BFood’s 4Q22 net profit soars 185%

Its revenue also increases by 61.2% to RM291.27m on the back of higher same-store-sales growth

by AZALEA AZUAR / graphic TMR

BERJAYA Food Bhd’s (BFood) net profit rose by 185% to RM40.67 million for the period ended June 30, 2022 (4Q22), compared to RM14.27 million in 4Q21.

Moreover, its 4Q22 revenue has also increased by 61.2% to RM291.27 million from RM180.72 million in 4Q21 on the back of higher same-store-sales growth mainly from its Starbucks cafes.

This is also supported by more openings of Starbucks outlets during the financial period.

“The group’s pre-tax profit jumped 183% to RM64 million against RM22.39 million in the previous year corresponding quarter. 

“The significant increase in the pre-tax profit was in tandem with the higher revenue recorded in the current quarter coupled with turnaround of the Kenny Rogers Roasters’ business performance,” it said in a filing to Bursa yesterday.

BFood also forecasts its operating results to remain satisfactory while Starbucks will maintain its revenue growth momentum for this year.

Starbucks is operated by the group’s wholly owned subsidiary Berjaya Starbucks Coffee Co Sdn Bhd.

At the end of last year, Starbucks entered into two separate sales and purchase agreements with Berjaya Times Square Sdn Bhd to acquire two units located at the mall for a total cash consideration of RM15.67 million.

“On June 13, BFood has announced to undertake a bonus issue of 1.56 billion bonus shares on the basis of four bonus shares for every one existing ordinary share in the company held on an entitlement date to be determined and announced later,” it added.

The company has declared a dividend of RM2 per share.