KUALA LUMPUR (Nov 10): Berjaya Food Bhd (BFood) began its financial year ending June 30, 2023 (FY23) on a strong note with a net profit of RM34.7 million for the first quarter ended Sept 30, 2022 (1QFY23), a nearly three-fold jump from RM11.63 million in the same period last year.

This was in tandem with the higher revenue recorded for the quarter coupled with the turnaround of the Kenny Rogers Roasters business performance, according to a bourse filing on Thursday (Nov 10) by BFood, which is also the Starbucks franchise operator.

Earnings per share shot up to 1.96 sen from 0.65 sen previously.

Quarterly revenue climbed 50.78% year-on-year (y-o-y) to RM283.05 million from RM187.72 million, mainly due to higher same-store-sales growth, particularly from Starbucks cafe outlets as well as the full quarter effect of the new Starbucks cafe outlets opened during the previous financial year.

The group declared a first interim dividend of 0.5 sen per share, to be payable on Dec 20.

On a quarter-on-quarter (q-o-q) basis, BFood's net profit, however, dropped 14.67% from RM40.66 million posted for 4QFY22 as revenue slipped 2.82% from RM291.27 million recorded for the immediate preceding quarter.

Looking ahead, BFood expects Starbucks to maintain its revenue growth momentum, and anticipates that the operating results of the group will remain satisfactory for the remaining quarters of FY23, despite facing inflationary pressures on its operating costs.

"Despite inflationary pressures, the group will continue to work on managing its operational costs effectively and sustaining its growth momentum for the rest of the financial year," said BFood chief executive officer Datuk Sydney Quays in a separate statement.

BFood's share price finished 0.51% or half a sen higher at 98.5 sen on Thursday, bringing the group a market capitalisation of RM1.73 billion. Year to date, the stock has risen 129.07%.