Fraser & Neave posts slightly higher net profit of RM103.5m in 2Q21

KUALA LUMPUR, May 4 — Fraser & Neave Holdings Bhd registered a slightly higher net profit of RM103.5 million in the second quarter ended March 31, 2021 (2Q21) from RM102.2 million in 2Q20.

Revenue rose to RM1.09 billion from RM1.01 billion driven by domestic sales and exports amid Covid-19-related constraints.

In a filing with Bursa Malaysia today, it said despite the subdued Chinese New Year festivities due to Movement Control Order 2.0, there was positive momentum in out-of-home consumption after the easing of movement restrictions in early March.

Further, double digit growth in exports fuelled by growth in the Middle East and Africa markets as well as the maiden contribution from Sri Nona Companies spurred the growth in food and beverage (F&B) Malaysia revenue by 13 per cent to RM564.2 million.

Exports from Thailand also grew from greater demand overseas, which helped mitigate the slower offtake in Indochina due to the stronger baht and escalating Covid-19 cases in the region.

Meanwhile, the F&B Thailand business registered a 4.3 per cent revenue growth in 2Q21 at RM525.8 million amidst the recovery in domestic economic activities.

Going forward, the group remained cautious of the local and global uncertainties as the Covid-19 pandemic situation remains fluid and uncertain. — Bernama