KUALA LUMPUR (June 13): Apollo Food Holdings Bhd’s (KL:APOLLO) net profit fell 11.85% to RM5.998 million for its fourth quarter ended April 30, 2024 (4QFY2024) from RM6.8 million a year earlier, due to higher operating expenses.

Earnings per share fell to 7.5 sen from 8.51 sen previously, the confectionary maker's exchange filing showed.

Revenue declined 5.03% to RM57.23 million from RM60.27 million in 4QFY2023 amid reduced export sales.

No dividends were declared during the quarter.

For the full year, Apollo’s net profit rose 70.08% to RM53.83 million from RM31.65 million in FY2023, bolstered by an RM18.7 million gain on disposal of investment properties.

Excluding this one-off gain, the company said it recorded an 11% increase in net profit, supported by improved gross profit margins.

Revenue for FY2024 slipped slightly to RM255.41 million from RM257.11 million.

Apollo's managing director Cheah Jia Ming said the company's strategic initiatives are aimed at enhancing efficiency and leveraging its brand to explore new export markets and customer segments.

These efforts involve optimising manufacturing space, scaling up automation, and embracing digitalisation to boost productivity and efficiency, ultimately maximising sales and capacity.

“Beyond these internal enhancements, we will also proactively strengthen our distribution and marketing efforts to achieve deeper market penetration and capture a higher market share. We remain optimistic and confident of our journey. Our goal is to create a solid foundation for sustained growth and profitability," he added.

Shares of Apollo closed up two sen or 0.29% at RM6.85, giving the company a market capitalisation of RM548 million. The counter has risen over 18% since the start of this year.