On a quarterly basis, Sarawak Plantation recorded a net profit of RM29.39 million and revenue of RM192.56 million in the immediate preceding quarter (2QFY21). For the cumulative nine-month period, Sarawak Plantation's net profit jumped 113.04% to RM95.29 million from RM44.73 million, while revenue was up 63.97% to RM546.88 million from RM333.53 million. On prospects, Sarawak Plantation said Malaysia's palm oil industry has been experiencing acute labour shortages due to border closures arising from the ongoing Covid-19 pandemic. "Malaysia's CPO production declined by 9% for the nine-month period of 2021 compared with the nine-month period of 2020. Notwithstanding that, Sarawak Plantation noted the government recently announced it would approve the intake of 32,000 foreign workers, which would ease the shortages faced by the industry.

Source: The Edge Markets November 19, 2021 18:13 UTC