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KUALA LUMPUR: Oleochemical and plantation company Southern Acids (M) Bhd said strong commodity prices boosted its sales and profits in the first quarter ended June 30.
Net profit soared 37% to RM23.5mil compared with RM17.2mil made a year ago. Revenue jumped to RM258mil from RM158mil previously.
The group said operating profit at its three core business oleochemical, healthcare as well as milling and estate operations, were more than doubled compared to the same quarter last year.
"We remain cautious on our prospects for the Oleochemical segment," the company said in a filing with Bursa Malaysia today.
"Our current operation lacks the economies of scale in the global context where competition is rife. Disruption to our plant activities amidst economic lockdowns, higher raw material prices and currency volatility may negatively impact our performance," it said.
The group also said that the current economic weakness will affect its milling & estate segment, noting that crude palm oil prices have been volatile.
"CPO prices are expected to ease, with higher seasonal output and better weather conditions potentially raising production and inventory levels. Demand could also be dampened by the wave of rising new Covid-19 cases in several countries," it said.
On its healthcare business, SAB said its prospects remained subdued due to the pandemic.
Bed occupancy rates at its medical facility was up at 38% in the first quarter.
"Our patient volumes have yet to recover to pre-pandemic levels," SAB said.
"Longer term, prospects in the private healthcare will be driven by rising health awareness and an expanding middle-income population. We will stress on upgrading our medical facilities and building on our pool of medical professionals to deliver high quality healthcare services and patient care," it said.