Malaysians love for coffee has boosted Berjaya Food’s profits for 2021 Q2 ending 31 December, the Starbucks franchisee registered a pre-tax profit of RM60.28 million, a significant jump of 259% from RM16.79 million in the previous year’s corresponding quarter.
As the nation eased out of lockdowns after lockdowns, cafes and eateries started seeing footfalls to prepandemic levels in the last three months in 2021, the revenue growth reflects Berjaya Foods increase in profits for the last quarter as well.
The Group’s revenue increased by 57% to RM272.75 million in the current quarter as compared to revenue of RM174.10 million in the corresponding quarter of the previous year, mainly due to higher same-store sales growth, particularly from the Starbucks outlets. The resumption of interstate and overseas travel, coupled with the festive sales and Christmas season also contributed to the increase in revenue.
For the 6-month period, BFood registered an increase in revenue to RM460.47 million from RM354.82 million in the corresponding period of the previous year. Pre-tax profit increased to RM79.29 million from RM33.78 million in the corresponding period of the previous year mainly due to higher same-store sales growth; interstate and overseas travel resuming, plus the Christmas season and festive sales.
The Board has declared a second interim dividend of 1.0 sen single-tier dividend per share (previous year’s corresponding quarter ended 31 December 2020: second interim dividend of 0.50 sen singletier dividend per share) in respect of the financial year.
Total dividend declared for the financial period amounted to 2.0 sen single-tier dividend per share (previous corresponding financial period ended 31 December 2020: 1.0 sen single-tier dividend per share).
BFood CEO, Dato’ Sydney Quays views the further easing of restrictions and the resumption of interstate and overseas travel, which will generate improved overall operating results for the remaining quarters.