Latest news with #IOICorporationBhd
The Star
13 hours ago
- Business
- The Star
‘RON95 subsidy cut first'
KUALA LUMPUR: The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, says Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. 'For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. 'A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel and other fuels.' ALSO READ: 'RON95 rationalisation to proceed' Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition' where he was a panellist alongside Deputy Energy Transition and Water Transfor-mation Minister Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd, Bernama reported. He also emphasised that subsidy rationalisation is a critical step toward establishing a strong foundation for sustainable mechanisms and policy frameworks. 'As a result, we can expect the introduction of structured measures, including climate action frameworks, robust measurement tools and ultimately, the implementation of a carbon tax to support these initiatives. 'If we want this transition to be sustainable and impactful, the entire system must respond. It cannot be driven by isolated announcements or standalone policies. 'The challenge for the government is to tie everything together coherently and effectively,' Amir Hamzah added. On Monday, Prime Minister Datuk Seri Anwar Ibrahim said the adjustments involving the price of RON95 petrol would not affect 85% to 90% of the population. Anwar said the government's move towards subsidy rationalisation is a critical step to ensure national resources are channelled effectively to benefit the lower-income group.
The Star
3 days ago
- Business
- The Star
Amir Hamzah: RON95 subsidy cut to come first, carbon tax expected in 2026
KUALA LUMPUR: The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. "As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. "One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled "Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd . - Bernama
The Sun
3 days ago
- Business
- The Sun
RON95 subsidy cuts to precede carbon tax rollout by 2026
KUALA LUMPUR: The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd. -- More to follow
The Sun
3 days ago
- Business
- The Sun
RON95 subsidy cut to come first, carbon tax expected in 2026
KUALA LUMPUR: The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd.
New Straits Times
27-05-2025
- Business
- New Straits Times
IOI Corp 3Q net profit soars to RM262.3mil on strong plantation performance
KUALA LUMPUR: IOI Corporation Bhd's net profit for the third quarter ended March 31, 2025 (3Q) jumped by 113 per cent to RM262.30 million from RM123.10 million in 3Q a year ago. The rise in profit was due mainly to higher contribution from the plantation segment, partially offset by lower contribution from the resource-based manufacturing segment. Revenue increased by 11 per cent to RM2.73 billion from RM2.46 billion in the same period a year ago, said the leading global integrated and sustainable palm oil player in a filing with Bursa Malaysia. The plantation segment's 3Q profit before tax (PBT) of RM310.6 million was 27 per cent higher than 3Q PBT a year ago of RM244.9 million, due to higher crude palm oil (CPO) and palm kernel prices realised and higher share of results from associates, but was partially offset by higher CPO stock level, lower fresh fruit bunches (FFB) production and lower oil extraction rate. "The resource-based manufacturing segment profit in the quarter reviewed was RM71.1 million as compared to profit in 3Q of RM44.4 million previously, due mainly to reduced contribution from the oleochemical sub-segment with lower sales volume and lower share of results from associate, but was partially mitigated by higher contribution from the refinery sub-segment with higher margin," IOI Corp said. For the cumulative nine-month period, the group posted a higher net profit of RM1.08 billion from RM762.50 million in the same period a year ago, while revenue increased to RM8.37 billion from RM7.06 billion previously. IOI Corp projects the CPO price to range between RM3,700 and RM4,000 per tonne for the rest of its financial year ending June 30, 2025 (FY2025). For the plantation segment, FFB production for 4Q FY2025 is expected to recover significantly over 3Q FY2025, and anticipates that this higher FFB production will help sustain a steady financial performance, despite the lower CPO price expected for 4Q FY2025. "Overall, the group expects its operating and financial performance for 4Q FY2025 to be satisfactory," it added. -- BERNAMA
