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Higher Q3 earnings for IJM Corp and IJM Plantations

PETALING JAYA: IJM Corp Bhd’s net profit for the third quarter ended Dec 31,2020 almost tripled to RM144.5mil, thanks to higher crude palm oil (CPO) prices and improved sales from its property development segment.

Revenue for the quarter surged 18.8% to RM1.71bil from RM1.44bil a year earlier.

In a filing with Bursa Malaysia, IJM said its financial performance is expected to be satisfactory, moving forward, despite the constantly changing business environment. “The group’s diversified portfolio is expected to provide resilience to its performance, ” it said.

For the first nine months ended Dec 31, IJM posted a 36.8% jump in net profit to RM245.29mil, boosted mainly by higher commodity prices and sales volume for its oil palm plantation business.

Its plantation business had mitigated the decline in its other business segments including construction, property development and infrastructure brought about by the movement control order that started from March 18 last year to curb the spread of Covid-19 pandemic.

Revenue for the period fell slightly to RM4.20bil compared with RM4.56bil a year earlier.

In a separate filing, IJM Plantations Bhd’s net profit for the third quarter more than tripled to RM66.59mil, thanks to the surge in CPO prices and favourable currency exchange.

Revenue for the quarter increased slightly to RM271.96mil from RM237.8mil a year ago.