IOI Corp has released its interim Report for The Financial Period Ended 31 March 2022.
For Q3 FY2022, the group reported a profit before taxation (PBT) of RM580.9 million as compared to RM475.9 million reported for Q3 FY2021. Excluding the non-operating and one-off items as tabulated below, the underlying PBT of RM552.4 million for Q3 FY2022 was 90% higher than the underlying PBT of RM290.5 million for Q3 FY2021, due mainly to higher contribution from plantation segment, partly offset by lower contribution from resource-based manufacturing segment.
While, the plantation segment profit for Q3 FY2022 of RM518.5 million was 179% higher than the profit for Q3 FY2021 of RM185.9 million due mainly to higher CPO and PK prices realised as well as higher FFB production and higher share of associate results from Bumitama Agri Ltd (BAL). Average CPO and PK prices realised for Q3 FY2022 were RM5,064/MT (Q3 FY2021 – RM3,211/MT) and RM4,588/MT (Q3 FY2021 – RM2,616/MT) respectively.
on the other hand, the resource-based manufacturing segment profit for Q3 FY2022 is RM45.8 million as compared to RM442.2 million for Q3 FY2021. Excluding the fair value loss on derivative financial instruments of RM17.4 million (Q3 FY2021 – gain of RM43.4 million) and share of Loders’s one-off gain of sales of its refinery of RM267.9 million reported in Q3 FY2021, the resource-based manufacturing segment reported an underlying profit of RM63.2 million for Q3 FY2022 was 52% lower than the underlying profit of RM130.9 million for Q3 FY2021. The lower profit was due mainly to lower share of associate results from Loders and lower sales volume and marginsfrom refining sub-segment which was mitigated by higher contribution from oleochemical sub-segment.
No dividend has been proposed for the quarter under review (31 March 2021: nil). The total cash dividend declared to date for the current financial period is a single tier dividend of 6.0 sen (31 March 2021: 4.5 sen) per ordinary share. To recap, the Board had on 23 February 2022 declared an interim single tier dividend of 6.0 sen per ordinary share in respect of the financial year ending 30 June 2022. The dividend was paid on 25 March 2022.
