KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&N) registered a higher net profit of RM121.6 million in the third quarter ended June 30, 2024 (3Q24), up 22 per cent from RM99.37 million recorded in the same period a year earlier.
In a filing with Bursa Malaysia, F&N said the earnings improved despite higher tax expense due to expiration of board of investment (BOI) incentive for F&B Thailand in the current quarter.
On the other hand, its revenue marginally declined 2.0 per cent to RM1.3 billion in the current quarter from RM1.33 billion previously.
This was mainly due to geopolitical uncertainties affecting exports from F&B Malaysia and unfavourable currency translation resulting from a weakening Thai baht.
F&N'scnet profit for the nine months of the financial year 2024 (9M FY24) surged 14.6 per cent to RM457.8 million from RM399 million in the previous year.
Its revenue increased 6.2 per cent to RM3.99 billion from RM3.76 billion previously, driven by positive contribution from F&B Malaysia and F&B Thailand.
F&N said it will continue to focus on driving growth across all business units, enhancing its route-to-market capabilities, and optimising operational efficiencies.
"The group is on track to complete the first phase of its dairy farm in Gemas, Negri Sembilan by early 2025 when the first milking is expected to begin.
"Meanwhile, the construction of the manufacturing plant in Cambodia is currently in tender phase," it said.
F&N's share price closed at RM30.42 on Thursday, down 1.4 per cent or 42 sen, for a market capitalisation of RM11.2 billion.