KUALA LUMPUR: QL Resources Bhd's net profit rose to RM107.43 million in the first quarter ended June 30, 2024 (1Q FY2025) from RM92.81 million a year ago due to sales increase in its convenience store chain (CVS) segment.

In a bourse filing today, the integrated agro-based business group said revenue advanced to RM1.62 billion from RM1.60 billion previously.

The group said sales for its convenience store segment in the quarter under review rose 22 per cent to RM309.82 million versus RM254.83 million a year ago due to a net increase of 35 stores and 35 FM Mini outlets during the period and better average store sales.

"Profit before tax for the convenience store segment, which runs the Family Mart stores in Malaysia, rose by 77 per cent to RM20.50 million against the corresponding quarter a year ago due to improved margins from higher store sales helped by better consumer sentiment from Employee Provident Fund (EPF) Account 3 withdrawal scheme and seasonal festivities," it said.

Profit before tax in its integrated livestock farming, its mainstay, rose by eight per cent from improved performance in Malaysia's layer operations, supported by lower feed costs, egg cost subsidies and contributions from its newly acquired layer farm and better Vietnam farming operations.

"On prospects, the group is cautiously positive that performance will remain satisfactory in the coming quarter with the continued egg cost subsidy and revised ceiling price mechanism in Malaysia despite the continued Middle East tension, the United States-China trade war, and uncertain global economy outlook," the filing said.

- BERNAMA

TAGS: QL Resources, 1Q FY2025, Bursa Malaysia, convenience store segment