KUALA LUMPUR (Aug 21): Amway (Malaysia) Holdings Bhd (KL:AMWAY) said its second quarter net profit increased 38.3% year-on-year to RM24.55 million from RM17.74 million despite lower sales, attributable to price increases and a lower provision of sales incentives.

Earnings per share in the quarter ended June 30, 2024 (2QFY2024) rose to 14.93 sen from 10.79 sen a year earlier, according to its filing to Bursa Malaysia on Wednesday.

Quarterly revenue, however, declined 13.7% to RM296.45 million from RM343.69 million, due to softer consumer demand, coupled with higher comparison in the previous year’s quarter resulting from a pre-price increase buyup.

For the cumulative six-month period, Amway’s profit rose 53.5% to RM57.28 million from RM37.31 million a year ago, while revenue fell 13.7% to RM618.51 million from RM716.51 million.

The group declared a second interim dividend of five sen, payable September 20.

Amway said it anticipates a decrease in revenue for the full year following two years of extraordinary growth and record-high revenue in 2022.

The group also said that ongoing investments in infrastructure and technology, together with rising product costs from inflation and declining sales trend will result in a decrease in profit.

Shares in Amway closed unchanged at RM7 on Wednesday, giving it a market capitalisation of RM1.15 billion.