Malaysia Bhd, Boustead Plantations Bhd, United Plantations Bhd, Velesto Energy Bhd, Datasonic Group Bhd, MI Technovation Bhd, Acme Holdings Bhd and Niche Capital Emas Holdings Bhd.
While Bursa Malaysia’s indices tracked the decline in global equities on Monday (Sept 19), the Plantation Index was 0.35% higher at the noon market break as renewed production concerns overshadowed rising stockpiles seen in recent weeks.