PETALING JAYA: MKH Oil Palm (East Kalimantan) Bhd (MKHOP), an upstream oil palm plantation company based in East Kalimantan, Indonesia, has repurchase...
MKH Oil Palm Bhd , an upstream oil palm plantation company based in East Kalimantan, Indonesia, has repurchased 6.17 million shares up to Oct 22 since it started implementing its share buyback programme on Sept 25.
The share buyback is expected to stabilise MKHOP’s share price and to enable MKHOP to utilise its surplus financial resources more efficiently resulting in a more efficient capital structure. For the nine months ended June 30, MKHOP has achieved cumulative net profit of RM43.21 million on the back of revenue of RM261.63 million. MKHOP’s nine-month net profit for FY24 has already exceeded its entire FY23 results by 38%.
In conjunction with Budget 2025, the government in its economic report said it expects the price of CPO to continue to be well supported, averaging between RM3,500 and RM4,000 per tonne in 2025.
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