Mainboard-listed integrated fish service provider Qian Hu Corporation BCV reported a net profit of $251,000 for the 1HFY2024 ended June, a 742.2% y-o-y increase.
The group says that this was achieved as revenue rose 2.3% to $35.2 million, attributed to all-round improvements in the sales performance of its fish, accessories and plastics business.
Qian Hu’s earnings per share increased to 0.22 cents, up from the 0.03 cents declared in the same period a year before.
The group’s gross profit came in at $12.3 million, up 4.6% y-o-y, and its gross profit margin stood at 35.1%.
Qian Hu’s fish segment saw sales increasing by 1.9% to $14.4 million, largely attributed to the stabilization of its fish exports, coupled with a wider product offering in the Aquaculture business which led to an uplift in customers’ orders.
In February, Qian Hu incorporated a 70%-owned subsidiary, Qian Hu Aquaculture, for the farming and distribution of aquaculture products, such as highly-popular marble goby fish, in Malaysia.
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In its bid to boost exports of accessories products, Qian Hu boosted the segment revenue by 2.9% to $16.7 million.
Meanwhile, its plastics segment reported flat growth of 1.7% to $4 million.
The group’s cash and cash equivalents amounted to $14.3 million.
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“Our priority is to generate healthy cash flows from everything that we do while focusing on managing risks. We remain on track to becoming a debt-free company with higher dividend
payout,” says Yap Kok Cheng, CEO of Qian Hu.
Shares in Qian Hu closed flat at 14.1 cents on July 19.
