PUTRAJAYA: IOI Corp Bhd expects its crude palm oil (CPO) production to grow by a single-digit percentage in the financial year ending June 30, 2027 (FY27), supported by higher fresh fruit bunch (FFB) yields and oil extraction rates (OER).

Group managing director and chief executive officer Datuk Lee Yeow Chor said IOI Corp's production growth is also supported by its younger mature oil palm trees entering a more productive phase.

"We expect a meaningful single-digit increase in our overall production for FY27," he said at IOI Corp's annual general meeting press conference today.

He said Malaysia, where the majority of IOI Corp's plantations are located, has not experienced severe drought conditions despite concerns over the El Nino phenomenon.