Guan Chong group revenue of RM1.97 billion for the current quarter ended 30 June 2022 is higher than the revenue in the previous corresponding quarter ended 30 June 2021 of RM876.2 million. The increase of 36.67% in turnover is mainly due to an increase in sales volume of cocoa butter as the previously delayed shipments are being shipped out in this quarter.
In addition, the improved selling price for cocoa solids also contribute to the higher revenue this quarter. The Group made a profit before tax for the quarter 30 June 2022 of RM55.3 million as compared with the profit before tax of RM43.9 million in the preceding year corresponding quarter ended 30 June 2021. This is mainly due to higher revenue achieved during the current quarter ended 30 June 2022.
High energy cost is currently hitting most of the worldwide economy, especially in certain Western countries. Besides that, high inflation and high-interest rate may slow down the economy as well as overall chocolate demand. The latest signs of a recession may add a more bearish effect to chocolate demand. However, chocolate is always considered a recession-proof affordable luxurious consumer product. hence, Guan Chong is adopting a cautious outlook on future prospects and is more cautious about its investment and future plan.
The Group saidir will place focus on expanding the market of high-margin industrial chocolate and the optimisation of production according to the market conditions
