Hup Seng expects biscuit market to grow

PETALING JAYA: Hup Seng Industries Bhd will focus on maintaining its market share and product competitiveness in order to increase the popularity of Hup Seng biscuits in the industry.

The food and beverage company expects the biscuits market to grow as it is a popular and alternative staple food.

“The group envisages the industry is poised to continue to grow and evolve to meet the changing demands of consumers and will strive to continue to maintain and improve product quality,” it said in the notes accompanying its financial results on Bursa Malaysia.

Barring any unforeseen circumstances, Hup Seng is cautiously optimistic its business operations for the remaining quarters of the financial year will be satisfactory.

Hup Seng’s net profit rose almost threefold to RM8.7mil in the second quarter ended June 30 compared with RM3.04mil posted last year. Revenue for the period rose 10.5% to RM81.5mil against RM73.8mil while earnings per share increased to 1.09 sen from 0.38 sen previously.

Hup Seng has recommended an interim single-tier dividend of one sen per ordinary share in respect of the year ending Dec 31, 2023.

For the first six months to June 30, it posted a net profit of RM18.4mil on revenue of RM167.9mil