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expects minimal overall impact on its bottom line following the government’s move to hike minimum wages and impose mandatory foreign worker contribution to the Employees Provident Fund .
“And this assumes net profit is constant, and since crude palm oil prices have increased, so this variable changes as well,” Lee said at its AGM yesterday. “But production costs have increased more than this, so we are a bit disappointed that the threshold is only raised marginally. The association has been asking for a much higher increase in the threshold by RM500 to RM1,000,” he said.
“Before this we needed one worker for every 6.5 ha and now it is 8.5 ha per personnel. So one worker can do two more ha. This may improve further for West Malaysia by up to 10%. The oil palm planter continues to prioritise replanting its existing trees to improve crop outcomes with better seedlings.In FY24, the planter said some 11,261 ha of young palms were brought into maturity, while 8,631 ha of old palms were replanted.
“More importantly, how the young replanted plants are performing after they are productive – and this looks to be very promising.“After some three years of replanting, it will bear fruit and in the fourth year of replanting – in the past it was 12 tonnes per ha but now in the third year we are already achieving this figure.Its replanting programme involved the use of its elite clonal palms and high-yielding third-generation hybrid palm seedlings to increase oil palm yields.
Ioicorp Minimumwageimpact Plantationtech Yieldimprovement Palmoilproduction Solarpowerproject
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