SPB DECLARES 40% OF 2007 PROFIT AS DIVIDEND
Kuching : Sarawak Plantation Berhad (SPB), which was listed on the Main
Board of Bursa Malaysia on 28 August 2007, held its 11th Annual General
Meeting at Damai Puri Resort and Spa in Santubong, Kuching on 18 June
2008. Present there were its Chairman, Datuk Hasmi bin Hasnan, its
Board of Directors and its shareholders.
All resolutions as set out in the Notice of Annual General Meeting were
duly passed. Amongst other things, the shareholders approved a final
dividend of 7.20 sen gross per share, totaling approximately RM14.9
million. This is in addition to an interim dividend of 6.75 sen gross
per share, totaling approximately RM14 million, earlier declared on
28.02.2008 and subsequently paid on 18.04.2008. This brings the total
net dividends in respect of the financial year ended 31 December 2007 to
RM28.9 million, 40% of the 2007 net profit.
The above dividend was made possible after achieving a record net profit
of RM71.4 million for financial year 2007. SPB procured additional land
of 18,406 hectares increasing its land bank to 51,161 hectares. With its
strong financial position, SPB is confident of developing this
additional land within the next two years.
SPB has invested more than RM60 million to upgrade one of its two mills
to 120 tonne per hour (tph) increasing total milling capacity to 180 tph
in order to process all its production of fresh fruit bunches (FFB) as
well as FFB from local smallholders within the proximity of its mills.
SPB is confident to achieve even better financial result for year 2008
in view of bullish crude palm oil (CPO) prices and higher FFB