Kuala Lumpur, 27 August 2020 – For the six months ended 30 June 2020, Sime Darby Plantation (SD Plantation) Group reported significantly improved year-on-year (YOY) results on the back of stronger crude palm oil (CPO) and palm kernel (PK) prices realised.
This helped mitigate the impact of the COVID-19 pandemic on the results of its downstream subsidiary, Sime Darby Oils (SDO). SDO’s bulk operations margins and demand for its packed products from the F&B sector, particularly in Europe were adversely affected by the lockdown measures enforced by countries worldwide.
|Y- o -Y||1H
|Y- o -Y|
|Revenue (RM mil)||3,216||2,866||12%||6,260||5,865||7%|
|PBIT (RM mil)||547||20||2,635%||1,189||216||450%|
|Net Profit (RM mil)||378||27||1,300%||846||101||738%|
|CPO Price Realised
|FFB Production (mil MT)||2.47||2.41||3%||4.59||4.91||-7%|
Chairman, Tan Sri Dato’ Seri Haji Megat Najmuddin bin Datuk Seri Dr Haji Megat Khas said:
“We were able to mitigate the impact of various risks on different segments of our business partly because of our presence along the full spectrum of the palm oil value chain. This has allowed us to remain focused on the priorities that matter amid this challenging global environment – the health and safety of our employees and various stakeholders, as well as job protection and cash conservation.”
Group Managing Director, Mohamad Helmy Othman Basha, said:
“We expect demand to improve in the second half of this year as countries ease lockdown restrictions allowing businesses to replenish stocks. We anticipate prices to remain stable in the second half of the year given concerns about edible oil supplies due to a potential La Nina.”
The Group declared an interim dividend of 2.57 sen per share and a special interim dividend of 1.45 sen per share, which will be paid to shareholders on 26 November 2020.
OUTLOOK FOR 2H FY2020
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