Recent surge in palm oil price makes Kuala Lumpur Kepong Bhd (KLK) profits doubled Q-o-Q for their 1st Quarter 2021 results.
The net profit of the company started seeing a sign of recovery in third quarter of June 2020, exceeding the net profit from previous quarters.
The quarterly financial statement impacted the share prices of the company. On the February 18, the company share price increased by 1.85% from RM22.76 to RM23.18.
During the two-day period when share price declined prior the release of their financial statement, it reached below RM23 for the first time since November 21, 2020 when the price first reached RM23.
The palm oil price was on increase trend since 18th of January, climbed from the low of RM3,500 per tonne to RM4,000 per tonne recently.