KUALA LUMPUR (July 2): Confectionery producer Apollo Food Holdings Bhd has declared a first and final dividend of 20 sen per share for the financial year ended April 30, 2020 (FY20), payable on Jan 12, 2021.

This follows an announcement on June 29, which saw the Johor-based group posting a 6.2% increase in net profit to RM3.89 million for its fourth financial quarter ended April 30, 2020 (4QFY20), versus RM3.67 million a year earlier, on lower cost of sales and growth in other income offset by increased income tax expenses. It had also declared a dividend of 20 sen per share amounting to RM16 million for FY19.

This is despite quarterly revenue falling 8.8% year-on-year to RM43.39 million, mainly due to decreased sales caused by the movement control order imposed on March 18 to curb the spread of the Covid-19 pandemic.

For the full year FY20, the group's net profit, however, dropped 18.3% to RM14.24 million from RM17.43 million a year ago. Revenue also fell 7.4% to RM174.93 million from RM188.84 million in FY19.

On prospects, Apollo Food expects a slowdown in the local and global economies.

It is anticipating its operating environment to be more challenging in both the current and coming financial years. “The group will implement prudent measures and improve operational efficiency to sustain the business and results,” it said.

Shares in Apollo were unchanged at RM3.32 at noon break, valuing the confectioner at RM265.6 million. It saw 7,000 shares traded.