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Affected by the decline in profits in the commodity sector, vegetable oil supplier Mewah International's net profit in the second half of fiscal 2024 was US$20.247,000 (approximately S$27.3 million), a year-on-year decrease of 33.4%.
Meihua International released its results after the market closed on Friday (February 28). The group's revenue increased by 44.5% in the second half of fiscal year 2024 to US$2.872.17 million, and its annual revenue was US$4.781.98 million, an increase of 16%. However, the group's annual net profit was US$38.8 million, a decrease of 4.4% from US$40.6 million in the same period last year.
The board of directors decided to pay a final dividend of 0.61 new cents per share, together with the previously paid interim dividend of 0.14 new cents per share, and the total dividend for the whole year is 0.75 new cents per share.
The group said that with the strategic investment in Indonesia in the second half of fiscal 2024, sales and revenue of the commodity sector, which produces and sells plant-based edible oil products, increased by 14.3% and 21.9%, respectively, but profits contracted due to the decline in refining operating margins.
The consumer parcel sector performed strongly, achieving operating profit of $110.3 million, up 10.6% year-on-year.
Further reading
Meihua International's net profit rose by 82.7% to US$18.56 million
Mewah International
The Group stated that in the fiscal year 2024, despite facing market challenges such as supply and demand changes, weather factors, inflation expectations and other vegetable oil price fluctuations, the Group still showed resilience, achieved sales growth, and improved overall operating profit margin.
Meihua International’s share price on Friday was 0.26 yuan, without any change.
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