The group said the profit decline was owing to higher commodity prices, lower export margins, restructuring and Covid-related expenses and a lower share of profit from an associate.
Group revenue for the quarter was up 3.6% to RM4.13bil due to strong export performance by both food and beverages (F&B) Malaysia and F&B Thailand, as well as nine months of contribution from the food business.
The group said export performance was fuelled by expansion in Asean, Greater China, the Middle East and Afria.
It said this was due to efforts to promote and expand usage of its products via new applications for Food Services and Industrial Channels; as well as closer collaborations with key OEM customers which resulted in new products and additional regions.
The board of directors recommended a final single-tier dividend of 33 sen per share, which if approved by shareholders, would bring the year's payout to 60 sen per share.
"FY2021 was undoubtedly difficult in both demand and cost aspects.
"However, we remained steadfast in our long-term priorities and launched a fourth business pillar – Halal Packaged Food – with the acquisition of Sri Nona Companies.
"During the year, we also aligned our business needs with opportunities presented by Covid-19 and digital technology while placing the well-being of our people and community above all else,” said F&N CEO Lim Yew Hoe.
In the fourth quarter alone, F&N's net profit came to RM58.69mil, a 31.75% decrease from R85.99mil in the previous corresponding quarter
Revenue in the quarter was 6% lower year-on-year to RM896.3mil.