KUALA LUMPUR: IOI Corporation Bhd's net profit surged to RM710.7 million in the first quarter of its financial year ending June 30, 2025 (1Q FY2025) from RM304.0 million in 1Q FY2024 due to higher plantation segment contribution.

"The plantation segment profit for 1Q FY2025 of RM370.0 million was 12 per cent higher than the profit for 1Q FY2024 of RM330.8 million," it said in a filing to Bursa Malaysia Tuesday.

The conglomerate's revenue rose to RM2.67 billion in 1Q FY2025 from RM2.2 billion previously.

On prospects, IOI Corporation said its fresh fruit bunches (FFB) production is projected to grow moderately compared with the last financial year, despite the accelerated replanting programme in Sabah.

"The growth is expected to be driven by continued yield improvements in Peninsular Malaysia and increased FFB production from our maturing young palms in Sabah and Indonesia.

"Combined with the higher crude palm oil (CPO) price, we maintain a positive outlook on the plantation segment's financial performance for the remaining periods of FY2025," it added.