Yeo Hiap Seng reports earnings of $6.88 mil for FY2024 up 2.5% y-o-y

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: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil

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.