Apollo Food’s 4Q profits dip 11.85% on higher expenses

APOLLO Food Holdings Bhd reported an 11.85% drop in net profit for its fourth quarter ended April 30, 2024, due to higher operating expenses.

Net profit fell to RM5.9 million, while revenue also decreased by 5.03% to RM57.23 million, driven by reduced export sales.

No dividends were declared for the quarter.

Despite this, the company’s full-year net profit rose 70.08% to RM53.83 million, boosted by an RM18.7 million gain from the disposal of investment properties.

Excluding this one-off gain, net profit increased by 11%, supported by better gross profit margins.

Full-year revenue slightly declined to RM255.41 million.

Its MD Cheah Jia Ming highlighted strategic initiatives to improve efficiency, leverage the brand for new export markets, and enhance distribution and marketing efforts.  –TMR