QAF's H1 profit jumps 13 times to S$28.2 million
H1 revenue up 10%, driven by strong showing in segments including bakery, primary production
Singapore
THE dough has risen for QAF, the maker of Gardenia bread, as its net profit multiplied 13 times on-year to S$28.2 million for the six months ended June.
Revenue for H1 was up 10 per cent to S$462.6 million, driven by a strong showing in all three segments: bakery, primary production, and distribution and warehousing. Sales in the bakery unit rose 23 per cent to S$220.7 million for H1, as Gardenia enjoyed higher demand during the Covid-19 pandemic in Singapore, Malaysia and the Philippines. QAF also changed its product mix and production scheduling to maintain cost efficiency and profitability. The surge was partly dampened by lower sales of Bakers Maison Australia, as food service outlets were hit by the lockdown period.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama