Apollo Food FY19 net profit up 59% to RM17.60m, div 20c

KUALA LUMPUR: Apollo Food Holdings Bhd posted a strong set of results in the financial year ended April 30, 2019 with net profit rising by 59% to RM17.60mil but it remained cautious due to the uncertainty of the cost of raw materials and the volatile ringgit.

The confectionery producer announced on Thursday the earnings were up from the RM11.07mil a year ago. Revenue dipped by 1% to RM188.83mil from RM190.81mil. It proposed a dividend of 20 sen a share.

In the fourth quarter, its net profit jumped 182% to RM3.84mil from RM1.36mil a year ago. Its revenue increased to RM47.57mil from RM45.81mil. Earnings per share were 4.81 sen compared with 1.70 sen.

However, when compared with the third quarter, its net profit fell by 15% from RM4.54mil and revenue was 8% lower from RM51.44mil.

Commenting on the outlook, Apollo expected its operating environment to be more challenging in the both the current and coming financial years.

It cited the uncertainty in raw material costs and the volatile ringgit compared with the other currencies. 

“The market will continue to remain competitive,” it said.

The cash rich company had RM103.40mil in cash and bank balances at end April compared with RM94.76mil a year ago.

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