Yang Xiecheng's net profit increased by 9% to 3.7 million yuan in the second half of the year

Yeo Hiap Seng's net profit increased by 8.8% year-on-year to 3.7 million yuan. Revenue grew by 7.7%, reaching 163.2 million yuan. The board of directors recommends paying an annual dividend of RMB 0.02 per share, the same as the same period a year ago.

The Singapore Exchange main board listed company released its results after the market closed on Friday (February 28). Management pointed out in its performance report that the increase in revenue in the second half of the year was mainly due to Yeo's F&B's revenue increase of 6.9% to RMB 147.4 million, as sales increased in Malaysia, Singapore and Indonesia were partially offset by a decline in sales in China and Hong Kong.

The group's net profit for the whole year of 2024 increased by 3.0% to 6.9 million yuan, while its revenue fell slightly by 1.2% to 328.6 million yuan. Management said the decrease in revenue for the whole year was mainly due to the decrease in revenue from the joint packaging business. However, the Group's cost optimization efforts helped offset the impact of inflation, improving the Group's gross profit margin by 0.7 percentage points to 33.2%.

The group's annual revenue comes from Malaysia (49%), Singapore (13%), Cambodia (8%), Indonesia (6%) and China (6%), respectively.

On the business outlook, management said: “Although geopolitical uncertainty persists, inflation trends in some countries are improving, which provides us with a reason to be cautiously optimistic.”