Kuala Lumpur: Johor Plantations Group Bhd (JPG) has announced a substantial rise in net profit, reaching RM257.32 million for the financial year ending December 31, 2024 (FY2024), compared to RM167.31 million in the previous year.

According to BERNAMA News Agency, the company reported an increase in revenue to RM1.52 billion from RM1.25 billion the previous year, as disclosed in a filing with Bursa Malaysia. The growth was attributed to a 21.7 percent rise in revenue year-on-year (y-o-y) for FY2024, climbing from RM1.3 billion in FY2023 to RM1.5 billion.

The company highlighted its operational achievements, noting a 9.3 percent y-o-y increase in fresh fruit bunches production, reaching 1.1 million tonnes, and an improvement in yield to 22.4 tonnes per hectare in FY2024. For the fourth quarter (4Q) of FY2024, JPG posted a net profit of RM80.51 million, up from RM62.97 million in the same quarter of FY2023. Revenue for 4Q FY2024 also rose to RM464.93 million, compared to RM392.27 million in 4Q FY2023, driven primarily by increased revenue from crude palm oil and palm kernel.

The board of JPG has declared a third interim dividend of 2.75 sen per share for the quarter, contributing to a total dividend of 5.25 sen per share for the year. The group remains focused on producing sustainable products and enhancing operational efficiency by improving yield, oil extraction rates, and plant efficiency, along with advancing its mechanisation and digitalisation efforts. The group anticipates satisfactory performance in 2025, barring any unforeseen circumstances.

Managing Director Mohd Faris Adli Shukery stated that JPG is progressing towards achieving growth milestones, diversifying income streams beyond upstream plantations. He affirmed the group's dedication to excellence, aiming to strengthen core capabilities while pursuing sustainable growth and exploring new opportunities.