KUALA LUMPUR (Dec 15): Apollo Food Holdings Bhd's net profit increased 5.15% to RM9.95 million for the second quarter ended Oct 31, 2023 (2QFY2024), from RM9.46 million a year earlier, on higher gross profit margin.

Earnings per share rose to 12.44 sen from 11.83 sen, the confectionery manufacturer's Bursa Malaysia filing showed on Friday.

However, quarterly revenue was down 6.13% to RM65.99 million, from RM70.30 million in 2QFY2023, mainly due to a decrease in export sales.

On a quarter-on-quarter basis, the group’s net profit came in 30% higher from RM7.64 million in 1QFY2024, while revenue increased 13% from RM58.34 million.

For the first six months of FY2024, the group’s net profit rose 25.37% to RM17.59 million from RM14.03 million in the same period last year.

Half-year revenue declined marginally by 1.15% to RM124.32 million from RM125.76 million.

Moving forward, the group said it is optimistic that it will continue to achieve satisfactory results through implementation of prudent measures and improvement in operational efficiency.

Shares in Apollo settled one sen or 0.19% higher at RM5.40 on Friday, giving the group a market capitalisation of RM432 million. Year to date, the stock has risen 39.9%.