QAF announced that its earnings for 1HFY2024 ended June 30 has jumped by 154% y-o-y to $12.4 million from $5.0 million a year ago, thanks to lower taxes during the period.
Revenue gained 3% y-o-y to $309.2 million from $301.6 million. In constant currency terms, group revenue increased by 4% in 1HFY2024 compared to the same period last year.
With the successful reinstatement of the production lines at the group’s Malaysian bakery factory that were damaged by floods in December 2021, the group’s Malaysian Bakery sales increased by $9.1 million in 1HFY2024 compared to 1HFY2023. This is however partly offset by challenges faced by the bakery operations in the Philippines amid high food inflation which negatively impacted the demand for bread.
Other income including interest income increased by 20% to $4.2 million, due to higher interest income earned in the higher interest rate environment.
Cash and cash equivalents stood at $190.5 million as at June 30.
QAF has declared an interim dividend of 1 cent.
In its results release the group says: “Our focus remains unchanged. To maintain stable revenue growth, the Group continues to look for opportunities to expand our channels, develop new products and strategically adjust our product mix. The group has also sustained efforts to pursue the expansion of trading activities, with a concentration on long shelf-life consumer products, and any opportunities to grow in new regions. New personnel resources have recently been added with experience in business development, and e-commerce to further support this area.”
