First Quarter Report 2025

First Quarter Report 2025

UNITED PLANTATIONS BERHAD

(Company Registration No. 191701000045 (240 A))

Jendarata Estate  36009 Teluk Intan  Perak Darul Ridzuan  Malaysia

Condensed Consolidated Statement of Comprehensive Income for the

Three Months Ended 31 March 2025

(The figures have not been audited)

--------------- Quarter ended 31 March ---------------

Changes

(RM'000)

2025 2024 (%)

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2024.

For comparative purpose, the earnings per share for the quarter ended 31 March 2024 has been adjusted to reflect the bonus issue of 1 bonus share for every 2 existing ordinary shares which was completed on 27

February 2025.

United Plantations Berhad l First Quarter Report 2025 l 1/15

Condensed Consolidated Statement of Comprehensive Income for the

Three Months Ended 31 March 2025

(The figures have not been audited)

-------------- Quarter ended 31 March --------------

Changes

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2024.

United Plantations Berhad l First Quarter Report 2025 l 2/15

Condensed Consolidated Statement of Financial Position as at 31 March 2025

(The figures have not been audited)

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2024.

For comparative purpose, the net assets per share as at 31 December 2024 has been adjusted to reflect the bonus issue of 1 bonus share for every 2 existing ordinary shares which was completed on 27 February 2025.

United Plantations Berhad l First Quarter Report 2025 l 3/15

Condensed Statement of Changes in Equity for the Three Months Ended 31 March 2025

(The figures have not been audited) Attributable to Equity Holders of the Parent S h a r e C a p it a l

T r e a s u r y s h a r e s

R e t a i n e d p r o fit s

C a s h fl o w h e d g e r e s e r v e

C a p it a l r e s e r v e

T r a n s l a ti o n r e s e r v e

N o n - c o n t r o lli n g i n t e r e s t s

T o t a l e q u it y

(RM'000) Balance at

1 January 2025 Total comprehensive

income for the period Dividends,

representing

total transaction

- 21,798

21,798

income for the period Balance at

- 390,054

- 132,872 2,584,095

• (21,615) -

  -

  - 2,960,883

  • (4,511) (4,511)

    (8,938)

    2,850,440

  • 16,980 2,867,420

    (92)

    111,165 2,961,605

  • 659 111,824

    31 March 2024

    (18,668)

• (6,644) 21,798

• (9,030)

  • 17,639 2,979,244

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes and the Annual Audited Financial Statements for the year ended 31 December 2024.

United Plantations Berhad l First Quarter Report 2025 l 4/15

Condensed Consolidated Cash Flow Statements for the Three Months Ended 31 March 2025

(The figures have not been audited)

3 Months ended

(RM'000)

31 March 2025 2024

Operating Activities

- 3,180 (1,340)

(3)

10,460 10,449

155,664

(21,205)

484,528 579,851

The Condensed Consolidated Cash Flow Statements should be read in conjunction with the Annual Audited Financial Statements for the year ended 31 December 2024.

Short Term Funds of RM2,311,000 (2024: RM213,851,000) are excluded from Cash Flow Statements due to reclassification of Short Term Funds from Cash & Cash Equivalents.

United Plantations Berhad l First Quarter Report 2025 l 5/15

• A1) ACCOUNTING POLICIES AND BASIS OF PREPARATION

  The interim financial statements of the Group for the financial quarter ended 31 March 2025 are unaudited and have been prepared in accordance with the requirements of Malaysian Financial Reporting Standard ("MFRS") 134: Interim Financial Reporting and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

  The interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 December 2024. These explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the year ended 31 December 2024.

  At the date of authorization of these interim financial statements, the following MFRSs were issued but not yet effective and have not been applied by the Group:

  MFRS

  		Effective for annual
  		periods beginning
  		on or after
  •	Annual Improvements to MFRS Accounting Standards - Volume 11	1 Jan 2026
  •	Contracts Referencing Nature-dependent Electricity (Amendments
  	to MFRS 9 and MFRS 7)	1 Jan 2026
  •	Amendments to MFRS 9 and MFRS 7: Classification and
  	Measurement of Financial Instruments	1 Jan 2026
  •	Amendments to MFRS 18: Presentation and Disclosure in Financial
  	Statements	1 Jan 2027
  •	Amendments to MFRS 19: Subsidiaries without Public
  	Accountability (Disclosures)	1 Jan 2027
  •	Amendments to MFRS 10 and MFRS 128: Sale or Contribution of
  	Assets between an Investor and its Associate or Joint Venture	Deferred

• A2) AUDIT REPORT

  The auditor's report on the financial statements for the financial year ended 31 December 2024 was not qualified.

• A3) SEASONAL AND CYCLICAL NATURE OF GROUP'S PRODUCTS AND OPERATIONS

  The prices for the Group's products are not within the total control of the Group but are determined by the global supply and demand situation for edible oils and it is somewhat related to the price of mineral oil.

  Crop production is seasonal. Based on statistics, the Group's production of crude palm oil ("CPO") and palm kernel ("PK") gradually increases from March/April, peaking around July to September, and then declines from October to February. This pattern can be affected by severe global weather conditions such as El-Nino and La Nina.

  The prices obtainable for the Group's products as well as the volume of production, which is cyclical in nature, will determine the profits for the Group.

• A4) EXCEPTIONAL AND EXTRAORDINARY ITEMS

  There were no exceptional or extraordinary items for the current quarter.

• A5) CHANGES IN ESTIMATES

  There were no material changes to estimates made in prior quarter.

• A6) EQUITY AND DEBT SECURITIES

  As at 31 March 2025, the number of treasury shares held was 2,225,322 shares subsequent to the bonus issue of 1 bonus share for every 2 existing ordinary shares which was completed on 27 February 2025. There were no share buy-back nor any cancellation, re-sale or distribution of treasury shares in the current quarter. There was also no issuance of new shares or debt instruments in the current quarter.

• A7) DIVIDENDS PAID

  There was no dividend paid in the current quarter.

• A8) SEGMENTAL INFORMATION

  The revenues and profit generated by each of the Group's operating segments and segment assets and liabilities are summarised as follows:

3 months ended 31 March 2025

Other

(RM'000)

Plantations Refining Segments Elimination Total Segment Revenue:

3 months ended 31 March 2024

Other

Refining Segments Elimination

• A9) VALUATION OF PROPERTY, PLANT AND EQUIPMENT

  The valuations of land and buildings have been brought forward without amendment from the financial statements for the year ended 31 December 2024.

• A10) EVENTS AFTER THE BALANCE SHEET DATE

  There were no material events after the balance sheet date.

• A11) CHANGES IN THE COMPOSITION OF THE GROUP

  There were no significant changes in the composition of the Group for the quarter including business combination, acquisition or disposal of subsidiaries and long-term investments, restructuring and discontinuing operations.

• A12) CONTINGENT LIABILITIES AND CONTINGENT ASSETS

  There were no contingent liabilities or contingent assets as at 23 April 2025.

B1) DIRECTORS' ANALYSIS OF THE GROUP'S PERFORMANCE FOR 3 MONTHS ENDED 31 MARCH 2025

The Group's revenue for the current quarter at RM517.6 million was higher by 8.6% as compared to RM476.7 million recorded in the corresponding quarter, due to the increases in revenues for the plantation and refinery segments in the current quarter mainly as a result of higher CPO and PK production and prices.

The Group's profit before tax at RM222.4 million for the current quarter was higher by 24.6% as compared to RM178.4 million in the corresponding quarter mainly due to higher contribution from the plantation segment.

Group net interest income at RM5.6 million was 18.5% lower than RM6.9 million recorded in the corresponding quarter as a result of lower deposits in the current quarter.

The analysis of the performance in accordance with the segments is as follows:

Plantations

The revenue from the major segment of the Group in the current quarter was higher by 5.0% when compared to the corresponding quarter last year due to higher CPO and PK production and higher average CPO and PK selling prices. Group CPO and PK production increased by 10.8% and 14.0% respectively, and the average CPO and PK selling prices at RM4,442/MT and RM3,288/MT were 6.3% and 57.9% higher respectively than the corresponding quarter.

The average selling prices of CPO and PK for the current and corresponding quarters were as shown below.

As a result of the above, the profit before tax of this segment increased by 34.1% in the current quarter. CPO windfall tax incurred at RM10.8 million was 65.9% higher than the corresponding quarter because of higher MPOB prices and production.

Refinery

The revenue for the refinery segment increased by 10.0% to RM351.7 million in the current quarter from RM319.7 million in the corresponding quarter due to higher average selling prices as a result of higher CPO and PK prices. However, this segment despite the higher revenue recorded a 44.4% decrease in profit before tax in the current quarter. This was due to hedging losses through buy back of earlier sold BMD futures in the current quarter as opposed to the hedging gains in the corresponding quarter.

The profit before tax of the refinery segment as reported above includes the share of results of the joint-venture, Unifuji Sdn Bhd which has been equity accounted. The joint-venture recorded a profit before tax of RM7.5 million (contributing a share of profit after tax of RM3.1 million) in the current quarter which was higher than the profit before tax of RM2.7 million (share of profit after tax of RM1.02 million) in the corresponding quarter. The increase in profit is because of positive net foreign exchange gains in the current quarter, whereas the result in the corresponding quarter was negatively impacted by net foreign exchange losses.