PETALING JAYA: Fraser & Neave Holdings Bhd (F&N) achieved a record full-year revenue of RM5.25 billion in FY24 covering the period from Oct 1, 2023 to Sept 30, 2024, up 4.9% from FY23, boosted by higher domestic sales by Food & Beverages Malaysia (F&B Malaysia) and Food & Beverages Thailand (F&B Thailand), and exports to Cambodia.
Group operating profit for FY24 increased by 10.4% to RM709.5 million from the previous year. Meanwhile, group profit after tax increased by 0.4% year-on-year to RM544.3 million despite higher tax expenses.
F&N CEO Lim Yew Hoe remarked, “The group’s performance in FY24 reaffirms our resilience in a fast-evolving environment. We achieved robust profits and maintained a strong cash position despite the higher start-up costs for new ventures. Our continued strategic investments and cost optimisation initiatives have enabled us to sustain healthy growth momentum while navigating external challenges in the global marketplace.”
He added their efforts across the year included a keen focus on identifying opportunities to capture value from existing operations for the benefit of the group and their stakeholders.
“By strategically leveraging opportunities, we have further strengthened relationships with shareholders, customers, partners, employees, and the community,” Lim added.
He said halal packaged foods is a key pillar in their strategy to drive both top and bottom-line growth.
“Our continuous efforts to create synergies within the group, including streamlining and standardising operations following the acquisition of Sri Nona and Cocoaland in FY22 have improved profit margins, enhanced operational efficiency, and enabled more effective decision-making pro-cesses. Beyond products, we also aim to be thought leaders in the halal space, collaborating with stakeholders like Halal Development Corporation Bhd to raise awareness of the quality and diversity of our halal offerings,” he added.
Lim underscored the group’s balanced focus between growth initiatives in agriculture and its traditional businesses. “We are equally committed to investing in our core businesses as part of our long-term growth strategy.
“Other than our new dairy manufacturing plant in Cambodia’s Suvannaphum Special Economic Zone to bolster our presence, other new capital expenditures to com-plement existing operations and capture future value include a new carbonated beverages and drinking water line in Butterworth, and a new sterilised milk filling and packing line in Pulau Indah.”
Shareholders at the 63rd annual general meeting on Wednesday approved a final single-tier dividend of 33 sen per share (2023: 33 sen per share) for the financial year ended Sept 30, 2024, bringing the total dividend for FY24 to 63 sen per share (FY23: ordinary dividend of 60 sen per share and an additional special dividend of 17 sen per share), amounting to RM231.1 million (2023: RM282.4 million).
The final dividend amounting to approximately RM121 million (FY23: RM183.4 million) is scheduled to be paid on Feb 10, 2025.
