QAF posted a 154 per cent rise in net profit to S$12.5 million for its first half year ended June, from S$4.9 million in the previous corresponding period.
This was mainly due to a lower income tax expense, on top of a higher revenue, based on QAF’s financials released on Thursday (Aug 8).
Earnings per share stood at S$0.022 for the half year, up from S$0.009 the previous year.
Revenue increased 3 per cent to S$309.2 million from S$301.6 million for the first half year ended June.
“With the successful reinstatement of the production lines at our Malaysian bakery factory that were damaged by floods in December 2021, the group’s Malaysian bakery sales increased by S$9.1 million in H1 2024 compared to H1 2023,” highlighted the group.
It added that the revenue growth by Malaysian bakery sakes is, however, partly offset by challenges faced by the bakery operations in the Philippines, as high food inflation negatively impacted the demand for bread in the market.
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Other income including interest income increased by 20 per cent to S$4.2 million in the first half year from S$3.5 million in the corresponding period last year, due to higher interest income earned in the higher interest rate environment.
Group earnings before interest, tax, depreciation and amortisation before exceptional items increased by 113 per cent S$27.9 million for H1 2024, from S$13.1 million for H1 2023.
An interim dividend of S$0.01 per share was declared for the half year, unchanged from the year before. The date payable will be announced later.
Shares of QAF closed flat at S$0.81, before the results were announced.
