Yeo Hiap Seng reverses H2 loss, posts S$1.2 million profit

FOOD and beverage player Yeo Hiap Seng posted a net profit of S$1.2 million for the six months ended Dec 31, 2022, reversing a S$1.7 million net loss in the year-ago period.

This was mainly due to higher revenue and improved gross profit margins in the second half, Yeo Hiap Seng said in a regulatory filing on Tuesday (Feb 28).

Earnings per share in H2 2022 stood at 0.20 Singapore cent, compared with a loss per share of 0.29 cent in H2 2021.

Revenue for the period rose 4.9 per cent to S$176.8 million, up from S$168.6 million in 2021. This was mainly due to higher growth in its Malaysia operations, Yeo Hiap Seng said.

Gross profit for H2 2022 grew 11 per cent year on year to S$51.5 million, as a result of efforts to drive increases in net prices and optimisations in its product portfolio, it added.

The board has proposed a final dividend of two Singapore cents per share, unchanged from the previous year.

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For the full year ended Dec 31, 2022, net profit stood at S$2.4 million, reversing a S$2.9 million net loss in FY2021. Revenue for FY2022, meanwhile, rose 6 per cent to S$358.1 million.

“Operating cost inflation continues to pose headwinds to the group operations,” said Yeo Hiap Seng. “Management will focus on driving higher margin products growth and cost reduction to improve business performance.”

The counter closed unchanged at S$0.685 on Tuesday, prior to the earnings announcement.