Teo Seng Capital posted higher quarterly revenue of RM147.4 million, representing an increase of 27.6% and pre-tax profit surge to RM 3.7 million surpassing RM 1.4 million in the same comparative period.
The segment of poultry farming recorded better quarterly revenue of RM125.3 million, an increase of 29.5% from the year-ago quarter of RM96.8 million on the back of improved selling price of eggs along with the increasing market demand.
The Group revealed that the profit growth of 159% is mainly contributed from sales of old hens for the period and sustainable contribution from the segment of Investment and Trading of Poultry Related Products.
Compared to the previous quarter’s revenue of RM152.1 million, the Group reported a slightly lower revenue of RM147.4 million representing 3.1% decrease in revenue mainly due to lower sales quantity of eggs.
The Group registered a decline of pre-tax profit by RM7.7m or equivalent to 67.4% from RM11.5m in previous quarter as a result of higher production cost in the current quarter and the uplift of fair value of biological assets in the preceding quarter.
In its official release statement, the group has emphasized that “the outlook of poultry industry is bright for integrated egg producers incorporating environment, social and governance (ESG) framework in their business strategies in order to promote and achieve sustainability. Moreover, the Board is more prudent to manage its financial resources and capex requirements. Teo Seng continues to focus on production efficiency and cost effectiveness to sustain its financial performance, enhance competitive advantages and create more value and confidence to our shareholders and other stakeholders.”
