KUALA LUMPUR, Nov 28 — IOI Corp Bhd’s net profit for the first quarter ended September 30, 2023 (1Q 2024), increased to RM304 million from RM167.5 million in the same quarter last year.

Revenue, however, fell to RM2.20 billion from RM3.67 billion previously, the group said in a filing with Bursa Malaysia today.

For 1Q, the group reported a pre-tax profit of RM367.8 million as compared to RM315.1 million reported for the same quarter last financial year.

“Excluding non-operating and one-off items, the underlying pre-tax profit of RM360.9 million for 1Q 2024 was 45 per cent lower than the underlying pre-tax profit of RM656.0 million for 1Q 2023, due mainly to lower contribution from all segments,” it said.

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Overall, the group expects its operating and financial performance for the remaining quarters of the financial year 2024 to be satisfactory.

IOI Corp is an investment holding company, which engages in the manufacturing of palm oil, oleo-chemicals, and specialty oils and fats. — Bernama

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