IOI Corporation Bhd achieved a pre-tax profit of RM 666.8 million for the quarter ending December 31, 2021, from RM 365.3 million for the same period last year. For the year ending December 31, 2021, it achieve a pre-tax profit of RM1,170.6 million as against RM657.8 million previously. For the same period ending December 31, 2021, it achieved a turnover of RM7,744.7 million from RM4,931.9 million previously.
It said that Crude palm oil (“CPO”) price has risen in February 2022, trending close to the RM6,000 per metric tonne mark, following the news of India’s import duty cut as well as Indonesia’s new palm oil export restriction rules.
It said that it anticipates the CPO price to remain strong until at least the middle of this year, supported by the global edible oil supply tightness as well as the growth in the global economy as we transition from the Covid pandemic to the Covid endemic phase.
For its plantation segment, the FFB production for the remaining periods of FY2022 is expected to be impacted by the seasonal effects, labour shortage as well as other operational disruptions due to the recent Omicron outbreak.
It said that nevertheless, with the strong palm oil price and intensified mechanisation initiatives in our estates, the plantation segment is expected to perform well during the rest of the current financial year.
IOI Corporation Bhd said that the palm refining and kernel crushing margins in Malaysia continue to be affected by the high CPO and kernel prices as well as export duty regulations in Indonesia. However, we expect the performance of our refinery and commodity marketing sub-segment to remain resilient due to our efficient business model in respect of the Sabah refinery.
