Leon Fuat records 21.5% rise in net profit in FY23

  • Business
  • Wednesday, 28 Feb 2024

Leon Fuat Bhd executive director Calvin Ooi Shang How

KUALA LUMPUR: Leon Fuat Bhd will closely monitor steel prices and related currencies, taking proactive steps like negotiating forward contracts and practicing prudent inventory management to minimise potential negative impacts.

“Our group will also continue to enhance the operating capabilities and efficiencies in meeting customers’ requirements and to ensure timely satisfaction of customer orders while keeping our operating costs at a manageable level.

“With the measures taken by the group in addressing the challenges, our board is optimistic that the group will achieve positive results for 2024,” the manufacturer and trader of steel products said in a Bursa filing.

Leon Fuat posted a net profit of RM8.05mil in the fourth quarter ended Dec 31, 2023 compared with a net loss of RM5.1mil posted last year

Revenue for the quarter rose to RM240.6mil from RM238.1mil a year ago while earnings per share rose to 2.36 sen versus a loss per share of 1.49 sen previously.

For the full financial year ended Dec 31, 2023 (FY23), Leon Fuat posted a net profit of RM36mil, up 21.5% from RM29.6mil. Revenue, however, fell to RM928mil from RM1.02bil in FY22.

Executive director Calvin Ooi Shang How said the notable increase in its profit margins, despite revenue pressures, highlights its commitment to operational efficiency and financial prudence.

“As we continue to navigate through the challenges, our focus remains steadfast on enhancing shareholder value and fortifying our market position through strategic growth initiatives capabilities and market reach.

“We remain optimistic about our long-term prospects and continue to focus on delivering shareholder value through sustainable and strategic business practices.”

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