F&N
KUALA LUMPUR: Beverage company Fraser & Neave Holdings Bhd
(F&N) is on track of ramping up export sales to RM500mil per annum by its financial year ending Sept 30, 2020 from RM300mil currently, as it expects to boost its presence in halal markets.
F&N CEO Lim Yew Hoe said the company will be initiating various brand building exercises in the Middle East and other markets.
“We’re looking to hit profit levels closer to what we achieved in 2016,” he said at a briefing today.
F&N achieved 26% growth in exports for its dairy products from its Malaysian operations in financial year 2017.
More than 30% of export volume growth was from Africa and the Middle East - the company’s core halal markets.
F&N posted lower earnings of RM323.37mil in the financial year ended Sept 30, 2017 due to restructuring costs in the fourth quarter and lower revenue in the Malaysian operations.
It announced yesterday that 2017 earnings fell 16% from RM385.37mil in 2016. Its revenue dipped nearly 1.6% to RM4.10bil from RM4.17bil.
Commenting on the Malaysian operations, it said revenue fell by 8.2% from RM2.527bil to RM2.319bil.
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