QL Resources cautiously optimistic on FY24 performance

KUALA LUMPUR: QL Resources Bhd is cautiously optimistic that its business performance will remain resilient for the new financial year ending March 30, 2024 (FY24).

“The recovery momentum from past few quarters and our continued focus in driving operational efficiency coupled with the scheduled opening of new convenience store chain (CVS) outlets together will help to cushion the adverse effects from the above-mentioned challenges,” QL said in a Bursa filing.

QL noted that its core businesses are food related which are generally sensitive to consumer sentiment and changes in government policy.

“Current high interest rate environment and rising cost of living are expected to dampen consumer sentiment. In addition, the upcoming changes to Malaysia's egg and chicken cost subsidy scheme to market-driven pricing mechanism and volatile commodity prices may impact the performance of integrated livestock farming (ILF) segment,” it said.

In the fourth quarter ended March 31, QL posted a net profit of RM73.3mil, up 5.6% from RM69.4mil a year prior.

Revenue for the period expanded to RM1.47bil versus RM1.36bil previously while earnings per share rose to 3.01 sen against 2.85 sen last year.

For FY23, the group posted a net profit of RM346.8mil, up 60% from RM217.3mil while revenue jumped 19.6% to RM6.26bil against RM5.23bil a year prior.

QL has proposed a final single tier dividend of 3.50 sen per share totalling of approximately RM85.2mil for FY23, subject to the approval of the shareholders at the forthcoming annual general meeting.

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