IOI Corporation released it Q3 FY2024 results with the group reporting a profit after tax of RM123million as compared to RM197 million reported for Q3 FY2023, this comes from a revenue of RM2.46 billion versus RM2.66 billion recorded in the previous year’s Q3.
The group added excluding the non-operating items, fair value adjustments or one-off item, the underlying PBT of RM328.7 million for Q3 FY2024 was 6% higher than the underlying PBT of RM310.8 million for Q3 FY2023, due mainly to higher contribution from plantation segment, partially offset by lower contribution from resource-based manufacturing segment
On outlook, IOI said the crude palm oil price has experienced significant fluctuations. Looking ahead, it project an increase in CPO production due to seasonal trends. This increase, coupled with the expected good soybean harvest in South America, may pose challenges for CPO price. However, the anticipated replenishment of palm oil stock by importing countries with low inventories will provide support to CPO price. Consequently, the group expect CPO price to hover within the range of RM3,700 to RM4,100 per metric ton during the next three months.
