For 3Q24, F&N saw its net profit climb 22.4% year-on-year to RM121.6mil.
PETALING JAYA: Fraser & Neave Holdings Bhd
(F&N) will keep its focus on driving growth across all its business units, enhancing its route-to-market capabilities and optimising operational efficiencies as it moves into the final quarter of its financial year ending September 2024 (FY24).
The group said its strong performance in the first half of 2024 (1H24) was driven by festive sales and its third-quarter performance ended June (3Q24) reflects the momentum gained in 1H24.
“It was impacted by geopolitical uncertainties affecting exports, a weaker Thai economy and early sell-in for Hari Raya into 2Q24,” it stated in its filing with Bursa Malaysia.
For 3Q24, F&N saw its net profit climb 22.4% year-on-year (y-o-y) to RM121.6mil, despite revenue for the three months inching lower to RM1.3bil.
F&N attributed the lower turnover to geopolitical uncertainties affecting exports from the food and beverage segment of its business in Malaysia (F&B Malaysia) and an unfavourable currency translation resulting from a weakening Thai baht.
Despite a higher tax expense because of the expiration of the board of investment (BOI) incentive for F&B Thailand, earnings improved due to absence of one-off non-operating items incurred in the corresponding quarter last year.
For the nine months ended June, net earnings increased by 14.6% y-o-y to RM457.8mil, as revenue also grew by 6.2% to RM3.99bil, as the group pointed to stronger sales contributions from both the F&B segments in Malaysia and Thailand.Compared to the previous quarter ended March 31, F&N’s net profit sank 26.5% from RM165.4mil as turnover dipped 3.6% from RM1.35bil due to sales having tapered off for the quarter in review after the festive season.
For the three quarters ended June, the group declared a dividend of 30 sen per share, an 11% improvement from the 27 sen declared in the same period of last year.
