IOI Corporation reported its Q1 FY2024, earnings with the group reporting a profit before tax of RM367.8 million as compared to RM315.1 million reported for Q1 FY2023. Revenue for the quarter came in at RM2.2 billion which was much lower compared to Q1 FY2023 of RM3.3 billion, however, profit attributable to equity holders was much higher at RM304 million compared to RM167 million in the preceding year’s quarter.
Excluding the non-operating and one-off items the underlying PBT of RM360.9 million for Q1 FY2024 was 45% lower than the underlying PBT of RM656.0 million for Q1 FY2023, due mainly to lower contributions from all segments.
The plantation segment profit for Q1 FY2024 of RM330.8 million was 6% lower than the profit for Q1 FY2023 of RM351.8 million due mainly to lower CPO and PK prices realised, mitigated by higher FFB production and higher share of associates results of RM85.7 million (Q1 FY2023 – RM65.6 million).
The resource-based manufacturing segment profit for Q1 FY2024 is RM57.7 million as compared to RM128.5 million for Q1 FY2023. Excluding the fair value gain on derivative financial instruments of RM1.3 million (Q1 FY2023 – loss of RM193.0 million), the resource-based manufacturing segment reported an underlying profit of RM56.4 million for Q1 FY2024 which was 82% lower than the underlying profit of RM321.5 million for Q1 FY2023. The lower profit was due mainly to lower margins from oleochemical and refining sub-segments as well as lower sales volume from refining sub-segment, mitigated by higher share of associate results from Bunge Loders Croklaan Group BV (“BLC”).
