Teo Seng reports over 5-fold profit jump in 4Q23

KUALA LUMPUR: Teo Seng Capital Bhd, which saw its net profit surge over five folds to RM66.9mil in the fourth quarter ended Dec 31, 2023 (4Q23), expects to sustain its financial performance in the financial year ending Dec 31, 2024 (FY24).

“In view of the improved market conditions, our better productivity and cost-effectiveness, the directors are in the opinion that the financial performance is sustainable for the forthcoming financial year,” the egg producer said in a filing with Bursa Malaysia.

Teo Seng’s revenue in 4Q23 rose 10.6% to RM199.8mil from RM180.6mil a year ago while earnings per share jumped to 22.80 sen from 4.43 sen previously.

In FY23, it posted a net profit of RM155.8mil, up more than seven folds from RM21.6mil last year. Revenue for the period rose 16.7% to RM760.9mil against RM651.9mil a year ago.

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