KUALA LUMPUR: Hup Seng Industries Bhd
remains cautious despite an encouraging third-quarter performance for the period ended Sept 30 (3Q24), given the highly competitive nature of the industry.
“The group will continue to remain vigilant and adaptable to market shifts. We anticipate challenges with the rising cost of raw materials especially palm oil, as we envisage a tighter supply in the near future,” Hup Seng said in the notes accompanying its financial results.
The food and beverage company will also focus on strengthening the domestic and export markets and strive to ensure a steady supply of products to satisfy the needs of consumers.
Hup Seng’s net profit rose 32.6% to RM17.3mil in 3Q24 compared with RM13mil posted a year ago while earnings per share climbed to 2.16 sen from 1.63 sen previously.
Revenue for the quarter grew by 10.9%, reaching RM104.4mil compared to RM94.2mil.
In the first nine months, the group posted higher net profit and revenue of RM40.3mil and RM278.2mil, respectively
Hup Seng has declared a second interim dividend of 2 sen per share and a special dividend of 1 sen per share for the financial quarter ending Dec 31, 2024.
