KUALA LUMPUR: CAB Cakaran Corp Bhd is seeking to accelerate its growth through strategic mergers and acquisitions across the food industry, according to group managing director Christopher Chuah Hoon Phong.
“Any acquisitions we make will be geared towards improving our ability to develop innovative products and create sustainable food solutions, in line with our vision to evolve into a world-class food conglomerate,” he said in a statement.
“Lastly, we remain very excited about our venture in Indonesia with the Salim Group, our partner and shareholder. After some years of delay due to the pandemic, 2024 will be the year our Indonesian expansion goes full swing.
“Indonesia, with its population size, is an extremely important market which we view as CAB’s next growth engine. With the backing of Salim, coupled with our strength in integrated poultry farming and food processing, we will be able to unlock the potential of this market,” Chuah said.
In the fourth quarter ended Sept 30 (4Q), CAB reported a net profit of RM10.71mil, up 39.5% year-on-year (YoY) from RM7.68mil previously.
Its revenue for the quarter rose 12.5% YoY to RM557.18mil, up 12.5% from RM495.50mil a year ago.
CAB said its net profit would have been higher if not for a deferred tax expense of RM14.36mil in 4Q, which was primarily attributable to the full utilisation of certain tax credits.
CAB posted a record-high net profit of RM107.25mil in the financial year ended Sept 30 (FY23), an increase of 85.8% from a year ago, driven by increased demand, higher selling prices, and lower production costs.
Its revenue rose 14.9% to RM2.25bil, the highest in the group's operating history.
The group’s financial position continued to improve, with CAB’s cash position rising 51.4% YoY to RM163.05mil as of Sept 30, up from RM107.68mil a year earlier.