KUALA LUMPUR: Hup Seng Industries Bhd
, which posted a 26.7% rise in net profit for the fourth quarter ended Dec 31, 2024 (4Q24), maintains a cautious outlook due to the industry's highly competitive nature.
“The group will continue to stay vigilant and adaptable to market shifts. We anticipate further challenges, particularly with the rising cost of raw materials, especially palm oil, due to supply constraints in the near future and possible risks of higher tariffs,” the biscuits maker said the notes accompanying its financial results.
Hup Seng remains committed to streamlining operations, enhancing brand awareness, and improving product quality. It will also strengthen domestic and export markets to ensure a steady supply that meets consumer demand.
It added that it would leverage operational efficiencies and cost-saving initiatives to drive better performance in the coming year despite market pressures.
In 4Q24, Hup Seng reported a net profit of RM17.3mil, with earnings per share of 2.17 sen, up from RM13.7mil, or 1.71 sen, in the same quarter last year.
Revenue for the quarter rose to RM117.1mil against RM95.1mil last year.
For the full financial year ended Dec 31, Hup Seng posted a net profit of RM57.6mil, up 27.8% from RM45.1mil while revenue rose to RM395.3mil against RM357.3mil last year.
Hup Seng has declared a third interim single-tier dividend of 1 sen per share and a special single-tier dividend of 1 sen per share for the year ended Dec 31. The entitlement date will be announced later.
