Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 19): Carlsberg Brewery Malaysia Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) more than doubled to RM88.95 million from RM37.14 million a year before, as revenue jumped along with normalising operations and consumer activities due to Covid-19's transition to endemicity.

Revenue for 2QFY22 rose 64.44% to RM574.23 million from RM349.21 million in 2QFY21, as both Malaysian and Singaporean operations saw better sales, its Bursa Malaysia filing showed. The better revenue was also due to the low base effect in the previous corresponding period as sales recovered from disruptions experienced last year, when lockdown restrictions and the suspension of brewery operations from June 2 until Aug 15, 2021, it added.

Earnings per share rose to 29.09 sen from 12.15 sen. Its board of directors announced a second interim dividend of 22 sen per share, to be payable on Sept 15. This brought its cumulative dividend for the first six months of FY22 to 59.15 sen, up 25.17 sen from previous corresponding period's 33.88 sen.

On a quarter-on-quarter (q-o-q) basis, both net profit and revenue weakened, with net profit inching down 2.88% from RM91.59 million in the preceding quarter (1QFY22), while revenue fell 12.18% from RM653.85 million.

It said the lower profitability on a q-o-q basis was primarily due to the prosperity tax provision in Malaysia and the lower share of profits in its associate company, Lion Brewery (Ceylon) PLC, while lower revenue against the preceding quarter was due to higher sales in Malaysia and Singapore during the Chinese New Year festive period in 1QFY22.

For the cumulative six months ended June 30, 2022, its net profit expanded 74.27% to RM180.53 million, from RM103.59 million a year ago. Revenue also increased by 39.36% to RM1.23 billion from RM881.2 million.

In a statement, Carlsberg managing director Stefano Clini said the group remains cautious about its outlook, due to the ongoing disruptions in the global supply chain and the escalating commodity prices, which have been further exacerbated by the Ukraine-Russia crisis.

Clini also expects rising global inflationary pressures to affect consumer sentiment and disposable income.

Shares in Carlsberg closed 22 sen or 0.92% higher at RM24.22 on Friday (Aug 19), giving the group a market capitalisation of RM7.41 billion.

Edited ByTan Choe Choe
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