KUCHING: Rimbunan Sawit Bhd (RSB) posted a 14.8 per cent increase in net profit to RM28.83 million for the financial year ended Dec 31, 2024 (FY2024), up from RM25.11 million in FY2023, driven by higher sales.
Group revenue rose 6.3 per cent to RM539.6 million from RM507.8 million.
Earnings per share improved to 1.41 sen from 1.23 sen.
Gross profit surged 112.2 per cent to RM41.1 million, lifting pre-tax profit by 84.3 per cent to RM31.9 million and after-tax profit by 89.7 per cent to RM24.7 million.
However, RSB’s fourth quarter (4Q2024) was significantly weaker, with net profit plunging 94 per cent to RM2.25 million from RM37.58 million in 4Q2023, despite a 31.6 per cent rise in revenue to RM183.7 million.
Gross profit rebounded to RM15.6 million from a RM10.2 million loss, but pre-tax profit collapsed 91.7 per cent to RM0.3 million (4Q2023: RM26.6 million), mainly due to a RM41.44 million loss from asset disposals.
Compared to the previous quarter (3Q2024), net profit tumbled from RM32.68 million despite a 25.1 per cent rise in revenue. Pre-tax profit fell 98.9 per cent to RM0.3 million.
RSB expects Malaysia’s palm oil industry to grow in 2025, with prices projected to average RM4,350–RM4,600 per tonne, supported by Indonesia’s B40 biodiesel programme.
However, it flagged challenges from the European Union Deforestation Regulation.
The company confirmed it had fully utilised RM165 million from plantation land sales, including RM81.1 million for debt repayment, RM19.1 million for new planting, and RM59.12 million for working capital.
As of Dec 31, 2024, its total borrowings fell to RM231.99 million from RM340.1 million a year earlier.
