KUALA LUMPUR (July 2): Main Market-bound Johor Plantations Group Bhd’s (KL:JPG) net profit for the first quarter ended March 31, 2024 (1QFY2024) more than doubled to RM49.97 million from RM23.4 million a year earlier, as revenue for the quarter rose to RM294.91 million versus RM251.98 million previously.

In a bourse filing, JPG said the higher revenue was due to the increase in revenue from selling crude palm oil (CPO) and palm kernel (PK).

Earnings per share increased to 2.45 sen from 1.3 sen.

Reviewing its performance, JPG said revenue from the sale of CPO increased by 18.5% to RM255.8 million for 1Q of 2024, from RM215.87 million a year earlier, due to higher CPO delivered.

It said this was partially offset by a lower selling price.

Meanwhile, it said revenue from the sale of PK increased by 12.8% to RM37.47 million for 1QFY2024, compared to RM33.21 million recorded in the quarter ended March 31, 2023, due to a higher PK selling price and a higher volume of PK delivered.

RHB Investment Bank is the IPO’s principal adviser and managing underwriter and joint bookrunner with AmInvestment Bank, CIMB Investment Bank, Affin Hwang Investment Bank, and CLSA.

RHB Investment Bank, AmInvestment Bank, CIMB Investment Bank and CLSA are also joint global coordinators.