Agri-food company Japfa UD2 has maintained its profitability, recording a patmi of US$87.5 million ($115.6 million) for 9MFY2024 ended September, reversing from a loss of US$22.7 million in the same period last year.
Core patmi without foreign exchange impact would have stood at US$90.5 million, while ebitda surged by 91.6% y-o-y to US$375.2 million in 9MFY2024, up from US$195.8 million in 9MFY2023.
According to the group, the main drivers of Japfa’s profitability were steady feed margins across its major markets, higher swine selling volumes and prices in Vietnam despite general cost-of-living pressures, and lower poultry and swine production costs in Vietnam due to the group’s streamlining initiatives, which were introduced in early 2023.
Similarly, the group’s revenue for 9MFY2024 saw a 3.7% y-o-y increase to more than US$3.4 billion, due to the improved performance from the group’s segments, PT Japfa Tbk and Animal Protein Other (APO).
Tan Yong Nang, chief executive officer of Japfa, says: “After the challenging last two years, we are pleased that our profitability has improved since the beginning of 2024. This achievement results from the strong performance of PT Japfa Tbk, which has more than doubled its y-o-y profit, alongside the profitability turnaround of APO-Vietnam.”
The group has also declared a one-off interim dividend of 1 cent per share.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
Shares in Japfa closed 0.5 cents higher, or up 1.41%, at 36 cents on Oct 28.
