KUALA LUMPUR (May 16): Hup Seng Industries Bhd (KL:HUPSENG) said its first quarter net profit rose 44.6% RM13.97 million, from RM9.65 million a year earlier, thanks to higher sales and lower material input costs.

Revenue for the first quarter ended March 31, 2024 (1QFY2024) was up 8% to RM93.57 million, from RM86.38 million in 1QFY2023, according to the biscuit and confectionery food manufacturer’s bourse filing on Thursday.

Revenue from export markets rose 22% year-on-year, mainly from Myanmar, Maldives and Singapore. Meanwhile, revenue from domestic sales grew 5%.

This is Hup Seng’s best quarterly net profit since 4QFY2017, when it reported an earnings of RM14.4 million, on the back of stronger demand for biscuits.

It also marks the group’s fourth consecutive quarter of earnings growth, exceeding its preceding quarter’s net profit of RM13.7 million.

The group did not declare any dividend for the quarter under review.

Hup Seng said it expects the operating environment to remain highly competitive, adding that it will focus on streamlining operations, enhancing brand awareness and improving product quality.

Shares of Hup Seng were half a sen or 0.57% higher at 87.5 sen on Thursday, valuing the group at RM700 million. Year-to-date, the counter has climbed 11 sen or 15.1%.