Mewah International MV4 has reported earnings of US$99.5 million ($134.1 million) for the 2HFY2022 ended Dec 31, 2022, 78.6% higher y-o-y.
This brings the group’s earnings for the FY2022 to US$113.6 million, an all-time high.
Earnings per share (EPS) for the 2HFY2022 and FY2022 stood at 6.63 US cents and 7.57 US cents on a fully diluted basis.
For the FY2022, revenue increased by 24.8% y-o-y to a record US$5.43 billion. The higher revenue comes on the back of a 4.2% y-o-y increase in total sales volume of 4.3 million metric tonnes (MT). The revenue increase was also attributable to 19.8% y-o-y growth in overall selling prices during the year. During the year, the group’s bulk segment recorded a 23.6% y-o-y increase in revenue while its consumer pack segment saw a 28.7% y-o-y increase in revenue. Revenue for the 2HFY2022 increased by 22.2% y-o-y to US$2.73 billion.
Gross profit for the FY2022 increased by 15.4% y-o-y to US$372.9 million while gross profit for the 2HFY2022 grew by 38.5% y-o-y to US$248.6 million.
Operating margin for the FY2022 increased by 33.7% y-o-y to US$300.9 million on the back of higher operating margin of US$70.10 million per MT, 28.4% higher y-o-y. Operating margins for both segments grew on a y-o-y basis.
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As at Dec 31, 2022, cash and cash equivalents stood at US$102.2 million.
A final dividend of 1.40 cents per share has been proposed, bringing the total year’s dividend to 1.55 cents per share, up from FY2021’s 1.08 cents per share.
“In the immediate future, we expect macro, geopolitical and climate volatility to continue. However our group has demonstrated three consecutive years of strong earnings and good cashflow, resulting in a significant increase in our equity base,” says the group in its Feb 28 earnings statement.
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“Our large-scale integrated production facilities in Malaysia, expanding presence in Indonesia, established brands and widespread global supply chain network will enable the Group to continue to drive growth and success”, it adds.
Shares in Mewah closed flat at 29.5 cents on Feb 28.
