KUALA LUMPUR (March 28): Apollo Food Holdings Bhd’s quarterly net profit more than doubled year-on-year to RM10.82 million in the third quarter ended January 31, 2023 (3QFY2023) from RM5.08 million a year ago on higher margins and sales revenue.

Quarterly earnings per share improved to 13.52 sen from 6.35 sen in 3QFY22, according to the group’s filing on.

Quarterly revenue rose by 30.95% to RM71.08 million versus RM54.28 million. This is due to higher revenue contributions from its manufacturing, marketing and distribution segment. Net margins rose to 15.22%, from 9.36% a year ago. 

It is the confectionary maker’s strongest results since the quarter ended July 3, 2015 (1QFY16), when it booked RM11.19 million net profit on RM49.93 million revenue.

For its nine-month period ended Jan 31 (9MFY2023), Apollo’s net profit increased 304.43% to RM24.84 million or 31.06 sen per share from RM6.14 million or 7.68 sen per share in 9MFY2022, followed by higher revenue of RM196.84 million from RM130.92 million.

“The group is optimistic that it will continue to achieve satisfactory results through implementation of prudent measures and improvement in operational efficiency with focus on product and service quality,” said Apollo on its current year prospects.

Apollo’s share price closed three sen or 0.78% higher at RM3.90, giving it a market capitalisation of RM312 million.