Hiap Teck posts RM156mil net profit in FY22

KUALA LUMPUR: Hiap Teck Venture Bhd’s net profit decreased marginally to RM156.01mil in the financial year ended July 31, 2022, from RM163.43mil a year ago amid higher cost of goods sold.

In a filing with Bursa Malaysia, Hiap Teck said revenue rose 46% year-on-year (y-o-y) to RM1.58bil from RM1.08bil, thanks to a higher average selling price, Bernama reported

In the fourth quarter, net profit fell to RM24.47mil from RM60.48mil due to a lower profit margin for the group’s downstream operating subsidiaries following higher costs of goods sold and the write-down of inventories to net realisable value.