Amway (Malaysia) Holdings Bhd's net profit for its first quarter increased 67.32% year-on-year to RM32.74 million from RM19.57 million amid lower sales.

KUALA LUMPUR (May 23): Amway (Malaysia) Holdings Bhd (KL:AMWAY) said its first quarter net profit increased 67.32% year-on-year to RM32.74 million from RM19.57 million amid lower sales.

Earnings per share in the quarter ended March 31, 2024 (1QFY2024) rose to 19.92 sen from 11.9 sen a year earlier, according to its filing to Bursa Malaysia on Thursday.

Quarterly revenue, however, declined 15.76% to RM322.06 million from RM372.82 million, due to softer consumer demand coupled with higher comparison in the previous year’s quarter resulting from a pre-price increase buy up for home appliances.

The group declared a first interim dividend of five sen, payable on June 21.

Amway said it anticipates downward pressure on profitability for the full year due to rising product costs caused by inflation, along with the company's planned investments in Amway Business Owner-centric programmes and upgrades on infrastructure and technology.

Amway’s shares price closed up five sen or 0.7% at RM7.50, valuing the group at RM1.23 billion. Year to date, the stock has surged 28%.