Hup Seng remains cautious despite 3Q24 profit growth

Hup Seng said the group will continue to remain vigilant and adaptable to market shifts.

PETALING JAYA: 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 fast-moving consumer goods sector.

“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 tighter supply in the near future,” Hup Seng said in the notes accompanying its financial results.