Tag: PLS Plantations Berhad

PLS seals exclusive distributorship with China’s COFCO

  • Dulai Fruits to partner with one of world’s largest agrifood groups to advance durian business

PLS Plantations Berhad trading and export subsidiary, Dulai Fruits Enterprise Sdn Bhd cemented their export and exclusive distribution agreement with COFCO Food Import Co. Ltd, the import and distribution subsidiary of China Oil and Foodstuffs Corporation (COFCO) in Shanghai.

Back (L-R): Ms Zhengfeng, Mr. Eric Chan, CEO of Dulai Fruits, Ms. Wu Yiran, Vice General Manager of COFCO Food Import Co,. Ltd, Mr. Qiao Qingsong, Assistant General Manager of COFCO Food Import Co., Ltd; Front (L-R): Mr. Kenny Loh, Sales Director of Dulai Fruits, Mr. Jiao Guangyun, General Manager of Fruit Division of COFCO Food Import Co., Ltd

COFCO is China’s leader in the agricultural and food industry and a world leading agri-product trader with a global footprint with fully integrated value-chain. It is also China’s largest food processor, manufacturer, and trader.

The agreement was formalised in Shanghai, China.

This exclusive distribution agreement was inked after months of extensive engagements and evaluation by COFCO. This further re-enforced PLS’s track record and commitment to developing sustainable models in support of the Malaysia’s food security programme, that aims to scale the production of agriculture and aquaculture produce through strategic partnerships and joint-ventures with established and experienced farms and farmers.

PLS is a public-private-partnership (PPP) company which has a long history in co-operating with the State and Federal Government, and its related agencies. The major shareholder of PLS has worked with the Federal Land Development Authority (FELDA) since 1974 and also other land development and plantation agencies responsible for working with rural communities in the form of small holder farms. Part of PLS’s food security programme is to foster the planting of different cash crops such as oil palm, rubber, paddy, cocoa to forest plantations, and promote related economic activities such food processing.

Present for the signing of the agreement today at Shanghai are Ms. Wu Yiran, the Vice General Manager of COFCO Food Import CO., Ltd, whilst Mr Eric Chan, CEO of Dulai Fruits are on site as representatives of the Group.

Ms. Wu Yiran of COFCO said, “The demand for durian in China has been growing over the years, where in the span of four (4) years between 2017 and 2020, China’s annual import value of fresh durian has increased more than threefold. In fact, the General Administration of Customs saw the People Republic of China (PRC) importing 822 million kilogrammes of durian in 2021, which translates to an import value of $4.2 billion. With the local demand for fresh durian likely to continue increasing, we pleased to finalise this exclusive distributorship agreement which this partnership will ensure a steady supply of fresh, high-quality fruit and products, specifically for unique varieties of durian that can only be grown in Malaysia such as Musang King, Red Prawn, and D24, to name a few.

PLS is the only listed company in Malaysia that is sponsoring the food security programme and owns durian plantations. Dulai Fruit, a GTC certified company by PRC and is one of the pioneers certified to export durian from Malaysia to China. In addition, Dulai Fruits also has a noteworthy track record as a major processor and exporter of durian to China, especially their experience and expertise in developing frozen durian products and deep industry experience in cold chain logistics and warehousing.

With this exclusive distribution partnership, both PLS and COFCO aim to achieve an annual growth rate of 30% (annual import volume of 200 million yuan) in all types of durian imported from Malaysia over the next three (3) years.

This will lay a good foundation for bilateral investment in agriculture between the two parties moving forward, and together the two countries – China and Malaysia – will make proactive contributions to the development of the Belt and Road Initiative.

Lee Hun Kheng, Group CEO of PLS said, “We have been working with COFCO prior to the pandemic and are pleased to be certified under China’s rigorous quality and food safety requirements. China’s emphasis on food security sets a high bar in terms of quality from its suppliers globally. This agreement is a significant milestone for PLS as it further established our long-term strategy to develop a comprehensive, end-to-end agrofood ecosystem that will support the production, processing and distribution of our products locally and internationally.”

Lee added, “Through COFCO, Malaysia’s durian will be distributed to China’s most populous cities and provinces, reaching a potential audience in Beijing, Shanghai, Guangzhou and Shenzhen. This milestone is another step towards our goal to be a leading agrofood producer in which, our fresh, high quality durian fruit and products forms the backbone.”

“This will also be an opportunity for PLS to distribute Malaysian produce to China and the world, whilst ensuring that Malaysians continue to have access to affordable, quality produce. We are looking forward to putting Malaysia on the global map in terms of our local produce, especially our unique durian varieties, and to grow Malaysia’s durian market share in one of the world’s largest countries and markets. We are working hard to ensure that we meet the booming food and durian demand in both China and Malaysia, and are also optimistic that this partnership will be one of the many we will establish as we continue our expansion into different cash crops”, Lee said.

Eric Chan, CEO of Dulai Fruits said, “We are very excited to be here and to co-operate with COFCO and COFCO Food to increase the access to, and availability of Malaysia’s unique durian offerings across the different provinces in China to cater to rising demand. Prominent varieties such as Musang King, Tekka, and Black Thorn, among others, are unique to Malaysia due to our country’s climate, rainfall patterns and water source to its distinct soil composition around our Titiwangsa mountain range.”

Eric added, “This environment and geographical combination enable different durian varieties to thrive and produce the exceptional unique tastes and flavours that our high-quality Malaysian durians are increasingly known for. We are confident that this partnership will open more opportunities for Dulai Fruits to offer new and innovative products that will fortify Malaysia’s position as the producer of top-quality durians globally.”

COFCO, founded in 1949, is the leader of the agricultural and food industry in China, and one of the world’s leading agri-product traders. COFCO’s unique advantages in global distribution, fully-integrated value chain, and agricultural innovations, as well as its seat in the world’s largest emerging market make it one of the world’s leading agribusinesses, ready to build even more stable food corridors between major production areas and emerging markets.

PLS Plantations Berhad: 9695 / [BURSA: PLS], https://plsplantations.my/

PLS Plantations PAT up by 109.6%

PLS Plantations Berhad recorded a net profit after tax (PAT) of RM35.0 million, a strong conclusion to the financial year ended 30 June 2022 (FY2022). This represents an increase of 109.6% compared to RM16.7 million in the preceding financial year ended 30 June 2021 (FY2021). Total revenue for FY2022 stood at an all-time high of RM184.1 million, up 36.5% compared to RM134.8 million in FY2021 driven by increased sales and higher average selling prices of fresh fruit bunches (FFB).

Annual PAT was further moderated by several factors, including the recognition of fair value loss in biological assets of RM5.2 million compared to a RM1.4 million gain in the preceding quarter (Q3FY2022), higher tax, administration expenses, and a one-off provision for doubtful debt in the manufacturing and trading segment which the Company incurred in the last quarter of FY2022.

Net profit after tax and minority interest (PATMI) for the year stood at RM27.3 million, up 118.4% from RM12.5 million in the preceding financial year. The positive performance was mainly due to the improved quarter on quarter (QoQ) revenue of RM44.8 million up by 41.8% from RM31.6 million in the corresponding quarter for the period ended 31 June 2021 (Q5FY2021).

For the fourth quarter ended 30 June 2022 (Q4FY2022), PLS Plantations saw a dip in its PBT to RM4.8 million or 12.7% lower compared to RM5.5 million in Q5FY2021. Overall QoQ PAT saw a decrease to RM0.6 million, a decrease of 82.5% compared to RM3.7 million in the corresponding quarter last year. Earnings per share (EPS) currently stands at -0.10 sen (diluted) compared to 0.65 sen last year.

PLS Plantations Group CEO Lee Hun Kheng said, “It has been an eventful year for PLS Plantations. In addition to diversifying the business into different cash crops, we are also building our distribution channels and diversifying into downstream products, specifically into durian consumer products. We are focused on rolling out our Agropreneur Programme and building the Integrated Agrotech Park. Our collaboration with both the Federal and State Government and ecosystem partners will be the backbone of our efforts to play a role in strengthening the local agrofood ecology and network which will contribute to the nation’s overall food security. Over the coming months, we will be executing a series of partnerships that will allow PLS to fast track our crop diversification efforts – specifically intercropping and cash crops.”

The key initiatives for FY2022 initiated by PLS Plantations as part of its plan to become the nation’s leading sustainable agrofood company are:

i. a joint venture with Landasan Erajaya Sdn Bhd (“LESB”) on a proposed collaboration to undertake intercropping with cash crops, durian and other forest plantation activities;
ii. signing of Memorandum of Understanding (“MoU”) with the Ministry of Agriculture and Food Industries (“MAFI”) to conduct an in-depth study and put forward a proposal for the national food security agenda; and
iii. launched the PLS Agropreneur Programme and PLS Integrated Agrotech Park to strengthen the local agrofood ecosystem.

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1995. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Ministry of Agriculture and Food Industries to Improve Food Security for Malaysia

Inks MoU with PLS Plantations to conduct a study and develop a proposal for the nation’s food security programme

Ministry of Agriculture and Food Industries (MAFI) has signed a Memorandum of Understanding (MoU) with PLS Plantations Berhad, a leading agrofood company in Malaysia, to conduct an in-depth study and put forward a proposal for the national food security programme.

YBhg Dato’ Haslina Binti Abdul Hamid, Secretary-General of MAFI, MAFI Minister YB Datuk Seri Dr. Ronald Kiandee, YAB Prime Minister of Malaysia Dato’ Sri Ismail Sabri Bin Yaakob, PLS Plantations’ Group Chairman YBhg Tan Sri Mohammed Nazir Bin Abdul Razak, and PLS Plantations’ Group Chief Executive Officer Lee Hun Kheng.[L-R]

The MoU was officiated by the Prime Minister of Malaysia, Yang Amat Berhormat Dato’ Sri Ismail Sabri Bin Yaakob at the biennial Malaysia Agriculture, Horticulture and Agro Tourism (MAHA) 2022. Also present was the Minister of Agriculture and Food Industries, Yang Berhormat (YB) Datuk Seri Dr. Ronald Kiandee, and PLS Plantations’ Group Chairman, Yang Berbahagia (YBhg) Tan Sri Mohammed Nazir Bin Abdul Razak. Also in attendance to sign the MoU were YBhg Dato’ Haslina Binti Abdul Hamid, Secretary-General of MAFI, and PLS Plantations’ Group Chief Executive Officer, Lee Hun Kheng.

YB Datuk Seri Dr. Ronald Kiandee said, “Malaysia continues to rise on the Global Food Security Index (GFSI)[1] and is ranked 39th, up from the 43rd spot in 2020[2]. We have performed well with an overall score of 70.1 compared to the previous year of 67.9. The increase in Malaysia’s score (compared to the previous year) is the highest increase in score among the 113 countries involved.

However, due to multiple issues, compounded by rising population, and labour shortage, Malaysia’s food and agriculture imports remains high at around RM55.5 billion[3]. As such, it is crucial for the industry – both public and private – to work closely to further strengthen our food sufficiency throughout the entire supply chain. At the same time, we need to organise ourselves to capitalise on opportunities to generate higher incomes for agriculture frontliners, close the income gap, and improve livelihoods. Securing this future also requires us to attract more youth to participate in the sector and we see public-private partnerships as a key strategy to injecting new programmes, technologies, and platforms that will attract new farmers and participants to the industry. Through these efforts we are confident we can improve our national food security resilience, accessibility, and affordability of quality food, which is in line with our National Food Security Policy (DSMN Action Plan) 2021 – 2025[4].”

YBhg. Tan Sri Mohammed Nazir added, “This MoU is a significant milestone for PLS Plantations. We look forward to supporting MAFI and the industry’s efforts to further improve the nation’s food sufficiency levels. The research and proposal will serve as a baseline that will guide our efforts in rolling out our food security programme. In addition, our newly launched initiatives, the PLS Agropreneur Programme and PLS Integrated Agrotech Park, will contribute to creating a thriving ecosystem where we can attract the experienced and specialised farmers to scale their farms and produce, as well as bring the best and brightest to participate in the industry.”

The PLS Agropreneur Programme is a platform for new and experienced farmers who are interested to participate in the industry or scale their farms. It offers end-to-end support, from training and development, land lease, offtake network support, as well as financial support and incentives. The PLS Intergated Agrotech Park serves as a platform for collaboration with universities, and agrofood to science and technology companies.

He concluded, “Collaboration, specifically knowledge-sharing aided by technology and science have paved the way for the industries to grow and thrive. Likewise, for the agrofood industry, we see these initiatives as a way to elevate the industry, to bring our youth back to the suburbs and villages, and uplift the B40 communities, farmers and indigenous communities.”

[1] Source: GFSI by The Economist Intelligence Unit (EIU) based in London, United Kingdom https://tinyurl.com/54zydpck
[2] Source: MAFI – https://www.mafi.gov.my/en_US/gfsi-2021
[3] Source: Department of Statistics Malaysia 2022 https://tinyurl.com/5xbvnv6r
[4] Source: MAFI – https://tinyurl.com/2ccdnp8h

About PLS Plantations Berhad
PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1994. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

PLS Plantations received a Silver3 rating from RAM Sustainability in April 2022, setting the baseline for the Company’s sustainability journey and framework. PLS Plantations remains guided by environment, social and governance (ESG) values as they progress towards becoming the nation’s leading sustainable agrofood company. https://plsplantations.my/

Forward-Looking Statements
The statement included in this press release, other than statements of historical facts, are forward- looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward- looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

PLS Plantations appoints Lee Hun Kheng as Group CEO to advance business transformation

PLS Plantations Berhad announced the appointment of Lee Hun Kheng as the Group’s Chief Executive Officer (CEO) effective today and retain his role as Executive Director of PLS Plantations. He will remain CEO of Aramijaya Agri & Agro Sdn. Bhd., a company that has been involved in developing innovating supply chain and forest management processes to create high quality sustainable forest products and services since 2002.

Mr. Lee Hun Kheng

PLS Plantations’ Independent Non-Executive Chairman, Tan Sri Nazir Razak said, “We are pleased to welcome Lee Hun Kheng as our new Group CEO. His role as CEO of Aramijaya, the Group’s forest plantation subsidiary and his 19 years’ experience in the upstream and downstream sectors of the plantations industry will be critical in helping PLS Plantations navigate the complex industry and dynamic environment, as the Group transforms itself into Malaysia’s leading sustainable agrifood company.

Mr. Lee’s appointment is part of the Group’s efforts to strengthen our senior management bench as the Group diversifies into commercial durian planting alongside cash crops and forest plantation.

PLS Plantations’ diversification is aligned with the nation’s food sufficiency efforts. We note and applaud the Prime Minister’s recent statement on the critical importance of food security and the various new government initiatives to support the agrifood industry. With our much strengthened management team, we are well positioned to play a major role in addressing the nation’s food security challenges.”

Prior to his appointment as CEO at Aramijaya, Lee Hun Kheng was the marketing manager, responsible for increasing the product line offerings, through setting up new accounts of timber products and establishing the research and development projects on plantation. He is also a member of The Incorporated Society of Planters, a society established to develop and advance the professional interests of members within the plantation industry.

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange on 28 February 1995. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS Plantations and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products. https://plsplantations.my/

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward- looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward- looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

PLS Plantations profits surge by 411.5% to RM13.3 million

PLS Plantations Berhad today announced a 411.5% jump in their net profit for their third quarter financial performance for the period ended 31 March 2022 (Q3FY2022). The Company recorded a net profit before tax (PBT) of RM16.1 million, 455.1% higher compared to RM2.9 million recorded in the corresponding quarter for the period ended 31 March 2021 (Q4FY2021). PLS Plantations’ net profit after taxation and minority interest (PATMI) in Q3FY2022 came in at RM12.4 million, 416.7% higher than RM2.4 million in Q4FY2021. Total revenue climbed to RM32.1 million, an increase of 169.8% from RM 18.9 million in Q4FY2021. The increase in revenue and PBT were mainly attributed to the improved contribution made from the sales of fresh fruit bunches (FFB), and frozen durian products from international markets, especially China, as well as the collection of progress payment monies generated under the construction arm.

PLS Plantations’ PATMI for the quarter stood at RM12.4 million, 67.6% higher than RM7.4 million recorded in the preceding quarter ended 31 December 2021 (Q2FY2022). However, total revenue recorded in Q3FY2022 saw a drop of 44% to RM32.1 million, compared to RM57.3 million in Q2FY2022. The lower revenue for the period was attributed to the off-peak durian cycle that resulted in lower harvest numbers. Earnings per share (EPS) for the quarter stood at 2.88 sen (fully diluted) compared to 0.58 sen in Q4FY2021.

PLS Plantations’ Executive Vice Chairman, Tan Sri Dato’ Lim Kang Hoo highlighted, “PLS is working hard to continue the strong execution of our turnaround plan in order to meet our targets and aspirations. In addition to diversifying our revenue streams and improving our operational mechanisms, we have been building the organisation’s bench strength by bringing onboard experienced talent from the industry as well as promoting from within, capable members of the company to senior management positions. Growing our staff strength is crucial – to which PLS has been prioritising the hiring of bright, local talent as the Company ventures into other agricultural and cash crops segments.”

Tan Sri Dato’ Lim concluded, “In addition, we have also set the baseline for our sustainability journey and will be working towards rolling out a sustainability framework to guide our business and operations. Since our Silver3 rating from RAM Sustainability, we have established a ESG working committee to further develop and refine our processes and structures as we continue our progress towards becoming the nation’s leading sustainable agrofood company. We remain guided by ESG values as we move towards future proofing the Company whilst supporting our country’s food security goals.”

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1994. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward- looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Media Contact:
Cheong Sue Fyenn
Narro Communications
E: suefyenn@narrocomms.com
T: +6016 910 7625

PLS Plantations Berhad: https://plsplantations.my/
PLS Plantations Berhad: 9695 / [BURSA: PLS]

PLS Plantations rated Silver3 by RAM Sustainability

PLS Plantations Berhad today announced their receipt of Silver3 ratings by RAM Sustainability for its principal plantations and trading segments, reflecting some gaps and the early stages of the Company’s ESG practices that are crucial for reforestation and plantation-related sectors.

The sustainability ratings by RAM Sustainability, a leading provider of independent ESG analytics, captures the Company’s corporate sustainability performance based on all the environmental, social and governance (ESG) themes, as well as relevant international and domestic guidelines by Bank Negara Malaysia’s (BNM) Climate Change and Principle-based Taxonomy (CCPT).

PLS Plantations’ Independent Non-Executive Chairman, Tan Sri Nazir Razak said, “This rating sets the baseline for the Company, in providing clear forward strategy in terms of our priorities and focus areas, across our business and operations, especially in areas for improvement. Equally as important, it offers our stakeholders – investors, regulators, business partners, suppliers, and clients – an objective and transparent assessment of our commitment to sustainability and responsibility as a reliable supplier, business partner, and an employer. PLS Plantations is working hard to execute against our strategy towards becoming Malaysia’s leading sustainable, agrofood provider in the coming years.”

RAM Sustainability’s Chief Executive Officer, Promod Dass said, “PLS Plantations is establishing a starting point for its ESG journey by subjecting itself to the rigors of a sustainability rating and positioning that transparency is a priority even though it points to its high ESG risk profile – for this it must be commended, and we look forward to monitor its sustainability progress. We hope that this will set a precedent for more companies to embark on their sustainability journey and aspire to achieve the highest ratings.”

As part of the Company’s turnaround journey, PLS demonstrates strong commitment to expand on its corporate governance framework and policies, especially in areas of sustainability governance, pending a dedicated group-wide framework and policies to govern the Company. As a Public-Private-Partnership (PPP), PLS Plantations’ vision is to contribute to the nation’s food security and positive socioeconomic impact through initiatives in supporting local farmers, specifically the B40 and indigenous communities. The Company commits to produce quality products and services evidenced by the various certifications obtained such as the Malaysian Sustainable Palm Oil (MSPO) Certification for its plantation segment. The Company’s trading business has received Good Manufacturing Practices (GMP), Malaysia Good Agricultural Practices (myGAP), HALAL and Hazard Analysis Critical Control Point (HACCP) certifications, among others and has dedicated policies to manage human resource and human rights including the Good Social Practices Policy, Occupational Safety and Health Policy, Child Labour Policy and Sexual Harassment Policy.

For more information, or to download the complete the PLS Plantation’s RAM Sustainability rating report, please click here. https://www.ram.com.my/pressrelease/?prviewid=5964

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1994. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Media Contact:
Cheong Sue Fyenn
Narro Communications
E: suefyenn@narrocomms.com
T: +6016 910 7625

PLS Plantations Berhad: https://plsplantations.my/
PLS Plantations Berhad: 9695 / [BURSA: PLS]

PLS Plantations Showcases Performance Improvement with a 340% Net Profit Increase

Year-on-year net profit for the financial period Q2FY2022 jumps by 4.4 timesKey Financial and Performance Highlights (Q2FY2022 versus Q2FY2021):

  • Profit after tax at RM9.97 million, up by 340% year-on-year
  • More than doubles revenue to date to RM57.26 million, up by 107.1%
  • Profit after tax margin more than doubles to 17.4%, up by 9.2%

PLS Plantations Berhad (PLS Plantations or the Company) today announced a 340% jump in the net profit for their second quarter financial performance for the period ended 31 December 2021 (Q2FY2022). The Company recorded a net profit after tax of RM9.97 million, a 4.4 times jump from RM2.26 million for the same quarter of the preceding year ended 31 December 2020 (Q2FY2021) on the back of higher revenue and managed costs.

For the same quarter, PLS Plantations’ profit before tax (“PBT”) stood at RM14.0 million, 265% higher compared to RM3.84 million posted for the same period, Q2FY2021, due to higher sales and an increase in the profit after tax margin of 17.4% up from 8.2% for the period. The surge in revenue and profit before tax were mainly attributed to the improved Fresh Fruit Bunches (“FFB”) selling price realised under the plantation segment, and the improved sales of frozen durian products under the manufacturing and trading segment to overseas customers. The Company, via its subsidiary continuously expanding their contracting and plantation development. Earnings per share stood at 1.77 sen (fully diluted) in Q2FY2022 compared to EPS of 0.33 sen in Q2FY2021.

PLS Plantations’ Executive Vice Chairman, Tan Sri Dato’ Lim Kang Hoo highlighted, “We continue to execute against our plans to turnaround the company. In addition to strengthening our operations and revenue streams, we are building up our land bank to position the company and capitalise on the booming demand for durians, from key import partners such as China, Australia, and the United States of America, to name a few. In addition, PLS will also be venturing into cash crops, agriculture and aquaculture through ventures to support country’s food sufficiency efforts.”

About PLS Plantations Berhad
PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1994. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements
The statement included in this press release, other than statements of historical facts, are forward- looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward- looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward- looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Media Contact:
Cheong Sue Fyenn
Narro Communications
E: suefyenn@narrocomms.com
T: +6016 910 7625