KUALA LUMPUR (May 27): Lay Hong Berhad's net profit more than doubled in the fourth quarter ended March 31, 2024 (4QFY2024) as government subsidies helped offset share-based payment expenses, leading to record-high earnings for the entire FY2024.

Net profit rose to RM26.73 million or 3.61 sen per share for 4QFY2024, from RM13.16 million or 1.78 sen per share a year ago, according to the egg producer's bourse filing. No dividend was declared for the quarter.

Revenue edged up 9.82% to RM295.79 million for 4QFY2024 from RM269.35 million a year ago, with the integrated livestock farming (ILF) segment contributing significantly to the revenue increase, driven by higher egg sales from increased egg production.

For the full FY2024, Lay Hong’s net profit more than tripled to RM89.68 million or 12.11 sen per share, from RM28.11 million or 3.80 sen per share in FY2023, despite a marginal decrease in full-year revenue to RM1.06 billion from RM1.07 billion.

Looking ahead, Lay Hong said it will focus on integrating the food processing business, exports and research and development (R&D), including building cold rooms and processing capacity.

Additionally, the group expects the cost of feed to remain stable, which bodes well for the poultry industry.

Shares in Lay Hong closed half sen or 1.18% lower to 42 sen, valuing the group at RM312.52 million. Year to date, the stock has climbed 44.83%.