Jakarta, SAWIT INDONESIA – SD Guthrie Berhad (SD Guthrie or the Group), formerly known as Sime Darby Plantation Berhad, chalked up a net profit of RM772 million in the fourth quarter of the financial year ended 31 December 2024 (4Q FY2024) bringing its full year net profit for the year to RM2.16 billion, a 16% year-on-year increase from FY2023.
On a recurring basis, the Group’s FY2024 Profit Before Interest and Tax (Recurring PBIT) surged 47% year-on-year (YoY) to RM2.65 billion from RM1.80 billion in FY2023, driven primarily by the strong performance of its Malaysian upstream business. Upstream Malaysia’s recurring PBIT more than tripled YoY to RM973 million, from RM275 million in the previous year, as focused efforts to rehabilitate and restore operations to previous levels yielded positive results, enabling the Group to capitalise on strong crude palm oil prices (CPO).
The Group’s average realised CPO and palm kernel (PK) prices were 9% and 38% higher YoY, to RM4,101 per metric tonne (MT) and RM2,418 per MT, respectively. Minamas Plantations and New Britain Palm Oil also performed better in FY2024 than in FY2023, despite challenging operating conditions.
The Group’s fourth quarter net profit of RM772 million nearly quadrupled compared to the previous corresponding quarter.
SD Guthrie International (SDGI), the Group’s downstream segment, reported a PBIT of RM579 million for FY2024, driven by stronger profits from the Asia Pacific bulk operations. Europe continues to be the primary driver of SDGI’s performance, delivering strong margins.
The Group’s non-recurring profits for FY2024 of RM605 million largely comprised net gains from land disposals in Malaysia, which mitigated the impairment charges on assets in Malaysia and a subsidiary held for sale in Indonesia.
Chairman, Tan Sri Dr Nik Norzrul Thani Nik Hassan Thani saidsupported by strong fundamentals, the Group will navigate through FY2025 with caution, as the operating environment remains unpredictable. Our geographically diverse and integrated operations should stand us in strong stead, while the foundations are laid to kickstart our new growth pillars.
Meanwhile, Group Managing Director, Datuk Mohamad Helmy Othman Basha saidOur financial performance reflects the discipline, diligence and determination it has taken to turn the Malaysian operations around, which has resulted in far improved productivity. To drive further growth, the latest acquisition of an equity stake in Netherlands-based Marvesa Supply Chain Services B.V. strengthens our downstream footprint in Europe and unlocks opportunities for us to grow in the non-food segment, particularly animal feed and biofuel.
“On the renewable energy and industrial park growth pillars, we are working closely with our strategic partners, progressing towards meeting project execution milestones. These milestones reflect our commitment to operational excellence, and dedication to sustainable value creation for our stakeholders," he said. (source: press release)
