FGV to focus more on downstream activities due to weak CPO prices

The lower crude palm oil price has not severely affected FGV’s profitability mainly because of improved operational performance and lower costs.

Its Saji brand cooking oil is the market leader with a market share of 30%, Group CEO Harris Fadzilah Hasan said at a media briefing of the company’s Q1 FY19 results here today. The lower profit was attributed to lower CPO prices, which averaged RM1,986 per tonne, compared with the Q1 FY18 price which was at RM2,472 per tonne.The CPO price, which was 20% lower, did not severely affect the company’s profitability mainly because of improved operational performance and lower costs.

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