Japfa’s H2 net profit more than doubles to US$61.9 million
The agri-food group posts revenue of US$2.4 billion, up 2% year on year
JAPFA on Friday (Feb 28) reported a net profit of US$61.9 million for H2 FY2024 ended December, more than double the US$22.8 million reported in the year-ago period, as revenue rose and cost of sales shrank.
The agri-food group posted US$2.4 billion in revenue, up 2 per cent year on year, while cost of sales contracted 5 per cent. Gross profit rose 47 per cent to US$464.2 million.
Earnings per share stood at US$0.0314, higher than US$0.0112 for the year-ago period.
For FY2024, the group made a turnaround in profitability. It managed to chalk up US$113.6 million in earnings against a US$30.8 million loss for FY2023.
Revenue increased by 4 per cent to US$4.6 billion.
Its improved FY2024 figures were mainly driven by Indonesia and Vietnam operations. Day-old chick and broiler prices were stable in Indonesia due to more balanced supply and demand dynamics throughout 2024. In Vietnam, swine prices were higher due to decreased pork supply resulting from African Swine Fever.
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Additionally, lower feed costs across major markets helped boost Japfa’s financial performance.
The company has proposed a final dividend of S$0.01 per share for the financial year 2024. No dividend was declared in the year before that.
Net asset value was US$0.42 as at end-2024 compared to US$0.38 as at end-2023.
The counter closed flat at S$0.61 on Friday, before the financial results were published.
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