F&N earnings rise on higher sales

by | Aug 10, 2021 | NEWS | 0 comments

Fraser & Neave Holdings Bhd’s (F&N) net profit was up 2.4 percent to RM96.16 million in the third quarter ended June 30, 2021 (Q3) from 93.86 million a year ago driven by higher revenue from both its food and beverage (F&B) companies in Malaysia and Thailand.

The group stated its revenue rose 15.4 percent to RM1.06 billion in the quarter compared to RM918.07 million in the corresponding period a year ago due to the low base effect from last year, and higher contribution from its F&B companies.

Its F&B Malaysia segment’s revenue for the quarter rose 17.1 percent to RM540.2 million from RM461.4 million a year ago, driven by the ramp up in sales in the run-up to Hari Raya Puasa, the harvest festival season and Ramadan Bazaars in operation.

The revenue was further boosted by the export business recording a high double-digit revenue growth in the quarter.

Meanwhile, its F&B Thailand division’s revenue also jumped 13.6 percent for Q3 to RM517.9 million compared to RM455.8 million a year ago partly offset by an unfavourable Thai Bhat and Malaysian ringgit forex translation.

The domestic market recorded a double-digit revenue growth from continued efforts to drive off-take in-store for modern trade and in traditional trade via premiums, promotions and loyalty programs.