KUALA LUMPUR (Aug 1): Fraser & Neave Holdings Bhd's (KL:F&N) net profit rose 22.4% to RM121.63 million for the third quarter ended June 30, 2024 (3QFY2024), from RM99.37 million a year ago, when there were one-off non-operating items.

“Excluding these items, the adjusted group operating profit for 3QFY2024 is flat against 3QFY2023,” said F&N in a bourse filing. The non-operating items mainly consisted of fair value loss on investment properties, impairment loss on property, plant and equipment, and inventories written down.

Earnings per share increased to 33.2 sen from 27.10 sen.

Revenue dropped 2.08% to RM1.3 billion from RM1.33 billion in 3QFY2023, which the group attributed to geopolitical uncertainties affecting exports from Malaysia and unfavourable currency translation resulting from a weakening baht.

The group did not pay any dividend for the quarter.

For the cumulative nine-month period ended June 30, 2024 (9MFY2024), net profit increased 14.63% to RM457.78 million, from RM399.34 million in 9MFY2023, as revenue climbed 6.19% to RM3.99 billion from RM3.76 billion.

Looking ahead, F&N said it will continue its focus on driving growth across all business units, enhancing its route-to-market capabilities, and optimising operational efficiencies.

The group said it is on track to complete the first phase of its dairy farm in Gemas, Negeri Sembilan by early 2025.

Meanwhile, the construction of its manufacturing plant in Cambodia is currently in the tender phase, it added.

F&N shares closed down 42 sen or 1.4% at RM30.42 on Thursday, valuing the group at RM11.16 billion.