BFood 2Q net profit fall 8.7%, declares 2 sen dividend

BERJAYA Food Bhd (BFood) saw net profit for the second quarter ended Dec 31, 2022 (2Q23) fell 8.72% to RM35.49 million from RM38.88 million a year ago mainly due to margin compression as a result of higher operating costs.

The Starbucks and Kenny Rogers Roasters franchise operator, however, increased its revenue by 8.27% to RM295.32 million from RM272.75 million previously due to the opening of additional Starbucks cafes.

Earnings per share decreased to 2.02 sen from 2.16 sen, it told Bursa Malaysia yesterday.

The group also declared a second interim dividend of two sen per share to be paid on March 22, with March 7 as the ex-date.

For the first six months of FY2023, BFood’s net profit climbed 38.97% to RM70.12 million, while revenue improved by 25.6% to RM578.37 million, from RM460.47 million during the same period.

It said that the improved revenue was due to the higher same-store sales growth, particularly from the Starbucks cafe outlets, as well as the additional Starbucks outlets operating in Malaysia.

The group said Starbucks is expected to maintain its revenue growth momentum, adding that the operating results of the group will remain satisfactory for the remaining quarters of FY23, despite facing inflationary pressures.

BFood CEO Datuk Sydney Quays said the group will continue to focus on managing its operational costs effectively and sustaining its growth momentum for the remaining quarters of this financial year.

BFood’s share price closed 1.8% or two sen higher at RM1.13 yesterday, representing a market capitalisation of RM2.2 billion. — TMR / pic source: Berjaya Food Bhd