IOI Corp 3Q21 net profit soars to RM401m

by BERNAMA / pic by TMR FILE

IOI Corp Bhd’s net profit for the third quarter ended March 31, 2021 (3Q21), soared to RM401.3 million from RM100,000 in the same period a year ago.

Revenue rose to RM2.86 billion from RM2.03 billion recorded in the same quarter previously.

In a filing to Bursa Malaysia, it said the plantation segment recorded a profit of RM185.9 million in 3Q21, up 12% from 3Q20, mainly due to higher crude palm oil (CPO) and palm kernel (PK) prices realised, but partly offset by lower fresh food bunches production.

On the prospects, IOI said the group anticipates its overall financial performance for 4Q21 to remain good, supported by high CPO price and increase in crop production from the plantation segment, and the expected demand improvement in the resource-based manufacturing segment as the global economy recovers gradually.

At the close last Friday, IOI shares rose three sen to RM4.10, with 1.44 million shares traded.

In another Bursa Malaysia filing, Pharmaniaga Bhd posted a net profit of RM23.14 million for 1Q21, up from RM22.4 million a year earlier as it trimmed its finance costs and operating expenses by a total of RM8.25 million.

The pharmaceutical group achieved the improved earnings although its revenue fell 3.2% year-on-year to RM793.5 million due to lower demand seen by its Indonesian division amid the Covid-19 pandemic.

“The group’s better (profit) performance was supported by reduced finance cost as a result of Bank Negara Malaysia’s lower Overnight Policy Rate (1.75% versus 2.5% as at March 31, 2020) coupled with reduced operating cost due to the ongoing cost containment exercise implemented throughout the group,” it said in a statement last Friday.

Group MD Datuk Zulkarnain Md Eusope said amid the challenges brought about by Covid-19, which were expected to persist given new waves of cases around the world, Pharmaniaga was focused on the supply and distribution of Covid-19 vaccines.

“We are making good progress on this front with approval granted by the National Pharmaceutical Regulatory Agency for the fill-and-finish manufacturing of the Sinovac Covid-19 vaccine,” he said, adding that the distribution of the vaccine to the government had begun this month.

In addition, he said, the company had brought in 400,000 doses of the Sinovac Covid-19 finished product and successfully distributed them to government healthcare facilities.

Separately, semiconductor manufacturer Inari Amertron Bhd posted a higher net profit of RM81.95 million in 3Q21 compared to RM35.06 million in the same period a year ago.

It said revenue rose 41.4% to RM342.93 million during the quarter under review, primarily contributed by the radio frequency business segment.

“The recovery in global growth, continuing world semiconductor demand, coupled with the adoption of 5G devices are all positive factors for the group.”

Barring further unfavourable development of the pandemic and restrictive containment measures taken by the respective governments in countries it operates in, and any worsening of shortages of income semiconductor parts it processes, Inari Amertron expects positive growth in its top and bottom lines for FY21 and continuing into 2022.

In separate filings, Inari Amertron has declared a special single-tier dividend of 1.8 sen per ordinary share and a third interim single-tier dividend of 2.2 sen per ordinary share, both payable on July 8, 2021.