by Sharon Kong, sharonkong@theborneopost.com. Posted on May 29, 2014, Thursday
KUCHING:
Despite being beleagured by low crude palm oil (CPO) and palm kernel
(PK) prices for most of 2013, Rimbunan Sawit Bhd (Rimbunan Sawit)
managed to record positive growth in the last quarter of 2013.
The group saw total revenue increasing to RM78.5 million as compared to RM59.9 million in the corresponding quarter of 2012.
However, as noted in chairman Bong Wei Leong’s statement in its Annual Report 2013, the same could not be said for the full year 2013 which saw the group registering a revenue of RM282 million – a decrease of 10.2 per cent as compared to RM314 million of 2012.
“The average selling price per metric tonne of both CPO and PK had dropped 24 per cent from RM2,862 and RM1,615 in 2012 to RM2,187 and RM1,228 in 2013 respectively,” Bong explained.
This substantial drop in price of commodities was influenced by weakened demand from the emerging economies, he said.
“The high inventory levels of CPO had also caused its prices to trade below RM2,500 for a substantial period in the financial year 2013,” Bong added.
In tandem with the decrease in the pricing of the commodities, Rimbunan Sawit recorded a gross profit margin of 13.5 per cent in 2013, which represented a decrease of 7.3 per cent down from 20.8 per cent in 2012.
Bong explained out that the increase in the cost of production, especially in the rise of labour costs after implementation of minimum wages, had also contributed to the lower profit margins.
On a more positive note the Group’s oil palm planted area in 2013 had increased to 54,659 hectares as compared to 52,291 hectares in 2012 whereas the production area was 36,867 hectares, an increase of 1,739 hectares from 2012 of 35,128 hectares.
“These improvements have contributed to the increase in the production of fresh fruit bunch (FFB) from 459,597 metric tons in 2012 to 479,480 metric tons in the year under review,” he highlighted.
The productions of CPO and PK have also shown an improvement in 2013 with the Group’s palm oil mill producing 63,933 metric tons CPO and 16,591 metric tons of PK in 2013, an increase of five per cent and 13 per cent respectively from 2012.
Bong highlighted that the enforcement of many good agricultural and management practices in the plantation field such as enhanced fertilizer application technique, timely road maintenance and gravelling, complete harvesting rounds, standard pruning, improved worker productivity and frequent review of operation has allowed Rimbunan Sawit to maintain high operation standards and efficiency.
Overall, he noted that the global economic outlook is likely to see further improvement, gaining momentum from the last quarter of 2013.
He added that with the US gradually trimming its fiscal stimulus measures, highlighting an improvement to its economy and the Euro zone debt crisis meeting a consensus on its road to recovery, the global economy is expected to experience steady growth since the financial crisis of 2008.
“The healthy palm oil demand from emerging market and major importers especially from China, India and Europe including the global production and consumption rates of vegetable oil, biodiesel usage, crude oil price, and macroeconomic conditions will fuel further improvement to the palm oil industry as a whole,” Bong observed.
He highlighted that since the end of the financial year under review, the selling prices of crude palm oil have begun an upward trend move underpinned by fundamentals such as lower production and high demand.
While the recent unfavourable weather condition has impacted production, Bong noted that the implementation of biodiesel programmes is expected to sustain the CPO prices.
“Considering the young profile of our plantation, with more palms reaching maturity and the prime production age, we expect this will contribute a favourable increase in FFB yields and FFB production to the Group in the coming years,” Bong projected.
All in, Rimbunan Sawit will continue to focus and ensure strict enforcement of the Best Agricultural Practices in its estate and mill operation to further improve yields and increase the oil extraction rate.
The group saw total revenue increasing to RM78.5 million as compared to RM59.9 million in the corresponding quarter of 2012.
However, as noted in chairman Bong Wei Leong’s statement in its Annual Report 2013, the same could not be said for the full year 2013 which saw the group registering a revenue of RM282 million – a decrease of 10.2 per cent as compared to RM314 million of 2012.
“The average selling price per metric tonne of both CPO and PK had dropped 24 per cent from RM2,862 and RM1,615 in 2012 to RM2,187 and RM1,228 in 2013 respectively,” Bong explained.
This substantial drop in price of commodities was influenced by weakened demand from the emerging economies, he said.
“The high inventory levels of CPO had also caused its prices to trade below RM2,500 for a substantial period in the financial year 2013,” Bong added.
In tandem with the decrease in the pricing of the commodities, Rimbunan Sawit recorded a gross profit margin of 13.5 per cent in 2013, which represented a decrease of 7.3 per cent down from 20.8 per cent in 2012.
Bong explained out that the increase in the cost of production, especially in the rise of labour costs after implementation of minimum wages, had also contributed to the lower profit margins.
On a more positive note the Group’s oil palm planted area in 2013 had increased to 54,659 hectares as compared to 52,291 hectares in 2012 whereas the production area was 36,867 hectares, an increase of 1,739 hectares from 2012 of 35,128 hectares.
“These improvements have contributed to the increase in the production of fresh fruit bunch (FFB) from 459,597 metric tons in 2012 to 479,480 metric tons in the year under review,” he highlighted.
The productions of CPO and PK have also shown an improvement in 2013 with the Group’s palm oil mill producing 63,933 metric tons CPO and 16,591 metric tons of PK in 2013, an increase of five per cent and 13 per cent respectively from 2012.
Bong highlighted that the enforcement of many good agricultural and management practices in the plantation field such as enhanced fertilizer application technique, timely road maintenance and gravelling, complete harvesting rounds, standard pruning, improved worker productivity and frequent review of operation has allowed Rimbunan Sawit to maintain high operation standards and efficiency.
Overall, he noted that the global economic outlook is likely to see further improvement, gaining momentum from the last quarter of 2013.
He added that with the US gradually trimming its fiscal stimulus measures, highlighting an improvement to its economy and the Euro zone debt crisis meeting a consensus on its road to recovery, the global economy is expected to experience steady growth since the financial crisis of 2008.
“The healthy palm oil demand from emerging market and major importers especially from China, India and Europe including the global production and consumption rates of vegetable oil, biodiesel usage, crude oil price, and macroeconomic conditions will fuel further improvement to the palm oil industry as a whole,” Bong observed.
He highlighted that since the end of the financial year under review, the selling prices of crude palm oil have begun an upward trend move underpinned by fundamentals such as lower production and high demand.
While the recent unfavourable weather condition has impacted production, Bong noted that the implementation of biodiesel programmes is expected to sustain the CPO prices.
“Considering the young profile of our plantation, with more palms reaching maturity and the prime production age, we expect this will contribute a favourable increase in FFB yields and FFB production to the Group in the coming years,” Bong projected.
All in, Rimbunan Sawit will continue to focus and ensure strict enforcement of the Best Agricultural Practices in its estate and mill operation to further improve yields and increase the oil extraction rate.
Read more: http://www.theborneopost.com/2014/05/29/rimbunan-sawit-overcomes-low-cpo-pk-prices-to-record-positive-growth/#ixzz337Ax8qTm
没有评论:
发表评论