By 9.15am, the counter had gained eight sen to RM14.08 sen, with 29,200 units traded.

In a filing with Bursa Malaysia, United Plantations reported that its net profit grew by 36% to RM184.63 million from RM135.79 million a year ago.

Revenue rose 45.5% year-on-year to RM701.26 million from RM481.87 million in Q2 2021.

Its plantation segment’s revenue rose by 25.6% quarter-on-quarter (q-o-q) on the back of higher production and rising prices, while its refinery segment recorded a 6.4% q-o-q increase in revenue due to higher selling prices.

However, it warned that with the significant uncertainties related to the consequences of the Russia-Ukraine war and the unresolved chronic labour shortage in Malaysia, it was difficult to predict the results for 2022.

“Based on the current palm oil prices and the company’s ability to minimise significant crop losses so far despite the acute labour shortage, we expect that the results for the year will be satisfactory and better than in 2021,” it added.