KUALA LUMPUR: IOI Corp Bhd, which saw its net profit jump 50.7% to RM541.8mil in the second quarter ended June 30, expects its financial performance for the financial year ending June 30, 2023 (FY23) to be lower than for FY22 but remain healthy.
IOI said crude palm oil (CPO) price has weakened since early June following various measures introduced by the Indonesian government to first restrict and then boost export.
The plantation group anticipates price will be supported by supply constraints and its price competitiveness against other edible oils at least until December 2022,” it said.
“For FY23, our plantation segment’s financial performance is expected to decline due to the drop in CPO price from the historically high levels during FY22 and the elevated cost of inputs such as fuel and fertiliser.
“Nevertheless, CPO price should still be significantly higher than its historical average, and therefore the financial performance of our plantation segment is expected to be satisfactory,” IOI said in a filing with Bursa Malaysia.
The group expects the refining and fractionation margins to be volatile and decline from the present high levels as the CPO export duty drops in tandem with the CPO price.
Nonetheless, it said demand for palm oil will still be resilient to make up for the low sunflower oil supply which is expected to persist into 2023.,,足球博彩公司（www.hg108.vip）是一个开放皇冠即时比分、代理最新登录线路、会员最新登录线路、皇冠代理APP下载、皇冠会员APP下载、皇冠线路APP下载、皇冠电脑版下载、皇冠手机版下载的皇冠新现金网平台。足球博彩公司上登录线路最新、新2皇冠网址更新最快,足球博彩公司开放皇冠会员注册、皇冠代理开户等业务。
For the oleochemical sub-segment, IOI anticipates China’s zero Covid policy and ongoing Ukraine-Russia war will continue to dampen China’s domestic demand and cause a severe inflationary impact on food to energy respectively.
“Nevertheless, with our new fatty acid and soap noodles plants coming on-stream, our sales volume in FY2023 is expected to increase by double-digit percentage but with margins lower than the high levels achieved in FY22,” the group said.
“For FY23, we expect the performance of the specialty fats sub-segment comprising our associate company Bunge Loders Croklaan (BLC) to be satisfactory as it benefits from favourable demand and BLC’s supply chain capability, although the operating environment will continue to present challenges such as high energy cost and the sporadic pandemic-related lockdowns in China.
“Overall, the group expects its financial performance for FY23 to be lower than for FY22 but remain healthy,” IOI said.
In the fourth quarter, its revenue rose 8% to RM3.74bil from RM3.46bil in the same period last year. Its earnings per share stood at 8.72 sen against 5.74 sen previously.
IOI’s board has declared a second interim single-tier dividend of 8.0 sen per ordinary share in respect of FY22. The dividend will be payable on Sept 23.
For FY22, IOI posted a net profit of RM1.72bil, or 27.74 sen earnings per share on revenue of RM15.58bil.