QAF's H1 profit jumps 13 times to S$28.2 million

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.