KUALA LUMPUR: Hup Seng Industries Bhd
expects the operating environment to remain highly competitive in 2024.
“The group will evolve to meet the demands of consumers and strive to continue to maintain and improve product quality. The group will also focus on maintaining the market share and product competitiveness to increase the popularity of Hup Seng biscuits in the industry,” it said in a filing with Bursa Malaysia.
Hup Seng also plans to use operational efficiencies and cost-saving efforts to improve performance in the upcoming year.
The food and beverage company recorded a higher net profit of RM13.68mil for the fourth quarter ended Dec 31, 2023 (4Q23) on revenue of RM95.15mil.
Basic earnings per share stood at 1.71 sen versus 1.55 sen previously.
For the full financial year ended Dec 31, 2023, Hup Seng’s net profit rose to RM45.09mil from RM26.08mil in the previous corresponding period, while revenue rose 12% year-on-year to RM357.27mil.
The group has recommended a third interim dividend of 1.5 sen per ordinary share and a special dividend of 0.5 sen per ordinary share for the year ended Dec 31, 2023. The entitlement date will be announced in due course.
