KUALA LUMPUR: Amway (Malaysia) Holdings Bhd’s net profit for the third quarter ended Sept 30, 2023 rose to RM46.21 million from RM18.75 million registered a year ago.
However, revenue for the quarter under review fell to RM333.47 million from RM371.79 million previously.
"Group revenue for the quarter was lower by 10.3 per cent due to softer demand in health and wellness products and home appliances,” the company said in a filing to Bursa Malaysia today.
In the first nine months of 2023 (9M 2023), its net profit increased to RM83.52 million against RM53.90 million while revenue fell to RM1.05 billion compared with RM1.12 billion previously.
Amway said the Group saw a decline in its revenue in 9M 2023 compared to the previous year due to the persistent inflationary pressure, which had a significant impact on consumer sentiment and spending capacity, as well as shifts in consumer spending patterns post-COVID-19 pandemic.
"However, the group foresees an increase in profit for the full year (2023) but this increase is expected to be of a smaller magnitude when compared to the 9M,” it added.
In a separate filing, Amway said the company has declared a third single-tier interim dividend of five sen net per share in respect of the financial year ending Dec 31, 2023.
"The third single-tier interim dividend will be paid on Dec 15, 2023 to the shareholders whose names appear in the record of depositors on Dec 1, 2023,” it added. - Bernama
