Malaysian palm oil giant Sime Darby said net profit rose 26 percent to 1.16 billion ringgit ($387 million) in its second quarter on higher palm oil prices and improved plantation yields.
In a filing to the Malaysian stock exchange, the world’s largest listed palm oil producer by acreage also said net profit increased 40 percent to 2.26 billion ringgit for the financial year’s first half, which ended December 31.
President and Group Chief Executive Mohamad Bakke Salleh said growth across the diversified conglomerate’s various plantation, property, automotive and other divisions was “robust” given the ongoing global economic uncertainty.
“The group had a commendable first half with all divisions achieving double-digit earnings growth,” he said.
He added, “our businesses have persevered and remained resilient in the face of a challenging business environment.”