KUALA LUMPUR: Fraser & Neave Holdings Bhd’s (F&N) net profit jumped to RM198.79 million for the first quarter ended Dec 31, 2022 for the financial year 2023 (1Q FY2023), from RM92.95 million in Q1 FY2022.
In a filing with Bursa Malaysia today, its revenue also improved by 10 per cent to RM1.22 billion from RM1.11 billion previously.
It said growth was driven by beverage sales for the festive season, higher exports from food and beverages (F&B) Malaysia, the additional contribution from Cocoaland Holdings Bhd and partly offset by lower exports from F&B Thailand.
It noted the acquisition of Cocoaland was completed on Nov 4, 2022 and is included in the F&B Malaysia segment.
On prospects, it said the outlook for the F&B industry in Malaysia and Thailand for the next 12 months is expected to remain as challenging as FY2022, with persistent inflationary pressures and the possibility of a recession.
“Despite these challenges, we are confident that the various measures and strategies we had implemented as well as the completion of various capital expenditure (capex) projects and two strategic acquisitions will place us in a stronger position operationally and financially and drive the next phase of growth,“ said the company.
As the year marks its 140th anniversary, the company has also planned activities throughout the year for its organisation and brands. – Bernama