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IOI Corp’s Q1 net profit eases to RM277.6 mln

24/11/2021 09:04 PM

KUALA LUMPUR, Nov 24 -- IOI Corporation Bhd’s (IOI Corp) net profit eased to RM277.60 million for the first quarter ended Sept 30, 2021 (Q1 FY2022) compared with RM277.90 million in the same period last year, mainly dragged by its net foreign currency translation loss on foreign currency denominated borrowings.

Its revenue, however, surged to RM3.63 billion from RM2.48 billion previously, mainly contributed by its resource-based manufacturing (RM3.54 billion) and plantation segments (RM760.6 million).

In a filing with Bursa Malaysia today, IOI Corp said the plantation segment profit for the quarter under review was 78 per cent higher at RM487.0 million versus RM273.6 million in Q1 FY2021, due mainly to higher crude palm oil (CPO) and palm kernel (PK) prices realised, partly offset by lower fresh fruit bunches (FFB) production. 

“Average CPO and PK prices realised for Q1 FY2022 were RM4,032 per tonne (RM2,579 per tonne in Q1 FY2021), and RM2,551 per tonne ( RM1,486 per tonne in Q1 FY2021), respectively,” it said.

On its resource-based manufacturing segment, the company said the profit for Q1 FY2022 was 16 per cent higher at RM46.1 million from RM39.6 million in the same period last year, due mainly to higher contribution from both oleochemical and refining sub-segments with improvement in margins, partly offset by lower share of results from its specialty fats associate, Bunge Loders Croklaan Group BV.

Moving forward, the group anticipated the CPO price to remain high until early 2022, supported by the global edible oil supply tightness as well as good demand, as the global economy continues to improve.

However, it cautioned that the US dollar-ringgit exchange rate, which affected the company’s foreign exchange translation gain/loss arising from its US dollar-denominated borrowings, is expected to remain volatile in the near term.

“The group expects our overall operating performance for the remaining periods of the current financial year to be good on the back of strong performance from our plantation segment,” it said.

No dividend has been proposed for the quarter under review.


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