executive chairman Goh Wei Lei said average selling prices of CPO have been declining steeply.
“The group currently maintains a strong war chest with a total cash level of RM395mil with a debt free structure,” it said. chairman R.M. Alias believes the coming year will be a challenging one for the company’s cash flow. “CPO prices have softened since June 2022 to around RM4,000 per tonne, while the segment is facing the challenges of labour shortage and increased costs of fuel, fertilisers and agrochemicals.
“Inventory levels are thus expected to stay range-bound for much of 2023. Therefore, palm oil prices should stay relatively firm, and we maintain our 2023 and 2024 CPO price forecast at RM3,800 to RM3,500 per tonne.” “For the last year, CPO prices managed to settle at an average daily and monthly price of RM5,131.9 per tonne and RM5,125.6 per tonne respectively.