Yeo Hiap Seng has reported earnings of $6.88 million for FY2024 ended Dec 31, 2024, up 2.5% y-o-y. Its 2HFY2024 earnings came in 9% y-o-y higher at $3.66 million.
Earnings per share for the FY2024 came in at 1.11 cents per ordinary share.
The group reported a revenue of $328.6 million for FY2024, down 1.2% y-o-y. Revenue for 2HFY2024 however grew 7.7% y-o-y higher to $163.2 million.
The group’s revenue for the year declined mainly due to lower sales volume of co-packing revenue. Yeo’s F&B revenue improved 1% y-o-y from stronger sales in Malaysia, Singapore and Europe, as a contrast to challenging markets such as China, Hong Kong and the US.
For FY2024, the company gained a $15.5 million income in compensation, mainly due to compensation from Oatly. Oatly decided to close its manufacturing facility in Singapore, and a net profit of $7.3 million was booked resulting from the move.
At the same time, assets/ investments impairment of $7.7 million was incurred due to a challenging operating environment, particularly in China and Singapore.
See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
For the 2HFY2024, revenue increased due to higher sales volume in Malaysia, Singapore and Indonesia.
The group recorded a net increase in cash and cash equivalents of $56.2 million as at Dec 31, 2024.
The board has proposed a final dividend of 2 cents per share for FY2024.
Shares in Yeo Hiap Seng closed 0.5 cents higher or 0.870% up at 58 cents on Feb 28.
