KUALA LUMPUR (Feb 13): Berjaya Food Bhd (BFood)’s net profit dropped 8.72% to RM35.49 million for the second quarter ended Dec 31, 2022 (2QFY2023), from RM38.88 million a year before, mainly due to margin compression as a result of higher operating costs.
Earnings per share fell to 2.02 sen from 2.16 sen, the Starbucks and Kenny Rogers Roasters franchise operator said in a filing with Bursa Malaysia.
Quarterly revenue, however, increased 8.27% to RM295.32 million, from RM272.75 million in 2QFY2022, due to the opening of additional Starbucks cafes.
The group declared a second interim dividend of two sen per share — compared with 0.2 sen paid a year ago — to be paid on March 22, with March 7 as the ex-date.
For the first six months of FY2023, BFood’s net profit improved 38.97% to RM70.119 million, from RM50.50 million a year earlier. Revenue rose 25.6% to RM578.37 million, from RM460.47 million during the same period.
The group attributed the higher revenue to the higher same-store sales growth, particularly from the Starbucks cafe outlets, as well as the additional Starbucks outlets operating in Malaysia.
Starbucks is expected to maintain its revenue growth momentum, the group said, adding that the operating results of the group will remain satisfactory for the remaining quarters of FY2023, despite facing inflationary pressures.
BFood chief executive officer Datuk Sydney Quays said the group will continue to focus on managing its operational costs effectively and sustaining its growth momentum for the remaining quarters of this financial year.
BFood’s share price closed 1.8% or two sen higher at RM1.13 on Monday (Feb 13), bringing the group a market capitalisation of RM2.2 billion. Over the past one year, the stock has surged 88% from 60 sen.
Source: TheEdge - 14 Feb 2023
