KUALA LUMPUR: Reflecting on the group's performance of the past financial year, Farm Fresh Bhd
group managing director and CEO Loi Tuan Ee is optimistic the dairy producer is well-positioned for sustained growth.
"With a focus on both expanding product offerings and entering new markets, we believe there is immense potential for us to continuously capture larger market share leveraging on our strong brand reputation," he said in a statement.
In the fourth quarter ended March 31, 2024 (4QFY24), Farm Fresh recorded a four-fold increase in net profit to RM23.93mil from RM4.89mil in the year-ago quarter.
The group's earnings per share rose to 1.28 sen from 0.26 sen previously. Revenue during the quarter climbed to RM215.03mil from RM161.36mil in 4QFY23.
Loi said Farm Fresh's revenue and pre-tax profit in 4QFY24 - which were the highest on record - were mainly attributed to the successful introductions of new products such as Yarra by Farm Fresh and Farm Fresh Grow in both liquid and powder formats.
In addition, there was higher sales volume from the hotel, restaurant and cafe (Horeca) distribution channel and UHT products, as well as contributions from Inside Scoop Sdn Bhd and Sin Wah Ice Cream Sdn Bhd.
Over a 12-month period, the dairy producer posted a net profit of RM63.53mil against RM50.08mil in FY23, while revenue gained to RM810.41mil from RM629.69mil in the previous year.
Loi said the group will actively grow its product categories, building on the momentum following the launch of its consumer packaged goods ice cream at end-July or August 2024, as well as the planned butter product to serve both Horeca and modern trade.
Additionally, the group plans to produce cultured milk in the coming months.
On its regional ambitions, Loi said the group's Philippines factory is expected to be operational by July 2024, which will make the next phase of its regional expansion.
"We intend to introduce our chilled, UHT and growing-up milk powder products to the Philippines with our initial focus on the Greater Manila market," he said.
