LEONG HUP'S 3Q NET PROFIT RISES TO RM135.02 MLN, DECLARES 1.45 SEN DIVIDEND

KUALA LUMPUR, Nov 26 (Bernama) -- Leong Hup International Bhd’s net profit rose to RM135.02 million in the third quarter ended Sept 30, 2024 (3Q 2024) from RM132.96 million in the same period last year on stronger performance in the Philippines and Vietnam.

Revenue, however, slipped to RM2.23 billion in 3Q 2024 from RM2.52 billion, mainly due to decreases in average selling price and sales volume of day-old-chick (DOC) in Indonesia and Malaysia, lower average selling price of broiler in Indonesia and eggs in Malaysia. 

In a Bursa Malaysia filing today, executive director and group chief executive officer Tan Sri Lau Tuang Nguang said the company’s operations in Indonesia faced some headwinds during the quarter under review but were offset by stronger performance in the Philippines and Vietnam, underscoring the resilience of its geographical diversification. 

“Additionally, the group benefited from favourable regional currency movements against the US dollar and lower commodity prices, allowing us to offer competitive average selling prices to our customers,” he said in a statement today.

For the cumulative nine months ended Sept 30, 2024 (9M 2024), the largest fully integrated poultry producer in Malaysia saw its net profit rise to RM288.09 million from RM220.14 million in the same period last year, while revenue was lower at RM6.99 billion against RM7.13 billion previously.

In a separate filing with Bursa Malaysia today, Leong Hup declared a second interim single-tier dividend of 1.45 sen per share, amounting to RM52.9 million for the financial year ending Dec 31, 2024, payable on Dec 30, 2024. 

“Barring unforeseen circumstances, the group anticipates delivering a stronger financial performance for 2024 compared to the previous year. 

“Our confidence is reflected in our interim dividend which will be paid on Dec 30, 2024,” Lau added.

-- BERNAMA