KUALA LUMPUR (Nov 8): Hup Seng Industries Bhd’s net profit in the third quarter ended Sept 30, 2023 (3QFY2023) jumped threefold to RM13.02 million, from RM3.84 million in the same period last year.

In 3QFY2022, it was adversely affected by the escalation of input costs.

With better profit, its earnings per share increased to 1.63 sen from 0.48 sen, its Bursa Malaysia filing showed on Wednesday.

Quarterly revenue expanded by 34.19% to RM94.19 million, against RM70.19 million, driven by higher contribution from its export markets, mainly from Thailand and Singapore.

For the nine-month period (9MFY2023), the biscuit maker’s net profit surged by 130.17% to RM 31.41 million, from RM13.64 million, due to its cost reduction strategy and higher sales recorded. Revenue climbed by 17.41% to RM262.12 million, from RM223.26 million.

In comparison with the immediate preceding quarter, the group’s net profit in 3QFY2023 came in higher from RM8.72 million in 2QFY2023, while revenue surged from RM81.55 million.

Envisaging that the market conditions will continue to improve, Hup Seng said it will evolve to meet consumer demand and strive to continue to maintain and improve product quality.

“The group will also focus on maintaining market share and product competitiveness, in order to increase the popularity of Hup Seng biscuits in the industry.

“Taking into account the aforesaid and barring any unforeseen circumstances, the group believes business operations for the fourth quarter of the financial year [will] be satisfactory,” it said.

Shares in Hup Seng Industries closed five sen or 0.7% higher at 72 sen on Wednesday, giving it a market capitalisation of RM576 million.