Strong showing by IOI Corp

In a filing with Bursa Malaysia yesterday, IOI Corp said profit for its plantation segment surged 69% year-on-year (y-o-y) to RM576mil during the second quarter ended Dec 31, 2021, mainly due to higher crude palm oil (CPO) and palm kernel (PK) prices.

KUALA LUMPUR: IOI Corp Bhd’s net profit for its second quarter ended Dec 31, 2021 rose nearly 40% to RM494.70mil from RM355.70mil in the previous corresponding period, driven by higher contribution from the group’s plantation and resourced-based manufacturing divisions.

Revenue in the second quarter grew to RM4.11bil from RM2.45bil a year earlier.