KUALA LUMPUR (May 23): Focus Point Holdings Bhd (KL:FOCUSP) reported a 22.89% increase in first quarter net profit, attributing it to a rise in revenue, driven by strong sales in both the group's optical, and food and beverage (F&B) segments.
Net profit for the three months ended March 31, 2024 (1QFY2024) rose to RM7.41 million from RM6.03 million a year earlier, as revenue grew 14.46% to RM68.3 million from RM59.67 million, according to the group's exchange filing on Thursday.
Revenue from the optical and related products segment increased 15% year-on-year to RM56 million, while revenue from the F&B segment rose 14% to RM10.1 million.
Focus Point declared a dividend of 1.75 sen per share, to be paid on June 28.
Looking ahead, the group announced its intention to leverage its market-leading position in the optical segment by expanding its local presence. It plans to open outlets in more locations to drive sales growth.
Focus Point president and chief executive officer Datuk Liaw Choon Liang said the group aims to open 20 new optical outlets this year.
The outlets will be spread across Peninsular Malaysia, bringing the total number of outlets to 200, he told reporters after the group’s annual general meeting earlier on Thursday.
For the F&B segment, Focus Point plans to concentrate on innovation and the introduction of new products to serve both retail and corporate customers.
Although the continued inflationary pressures may impact consumer spending, the group said it is committed to enhancing operational efficiency and cost-effectiveness to sustain its profitability growth.
At Thursday’s close, shares of Focus Point slipped two sen or 2.37% to 82.5 sen, giving the group a market capitalisation of RM378.91 million. Year-to-date, the counter has risen by over 13%.