KUALA LUMPUR (Feb 17): Teo Seng Capital Bhd's (KL:TEOSENG) fourth quarter net profit dropped 2.96% to RM64.9 million, from RM66.89 million a year ago, dragged by its poultry farming segment.

Earnings per share for the quarter ended Dec 31, 2024 (4QFY2024) fell to 10.94 sen from 22.8 sen in 4QFY2023, the poultry group said in a bourse filing.

Quarterly revenue fell 5.72% year-on-year to RM188.42 million from RM199.86 million.

The poultry farming segment’s profit before tax declined 6.1% to RM67.57 million from RM71.92 million as revenue shrank 8.8% to RM159.85 million from RM175.23 million.

Teo Seng declared a fourth interim dividend of two sen per share, payable on March 20. This brings the full-year dividend to 11.5 sen.  

Despite the weaker quarterly results, the group posted record high full-year earnings for the second straight year at RM183.36 million, a 17.69% increase over RM155.8 million in FY2023.

Full-year revenue, however, was down by a marginal 0.95% to RM753.77 million from RM760.98 million.

The improved full-year profitability was attributed to a stronger result from the poultry farming business, mainly due to higher productivity, cost effectiveness and stable feed cost, despite lower average selling prices of eggs.

“In view of the improved productivity and market conditions, coupled with stable feed cost and barring unforeseen circumstances, the directors are of the opinion that the financial performance will remain satisfactory for the forthcoming financial year,” the group said.

Shares in Teo Seng settled one sen or 0.8% lower at RM1.19 on Monday, giving the group a market capitalisation of RM714 million.