Latest news with #RM2.74bil
The Star
27-05-2025
- Business
- The Star
IOI Corp sees higher FFB output in 2Q25
PETALING JAYA: IOI Corp Bhd is expecting higher fresh fruit bunch (FFB) production in second quarter 2025 (2CY25), due to improved weather conditions as well as the end of low production cycle. The plantation group said the expected production rise resulting in higher palm oil stock is likely to exert downward pressure on crude palm oil (CPO) price, although the resumption of demand from major buyers, following an earlier slowdown, and Indonesia's B40 biodiesel mandate are expected to provide key price support moving forward. Releasing its results for the third financial quarter (3Q25) ended March yesterday, IOI Corp saw net profit more than double year-on year (y-o-y) to RM262.3mil, underpinned by an 11.1% revenue growth to RM2.74bil. For the nine months ended March, the group posted a net profit of RM1.08bil, a 42.2% y-o-y jump, as turnover also grew by 18.6% to RM8.37bil. IOI Corp said the improved 3Q25 as well as cumulative results was primarily due to better contribution from its plantation segment, which benefitted from higher CPO and palm kernel prices realised, as well as higher share of associates results. Nevertheless, it said this was partially offset by higher CPO stock level, lower FFB production and lower oil extraction rate. The better performance saw earnings per share improve to 4.23 sen for 3Q25, and 17.47 sen for the nine months ended March 2025. Total dividends declared by IOI Corp stands at five sen per share, with the company not proposing any dividend for 3Q25 but having declared the aforementioned five sen in 2Q25. Separately, the group said the recent price correction has improved palm oil's competitiveness relative to other vegetable oils. 'Taking these factors into account, we project CPO price to range between RM3,700 and RM4,000 per tonne for the rest of our financial year ending June 30, 2025,' it said in a filing to Bursa Malaysia. Furthermore, the group said FFB production for 4Q25 is expected to recover significantly over 3Q25, while anticipating this higher FFB production will help sustain a steady financial performance, despite the lower CPO price expected for the quarter ending June. It added that the relatively high palm kernel oil price has kept sales volume and margins subdued for some time, but going forward, the recent decline in palm kernel oil price is expected to support improved sales volume and margins. 'Coupled with our continued focus on operational efficiency and cost optimisation, we anticipate to maintain our financial performance in the final quarter for the financial year ending June 2025,' said IOI Corp.
The Star
15-05-2025
- Business
- The Star
FBM KLCI slips, ending three-day winning streak as banks weigh
KUALA LUMPUR: The FBM KLCI ended its three-day winning streak by finishing lower on Thursday, as banking counters weighed amid the bearish performance of regional markets. The 30-stock index closed down 10.49 points, or 0.66%, at 1,573.02. During the day, it reached a high of 1,586.85 and a low of 1,572.27 points. Across the broader market, decliners outnumbered advancers 626 to 459, with 3.71 billion shares worth RM2.74bil transacted. Among FBM KLCI constituents, 21 counters fell, outweighing the eight gainers, while one counter remained unchanged. Maybank fell 10 sen to RM10.10, pushing the index down by 1.7126 points, while CIMB declined eight sen to RM7.16, dragging the index lower by 1.2190 points. Public Bank slid two sen to RM4.51, nudging the index down by 0.5503 points. RHB Bank fell nine sen to RM6.69 while Hong Leong Bank added eight sen to RM20.28. On the broader market, Kluang Rubber fell 40 sen to RM5.56, BLD Plantations slid 20 sen to RM11 and United Plantations declined 16 sen to RM22.32. Among the gainers, Malaysian Pacific Industries rose 38 sen to RM21.70, Heineken added 32 sen to RM27.82, Carlsberg gained 28 sen to RM19.44 and Batu Kawan climbed 12 sen to RM19.02. Meanwhile, the ringgit was quoted at 4.2870, gaining 0.1% against the US dollar and 0.11% against the Singapore dollar, which stood at 3.3041. Regional markets closed lower, with Japan's Nikkei 225 down 0.98%, South Korea's Kospi falling 0.73%, and Hong Kong's Hang Seng slipping 0.79%. China's CSI 300 Index dropped 0.91%, while the Shanghai Composite Index declined 0.68%.
