KUALA LUMPUR (May 11): Starbucks and Kenny Roger's Roasters franchise operator Berjaya Food Bhd’s net profit for the third quarter ended March 31, 2022 (3QFY22) more than doubled to RM31.58 million from RM11.61 million in the same period last year in tandem with higher revenue recorded for 3QFY22.

Earnings per share for the quarter ballooned to 8.72 sen from 3.27 sen, its bourse filing showed on Wednesday (May 11). 

Revenue for the quarter jumped 35.37% to RM246 million from RM181.73 million due to higher same-store-sales growth, particularly from Starbucks cafe outlets as a result of the improved mobility upon the resumption of domestic tourism and further relaxation of the Covid-19 standard operating procedures.

Berjaya Food also declared a single-tier third interim dividend of 1.5 sen, payable on June 23. 

On a quarterly basis, Berjaya Food’s net profit dropped 18.78% from RM38.88 million recorded in 2QFY22, while revenue slipped 9.81% from RM272.75 million. 

For the cumulative nine-month period, Berjaya Food saw its net profit grow 2.4 times to RM82.08 million from RM33.1 million a year ago, while revenue was up 31.67% to RM706.47 million from RM536.55 million.

On prospects, Berjaya Food expects the overall operating results of the group to be satisfactory for the remaining quarter of the financial year ending June 30, 2022 following further easing of restrictions and the opening of international borders.

“Consumers are easing back into normalcy as we move towards an endemic stage and this augurs well for the group. 

“We hope to continue this positive growth momentum as we move into the final quarter of the financial year ending June 30, 2022,” said Berjaya Food chief executive officer Datuk Sydney Quays in a separate statement.

Berjaya Food’s share price finished 23 sen or 6.63% higher at RM3.70, bringing a market capitalisation of RM1.44 billion.