KUALA LUMPUR (Aug 14): Berjaya Food Bhd’s (BFood) net profit fell 57.5% to RM17.28 million for the fourth quarter ended June 30, 2023 (4QFY2023), from RM40.66 million a year ago, hit by margin compression arising from inflationary pressures.
Earnings were also affected by the unfavourable foreign exchange rate against the US dollar as well as lower sales, said the group which owns the Starbucks chain in Malaysia.
Earnings per share dropped to 0.99 sen from RM2.26 sen in 4QFY2022, the group said in a filing with Bursa Malaysia.
Quarterly revenue declined 6.7% to RM271.75 million from RM291.27 million.
BFood has declared a fourth interim dividend of 0.50 sen per share, payable on Sept 26. This brings the full-year dividend payout to 3.5 sen per share, versus 1.1 sen for FY2022.
For the full year, the group’s net profit decreased 17.13% to RM103.41 million, from RM124.78 million in FY2022.
This was despite revenue increasing 11.85% to RM1.12 billion, from RM997.76 million, amid aggressive marketing campaigns and effective promotion strategies, as well as additional stores operating in Malaysia.
On prospects, BFood expects Starbucks to maintain its revenue growth momentum, and for the operating results of the group to remain satisfactory in FY2024.
BFood shares closed unchanged at 67sen on Monday (Aug 14), bringing the group a market capitalisation of RM1.31 billion.