KUALA LUMPUR (Feb 28): Higher earnings contribution from its integrated livestock farming (ILF) and marine product manufacturing (MPM) segments lifted QL Resources Bhd’s net profit by 65.52% to RM97.18 million for the third quarter ended Dec 31, 2022 (3QFY2023) from RM59.79 million a year earlier.
Earnings per share increased to 3.99 sen from 2.46 sen, the agro group's bourse filing showed.
Quarterly revenue rose 16.29% to RM1.63 billion from RM1.4 billion in 3QFY2022.
QL Resources said the ILF segment's profit before tax (PBT) jumped to RM51.86 million from RM3.5 million in 3QFY2022, mainly due to market recovery amid a tight supply of eggs for both the Vietnam and Malaysian market. Revenue for ILF climbed 30% to RM912.89 million from RM703.4 million.
“In Malaysia, cost subsidies by the government also helped to mitigate the high farming costs with selling prices under control,” said the group.
As for the MPM segment, its PBT expanded by 21% to RM74.55 million from RM61.69 million in 3QFY2022, on higher sales volume as well as improved selling price arising from strong US dollar which led to better margins. Revenue increased by 10% to RM362.52 million from RM330.5 million.
QL Resources' net profit for the first nine months of FY2023 rose 84.89% to RM273.5 million from RM147.93 million in the same period of FY2022. Nine-month revenue increased 23.61% to RM4.79 billion from RM3.87 billion.
On its prospects, QL Resources said: “With the softening of consumer demand due to rising inflationary pressure and economy slowdown caused by high interest rates, the management is cautiously optimistic that the business performance will be satisfactory notwithstanding seasonal factors, on continued cost subsidies by the Malaysian government to help mitigate high farming costs.”
Shares of QL Resources finished up 11 sen or 1.93% at RM5.81 on Tuesday (Feb 28), translating into a market capitalisation of RM14.14 billion.
Source: TheEdge - 1 Mar 2023
Chart | Stock Name | Last | Change | Volume |
---|
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024