KUALA LUMPUR (June 18): Agricore CS Holdings Bhd (KL:AGRICOR), set to be listed on the ACE Market this Friday (June 21), announced a net profit of RM1.5 million on the back of revenue of RM36.86 million for the first quarter ended March 31, 2024 (1QFY2024).
The food ingredients supplier said it recognised profit before tax of RM2 million and profit after tax of RM1.5 million for the quarter under review after deducting administrative and other expenses of RM1.8 million, and selling and distribution expenses of RM1.3 million.
Basic earnings per share for the quarter under review was one sen.
In a filing with the bourse, the company reported that over 87%, or RM32.3 million, of its total revenue, originated from sourcing and distributing plant-based agricultural products.
The remaining RM4.5 million was generated from the production of food additives and fried shallots.
There are no comparative figures for the preceding corresponding quarter as this marks the first interim financial report in accordance with ACE Market listing requirements.
Agricore’s initial public offering (IPO), priced at 50 sen per share, has been oversubscribed by 130.99 times by the Malaysian public, valuing the company at RM101.4 million. It is expected to raise RM25.86 million from its IPO.
Agricore is mainly involved in the distribution and production of plant-based agricultural food ingredients comprising starch products, beans and pulses, grain products and other related products under its house brands such as “Pokok Agricore” as well as third party brands.
The company also produces and sells food additives and fried shallots under its house brand “Bapas” and “Cap Pokok”.
Looking ahead, the company plans to boost storage capacity by establishing new regional storage facilities, increasing inventory levels, and expanding its team to support growth in the sourcing and distribution of plant-based agricultural products.
“The group (also) believes that its prospects in the food ingredients industry are favourable,” it added.