Guan Chong outlook for FY23 seen positive

PETALING JAYA: RHB Research remains optimistic on Guan Chong Bhd’s financial year 2023 (FY23) outlook, supported by maiden contribution from its Ivory Coast business, uptrending combined ratio and turnaround performance from its German plant Schokinag operations on lower energy costs and bigger capacity.

This comes despite the group’s latest FY22 earnings of RM149mil, dropped 4.5% year-on-year and were below expectations, dragged by huge unrealised losses on commodity futures and higher-than-expected interest costs.