Innature 4Q net profit rises, driven by Vietnam and Cambodia ops

Innature 4Q net profit rises, driven by Vietnam and Cambodia ops
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KUALA LUMPUR (Feb 22): Innature Bhd’s fourth quarter net profit rose 17.21% to RM7.72 million, from RM6.58 million in the third quarter, largely driven by its businesses in Vietnam and Cambodia, where the Covid-19 situation is better controlled.

In a bourse filing, the Body Shop products distributor said revenue for the quarter ended Dec 31, 2020 increased 7.58% to RM44.9 million, from RM41.74 million in the preceding quarter.

On a year-on-year basis, the quarterly net profit was down 2.44% compared with RM7.91 million posted in the previous fourth quarter, while revenue declined 16.06% from RM53.9 million.

Full year net profit was down 33.06% at RM20.18 million, compared with RM30.15 million in the previous year.

In a separate statement, Innature managing director Datin Mina Cheah-Foong said the group’s omnichannel strategy and efforts to enhance its multiple sales channels yielded the quarter-on-quarter uplift in earnings.

“Despite the third wave of Covid19 causing significant reduction in mall traffic, we were able to continue to attract and serve our customers through all our online and offline channels, resulting in the highest quarterly results of FY2020,” she said.

She said Covid-19 waves will continue to be a limiting factor for its performance in the current year.  However, its operations overseas, where the pandemic is less virulent, will continue to see an expansion in store network.

“Overall, we believe the group will remain resilient and profitable for FY2021 and in doing so, look forward to continuing with our dividend policy and our relentless efforts towards our vision of Innature as a Force for Good,” she added.

Shares in Innature closed 1.79% or one sen higher at 57 sen today,  valuing the group at RM402.35 million.

S Kanagaraju