Kawan Food posted a higher net profit of RM8.41mil in its second quarter.
PETALING JAYA: Kawan Food Bhd
’s domestic sales demand is likely to remain strong, bolstered by the optimistic outlook of the Malaysian economy.
The frozen food manufacturer, however, said it would remain vigilant and adapt to market shifts amid signs of increasing volatility in the global economy.
Kawan Food posted a higher net profit of RM8.41mil in its second quarter ended June 30, 2024 (2Q24), which jumped by 47.5% year-on-year (y-o-y), led by stronger sales in Malaysia, Europe and North America.
North America is Kawan Food’s second-largest market. The China market, on the other hand, saw sales plunging by half in the second quarter.
Sales to the rest of Asia – excluding Malaysia – also declined in the three-month period.
The group’s overall revenue for 2Q24 increased significantly by 14.2% y-o-y to RM77.04mil.
Kawan Food’s earnings per share for 2Q24 were 2.33 sen. The group did not declare a dividend for the quarter.
Cumulatively, for the first half of financial year 2024 (1H24), Kawan Food recorded a net profit of RM17.64mil, rising by 29.86% y-o-y. Revenue also increased from RM146.56mil to RM165.45mil in 1H24, reflecting a 12.89% y-o-y jump.
