PETALING JAYA: Hup Seng Industries Bhd (HSIB) expects 2023 to be “a very challenging year,” as it expects the operating environment to remain highly competitive.
In light of this, the group said it will have to be cautious and stay vigilant.
“Recognising and understanding the changing business environment, the group will continue to closely monitor the movement of commodity prices, evaluate and adjust the pricing strategies and/ or re-sizing major products when the need arises,” it said in a filing with Bursa Malaysia yesterday.
HSIB’s net profit for its fourth quarter ended Dec 31, 2022 rose to RM12.44mil from RM9.71mil, mainly due to improvement in sales contribution.
Revenue in the fourth quarter grew to RM94.93mil from RM81.81mil a year earlier. Basic earnings per share stood at 1.55 sen, versus 1.21 sen a year earlier.
For its financial year ended Dec 31, 2022, HSIB’s net profit stood at RM26.08mil, compared with RM27.24mil a year earlier, while revenue increased to RM318.19mil from RM295.83mil previously.
Going forward, the group said it will continue to maintain and improve product quality, innovate its products portfolio, reduce costs and broaden its distributor network to drive for higher sales and growth in market share.
“The group will leverage operational efficiencies and cost savings initiatives to ensure that a better performance is achieved in the coming year,” it said.