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PETALING JAYA: IOI Corp Bhd’s net profit for its fourth quarter ended June 30, 2021 jumped 50.8% to RM359.4 million from RM238.3 million in the same quarter of the previous year due to higher contributions from all of its business segments.

Revenue for the quarter stood at RM3.46 billion, a 69.8% improvement over the RM2.04 billion in the year before.

According to the group’s Bursa filing, its plantation segment saw a profit of RM409.8 million for Q4’21, a 75% hike over RM234.2 million registered for Q4’20, on the back of higher realised crude palm oil and palm kernel prices, partly offset by lower fresh fruit bunch production.

The resource-based manufacturing segment’s profit increased 66% to RM165.0 million from RM99.6 million previously, mainly due to a higher share of results from its specialty fats associate, Bunge Loders Croklaan.

For the financial year ended June 30, 2021, the group’s net profit more than doubled to RM1.39 billion from RM600.8 million in the preceding financial year, due mainly to higher contributions from all segments.

Revenue for the period amounted to RM11.25 billion, an increase of 44.2% from the RM7.8 billion previously.

IOI declared a second interim single-tier dividend of 6 sen per share, which will be paid on Oct 5.

Moving forward, IOI expects its financial performance in the next financial year to be better than the previous financial year, underpinned by the strong performance from its plantation segment.

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