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.
The group 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.
“Nevertheless, the group will focus on streamlining operations and enhancing brand awareness as well as continuing to maintain and improve the quality of its products.
“The group will leverage operational efficiencies and cost-saving initiatives to ensure that a better performance is achieved.”
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 with RM94.2mil.
In the first nine months of the year, the group posted higher net profit and revenue of RM40.3mil and RM278.2mil, respectively
Hup Seng declared a second interim dividend of two sen per share and a special dividend of one sen per share for the financial quarter ending Dec 31, 2024.
