IOI Corporation released its Q2 FY2024 financial results with the group reporting a profit before tax of RM417.9 million as compared to RM857.0 million reported for Q2 FY2023, this was on the back of RM2.396 billion in revenue that was lower compared to the previous year’s quarter at RM3.3 billion.
Profit after tax was lower at RM395 million compared to RM712 million the group registered in Q2FY2023 which IOI said was due mainly to lower contribution from resource-based manufacturing segment.
The resource-based manufacturing segment profit for Q2 FY2024 is RM85.0 million as compared to RM464.3 million for Q2 FY2023. Excluding the fair value gain on derivative financial instruments of RM31.5 million (Q2 FY2023 – RM182.6 million), the resource-based manufacturing segment reported an underlying profit of RM53.5 million for Q2 FY2024 which was 81% lower than the underlying profit of RM281.7 million for Q2 FY2023. The lower profit reported was due mainly to lower margins from oleochemical and refining sub-segments as well as lower sales volume from refining sub-segment
For Q2 YTD FY2024, the Group reported a PBT of RM785.7 million as compared to RM1,172.1 million reported for Q2 YTD FY2023. Excluding the non-underlying items as tabulated below, the underlying PBT of RM728.0 million for Q2 YTD FY2024 was 40% lower than the underlying PBT of RM1,218.8 million for Q2 YTD FY2023, due mainly to lower contribution from all segments
