(Updated)

Berjaya Food share price rockets to record high

Berjaya Food share price rockets to record high
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KUALA LUMPUR (May 13): Berjaya Food Bhd's share price reached a record high on Friday (May 13) as investors continue to react positively to the Starbucks and Kenny Roger's Roasters franchise operator's latest financial results.

Berjaya Food, which opened at RM4.08, three sen higher from its last adjusted closing price (LACP) of RM4.05 a day earlier, rocketed to a high of RM4.55 in the morning trade session. 

The counter, which subsequently pared its gain throughout the afternoon session, then saw a sudden surge in the final 30 minutes of the trading day, peaking at a new high of RM4.57. 

It finished up 51 sen or 12.59% at RM4.56, bringing a market capitalisation of RM1.64 billion with nearly 1.42 million shares transacted. Year to date, the stock has risen by 112.09%.

Berjaya Food also settled among the top gainers for the day, having ranked third, behind Malaysian Pacific Industries Bhd and Petronas Dagangan Bhd respectively.

On Wednesday (May 11), Berjaya Food said its net profit for the third quarter ended March 31, 2022 (3QFY22) more than doubled to RM31.58 million from RM11.61 million in the same period last year in tandem with higher revenue recorded for 3QFY22.

Revenue for the quarter jumped 35.37% to RM246 million from RM181.73 million due to higher same-store-sales growth, particularly from Starbucks cafe outlets as a result of the improved mobility upon the resumption of domestic tourism and further relaxation of the Covid-19 standard operating procedures.

Berjaya Food also declared a single-tier third interim dividend of 1.5 sen, payable on June 23. 

On prospects, Berjaya Food expects the overall operating results of the group to be satisfactory for the remaining quarter of the financial year ending June 30, 2022 following further easing of restrictions and the opening of international borders.

Read also:
Berjaya Food 3Q net profit more than doubles, declares 1.5 sen dividend
Berjaya Food's share price on the rise following better 3Q result

Esther Lee