QAF lifts guidance for FY2024
Improvement is attributed to better business performance and lower non-cash impairments of joint venture
FOOD manufacturer and distributor QAF expects an improvement in profit for the financial year ended Dec 31, 2024.
In a bourse filing on Tuesday (Feb 11), it said that it expects to report improved profit attributable to owners of the company for FY2024 compared to the previous financial year.
This is attributed to better business performance and lower non-cash impairment of its investment in its joint venture.
This also comes despite lower insurance claim receipts due to flooding at the group’s Malaysian bakery factory and unfavourable foreign exchange movements against the Singapore dollar.
In September 2024, the company said it would book the RM22 million (S$6.7 million) it received as final insurance payment for flooding compensation as an exceptional gain in its financial results for the second half of FY2024.
One of QAF’s factories was hit by severe flooding in Peninsular Malaysia in December 2021. The total insurance payouts, including the latest payment, amounted to about RM131 million.
The group’s FY2024 results will be released later this month, it added.
Shares of QAF closed at S$0.845 on Tuesday, down 0.6 per cent or S$0.005.
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