IOI Corporation (IOICORP) Q4 2024 earnings summary

Executive summary

• Q4 FY24 revenue rose 30% year-over-year to RM2,539.6 million, with operating profit up 79% to RM341.7 million and profit before tax up 360% to RM428.5 million, driven by higher contributions from all segments.

• Q4 FY24 net profit surged 761% to RM347.7 million, with EPS jumping 832% to 5.59 sen.

• FY24 full-year revenue declined 17% to RM9,603.6 million, and operating profit fell 23% to RM1,180.1 million compared to FY23.

• Full-year net profit was stable at RM1,116.3 million, with EPS nearly unchanged at 17.88 sen.

• FY24 profit before tax was RM1,398.5 million, down 8% year-over-year; underlying PBT fell 23% to RM1,380.4 million, mainly due to lower resource-based manufacturing margins.

Financial highlights

• Net assets per share increased to RM1.88 from RM1.83 year-over-year.

• Total assets stood at RM17,942.2 million as of 30 June 2024.

• Net cash from operating activities for FY24 was RM1,232.3 million, down from RM2,073.2 million in FY23.

• Net FX translation loss for FY24 was RM18.9 million, a significant improvement from RM174.5 million loss in FY23.

• Q4 FY24 EPS was 5.59 sen, up from 0.60 sen in Q4 FY23; FY24 EPS was 17.88 sen, nearly unchanged.

Segment performance

• Q4 FY24 plantation operating profit rose 53% year-over-year to RM264.6 million; manufacturing operating profit up 26% to RM314.2 million.

• Q4 FY24 other operations profit increased 200% to RM142.2 million.

• FY24 plantation segment operating profit grew 4% to RM1,003.7 million; manufacturing up 5% to RM1,209.3 million.

• Oleochemical sales volume increased 12% year-over-year for both Q4 and full year; refinery sales volume fell 14% for the year.

• Resource-based manufacturing Q4 FY24 profit was RM142.2 million, up from RM47.4 million, with underlying profit up 131% due to higher refining margins.