Thursday 30 May 2024
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KUALA LUMPUR (Feb 26): Amway (Malaysia) Holdings Bhd said its net profit grew 62.8% to RM21.93 million in its fourth quarter ended Dec 31, 2018 (4QFY18), from RM13.47 million in the year-ago quarter, due to higher sales and lower import cost primarily attributed to favourable foreign exchange impact, despite being partially offset by higher operating expenses.

Quarterly revenue came in a marginal 0.9% lower at RM248.96 million, from RM251.35 million, Amway said in its filing with Bursa Malaysia today.

The group declared a fourth single tier interim dividend of five sen, and a special single tier dividend of 7.5 sen per share in respect of FY18, payable on March 26.

Amway’s net profit for the full year (FY18) to RM54.51 million, up 3.5% from RM52.64 million in FY17; while revenue contracted 1.2% to RM972.27 million, from RM984.21 million in the previous year, due to the adoption of Malaysian Financial Reporting Standard 15.

On prospects, Amway said it is optimistic that sales will continue to grow in 2019, driven by positive Amway Business Owners (ABO) response toward its sales and marketing plan, as well as the various growth initiatives set up to support the ABOs in growing their businesses.

“[The] management will continue to focus on strategies to implement various sales and marketing initiatives, as well as ABO experience-related infrastructure to support ABOs. Additionally, management will continue to address challenges to profitability by actively managing operating costs,” it added.

Shares of Amway rose nine sen or 1.5% to finish at RM6.09 today, for a market capitalisation of RM1 billion.

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